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Updated over 6 years ago on . Most recent reply
Newbie from across the Pond.. looking to invest remotely
I know what your thinking, why would anyone from good old England, ever decide to invest in the US Real estate market?
Firstly, have you seen what prices are like in London. They are insanely expensive, outside of london does present a few opportunities but recent changes in regulations has created an extremely unfriendly environment for small investors.
Secondly, I am Jamaican, with the aspiration on moving back to the Caribbean in the next 5-7 years from the United Kingdom. Its a move I want to make for family and quality of life reasons.
With that in mind, I am looking to build relationships to enable me to become a successful long distance real estate investor starting with the my first deal. After reading several post and listening to a few podcast, I have settled on investing in below market multi-family properties with the potential for good cash flow and equity growth.
Any suggestion or advice is definitely appreciated.
Most Popular Reply
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Hey @Lance W., welcome to BP! You're in great company: There are a horde of Brits looking for great long-term deals here in the States. Some of them are right here on BP!
I agree with @Chris Sellers that your next step is to begin narrowing down your market choices.
My best advice:
- Be ruthless with the numbers - Be crystal clear on your financial objectives and how you'll measure success. (For me, it's cash flow and cash-on-cash return, but your mileage may vary.) Don't compromise them for the sake of a deal.
- Build your local team carefully - I'm not a fan of turnkey investing, but if you choose that route, watch out for conflicts of interest. Your deal source can't also be your pre-acquisitions advisor
andyour property manager without you getting the fuzzy end of that particular lollipop. - Build an independent local network - One of the biggest mistakes many overseas investors make is relying solely on their local hired team for feedback. Instead, use BP and other similar resources to build yourself a local network separate from those providers that you pay for services. Use these local investors as a sanity check to ensure you're receiving the full story from your paid advisors.