Out of State

Foreigners Buying in the USA
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Out of State

Peter Seely
Select a State · Member since 2011 · 90 posts · 3 votes

Hi,

I just want to start by thanking all the regulars, you have provided some great information and encouragement.

My situation is I am out of country investor interested in investing in Nevada, Florida, or Texas. I am interested in SFH but would consider condos as long as HOA, Vacancy rates etc all check out.

I would for sure get a property inspection, Property manager and possibly a lawyer. Any other tips here as far as where I can search for some of this information myself as far as past sales, title, previous liens any Websites...I found citydata and love it.

Now my question: I found a condo I was interested in located in Vegas within my price range, my agent told me to call using the MLS sheet the onsite management to get the information such as units vacant, owner occupied etc..they however refused to provide me with this and said only owners get this.

How and will I get access to this information before I put money down. I don't want to buy a condo until I know the financials/reserve, vacant unit, and owner occupied units.

Thanks
Peter

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  • Ophelia Nicholson
    Involved In Real Estate · Hyattsville , MD · Member since 2011 · 298 posts · 256 votes
    15y

    Lenders usually have the condo associations fill out a Condo certification which is like 4-5 pages long full of questions, most of the associations have a charge to fill them out. You might want to start by asking if there is a cost for a condo questionaire, if so how much is it and what is the turn around time to get back the information. They also have to attached thier budget to the questionaire. Not sure they will do it for you without having at least a contract in place but doesn't hurt to ask how much it costs for them to fill out a condo questionaire.

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  • George P.
    Real Estate Investor · Baltimore, MD · Member since 2008 · 1k+ posts · 268 votes
    15y
    Originally posted by Peter Seely:
    Now my question: I found a condo I was interested in located in Vegas within my price range, my agent told me to call using the MLS sheet the onsite management to get the information such as units vacant, owner occupied etc..they however refused to provide me with this and said only owners get this.

    How and will I get access to this information before I put money down. I don't want to buy a condo until I know the financials/reserve, vacant unit, and owner occupied units.

    Thanks
    Peter


    You got yourself either a) a very lazy agent or b) someone who doesn't think you will follow all the way through so they don;'t want to waste time.
    This is an agent's job and in his best interest to provide you with all the information regarding the property. If you didn't sign an exclusive agreement, I suggest you find someone else who will represent you.
    PS I suppose you're paying cash for the property?
    PPS If you don't mind me asking, where are you located and do you have any plans to come to the US for good?
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  • Peter Seely
    OP
    Select a State · Member since 2011 · 90 posts · 3 votes
    15y

    Hi,
    Ophelia, thanks for the info, they were going to charge for that form and it said they don't provide it unless under contract. So I assume once I am under contract I can get this form with the appropriate information(CRM).

    George, my budget isn't very high so I just assumed she couldnt be bothered dealing with me due to this. I have since emailed saying the onsite condo association needs her to call as my agent. I haven't heard from her since. She is with a higher end agency so they are probably not used to us little guys. lol

    I am in Bermuda and don't plan on living in the states as I am Canadian.I do plan on coming to inspect the property myself. I do want to get in the US market in the next few months for rental yield and a buy and hold strategy.

    Thanks again
    Peter

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  • Todd Brittingham
    Real Estate Investor · Walled Lake, MI · Member since 2010 · 121 posts · 66 votes
    15y

    Hi Peter,

    I would strongly recommend you link up with a good team on the ground that will help you with the day-to-day issues like the one you're talking about. There are so many different things like this that will come up, and having a representative on the ground acting in your best interest will save you much wasted time and money.

    I can tell you numbers of stories first hand of investors who have come to me with similar stories. We get them on the right track immediately because we have a team in place to get things done. If we don't know the answers we can usually go out and find them a lot quicker than you can. This agent is feeding you a line of crap because he is lazy...if he won't give you the information, someone will.

    The key is finding the right people on the ground. I would search here on bigger pockets, on Facebook, and and other outlets. Once you find someone, I would go there and spend a week with them reviewing properties, their systems and feeling them out.

    Once you have this setup you will rest much easier and things will go much smoother for you.

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  • Peter Seely
    OP
    Select a State · Member since 2011 · 90 posts · 3 votes
    15y

    Thanks Todd,

    Great point and advice. I will keep searching for a more helpful and willing agent. I personally didn't appreciate the way she went about that.
    I will check here and Google.
    Thanks again
    Peter

    0Reply
  • Michael Hall
    Rehabber · North Palm Beach, FL · Member since 2010 · 15 posts · 0 votes
    15y

    Peter,

    I too would suggest getting to know some people on the ground in the area you are looking to invest. I hope you do well.

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  • Peter Seely
    OP
    Select a State · Member since 2011 · 90 posts · 3 votes
    15y

    Hi Michael,

    Great advice.

    I would likely fly in to meet the team, a property manager and a contracter prior to close.

    I am interested in a SFH or townhome in Florida, Nevada, or Georgia for a rental and buy and hold strategy. I was looking in Cape Coral, Fort Myers, Hollywood etc. My budget is below $50000 and I am hoping to achieve the 2% rule.

    Thanks

    0Reply
  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    15y

    This is a discussion forum, so no advertising or dealmaking, please.

    0Reply
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