i'm an indian citizen and have strong affinity towards investing in usa property, but i'm little bit confused with the law and order prevailing in usa for a foreign national purchasing property in usa. if anyone has the complete set of information or links to some websites which has all necessary information with respect to all the above which i have stated kindly help. the information alsoshould contain taxes and duties levied oved the property when registering and also year on year tax payments
Im an Australian resident and have had no problem at all with purchasing a property in the US. I think it will be the same as an indian resident. Visas will not create a problem. The US govt is not silly enough to turn people away with money if they are intending to invest, although sourcing finance is the hard part (it seems you are a cash buyer though). Banks - ARE silly enough, even with 20-30% down and significant, verifiable income!
I responded to a thread the other day on this so see that for more info.
You just need to build contacts with local buyers agents, property managers and contractors etc. If buying a rental property, you will also need to setup a US bank account – this is required to receive rental income, etc. HSBC offer US bank accounts to Indian citizens. I set mine up with an LA branch of Wells Fargo while I was there.
Here are some useful links on the local us market, vacancy rates, foreclosures, stats on US property:
A useful education on foreclosures/short sales…
http://foreclosureuniversity.com/blog/
Good local stats on investment property in the US. Drill into the state/city for more info.
http://www.redcapitalgroup.com/Research/index.shtm
Vacancy and other useful stats may be found when you drill down to an individual property within,
http://realestate.yahoo.com, www.homefinder.com, or www.homepath.com
Similar to the above: http://realestate.aol.com/real-estate-markets
Great LLCs (limited company tax structure) summary which is recommended for investing in the US...
http://www.buzzle.com/editorials/11-23-2005-82165.asp
Great site on investment properties listing cap rates etc…
www.loopnet.com or www.investorloft.com
Yes, non-US nationals can own property here. Not a lawyer, but I'm not aware of any laws restricting property ownership for foreign nationals.
Property taxes are levied by "counties". That's the next smaller administrative unit within individual states. States here are the same as in India. Some states have taxes on property, too, though never one I've lived in (California, Missouri, Texas and Colorado.) The taxes when you buy and sell property, and the taxes as you hold it vary widely from state to state, and even from location to location. If you have a location in mind, figure out which county its in (try googling " county map"), then try looking for the "county assessor" (google " county assessor".) Many counties have information on line, and some will give you a formula for how the taxes are calculated. It does change every year, though. Every few years, the county will "re-assess" your property and come up with a new value. They they will figure out the county tax rate. If you're paying the taxes directly, you'll get a bill every year, which is usually due either all at once or in two payments a few months apart. If you have a mortgage, the mortgage holder typically collects the taxes (and insurance) each month, then pays these bills when they come due.
if u have a website address of usa goverment real estate dealings department kindly put up the site address here or pm me . this help will be of a great help done
You could look at the HUD web site. But that only covers a small fraction of home sales. There are other agencies that deal with loans and regulations about loans, but as a non-US citizen, your lending situation will be much more complex than for a US citizen.
You might also want to look on Amazon and buy a book for "first time home buyers". There are numerous such books, and any of them will walk you through the process.
With the exception of a few regulations, mostly about settlement procedures (they're on that HUD site) and loan regulations, the US government is not very involved in real estate. Mostly handled at the county level.
got hold of two books , thanks for the search on behalf of me. mr.jon holdman. really i feel more thankful to u. hope shipping will arrive in 2-3 days. will post u reply as soon i recive my shipments. i would also be asking you some doubts , if it arise on reading those books
The most difficult hurdle in your endeavour would be getting loans for foreign nationals. I am currently looking into that for several other clients but if anyone else has info to share on that, please do so.
If you pay all cash, you have no problems. Just find a home you like, in an area of your choice and purchase.
dear @nationwidepi,
i'm only looking at purchasing property outright and do not have intrest or aim to go for mortage or for loans. hope when i complete my purchase in US rentals will move up the ladder. all depens on prez oba and economy
You can usually find a lot of info from the County Tax Assessors site. It can provide information on taxes, year sold, ownership etc. A good site to go to is netronline.com.
Two of my buyers are foreign nationals who reside in their native country. One of them own six SFRs here and the other one just bought his first one. The only thing a foreign naional may need is a Tax ID number if he /she plan to rent the property for the purpose of making a profit.
The other thing is that you may not be able buy from HUD. They require a copy of the social security card.
Foreign nationals buy and hold property just exactly like US citizens. Your possible problem will be your visa into the USA.
There is an investor's visa available but the investment amount is pretty substantial.
There might be a question about arriving on a tourist visa and buying a house. Purchasing a house looks suspiciously like you intend to remain.
People with tourist visas do purchase houses, both as investments and as vacation homes, so it is possible. But you might have to prove that you have ties in your own country that you will not break, and thus will leave when your entry permit expires.
Im an Australian resident and have had no problem at all with purchasing a property in the US. I think it will be the same as an indian resident. Visas will not create a problem. The US govt is not silly enough to turn people away with money if they are intending to invest, although sourcing finance is the hard part (it seems you are a cash buyer though). Banks - ARE silly enough, even with 20-30% down and significant, verifiable income!
I responded to a thread the other day on this so see that for more info.
You just need to build contacts with local buyers agents, property managers and contractors etc. If buying a rental property, you will also need to setup a US bank account – this is required to receive rental income, etc. HSBC offer US bank accounts to Indian citizens. I set mine up with an LA branch of Wells Fargo while I was there.
Here are some useful links on the local us market, vacancy rates, foreclosures, stats on US property:
A useful education on foreclosures/short sales…
http://foreclosureuniversity.com/blog/
Good local stats on investment property in the US. Drill into the state/city for more info.
http://www.redcapitalgroup.com/Research/index.shtm
Vacancy and other useful stats may be found when you drill down to an individual property within,
http://realestate.yahoo.com, www.homefinder.com, or www.homepath.com
Similar to the above: http://realestate.aol.com/real-estate-markets
Great LLCs (limited company tax structure) summary which is recommended for investing in the US...
http://www.buzzle.com/editorials/11-23-2005-82165.asp
Great site on investment properties listing cap rates etc…
www.loopnet.com or www.investorloft.com
First - do you live in India now ?
I have seen on other forum--some lenders do make loans to Foreign Nationals. Also I have seen - have an email from a Foerign National who owns several houses in Atlanta ( Georgia) area and paid cash - now worth over $400,000 and wants to refinance and is tough.
Also many foreign Corporations buy commercial properties here.
Besides --it is better Real Estate market in India right now --
Depending on how much you have to invest, the rules can get easier. I have a client who is actually dealing specifically with foreign investors on a property. It's for high net worth people. Contact me if you are interested and I can put you two in touch.
Yes as an American! I welcome your foreign cash into our market after all it helps the value of my investments too;)
Your property rights are pretty strong here in the United States as a foreigner. This is why in Florida you see tens of thousands of Brazilians in Miami as well as Germans and others from the UK and Scandinavia.