All Forum Posts by: Peter Seely

Thanks for the suggestions, It is difficult as I am not in the US.

Hi,

I am in Bermuda, so no clubs here. I will search for a club in the location I am interested in.

Thanks for the advice.

Peter

Hi,

After hours and hours of reading about buying a rental investment for the purposes of holding it for 5-10 years then selling at a nice healthy profit hopefully. I am totally overwhelmed as to what state I should select. So many choices.

I have looked at Florida, Arizona,Georgia, and Nevada. What state do you feel in your opinion is a state that can offer a nice cash flow and nice future appreciation according to your GUT and still be able to find properties under $45000us for cash buyers at this time?

This is in your opinion and I will take it as that only, I am just curious what your gut says to you.

Thanks

Peter

Hi,

I am an out of country potential buyer in a rental property in the US. I have some concerns and questions:

1) Any advice as to how to start? For example protect myself from buying a slum or a money pitt. I am looking at Realtor.com, apartment ratings, crime reports, unemployment rates for each location etc. Any other sites to use or thoughts(likely a long list I am sure)?

2) Should I always go to close the deal before sending final funds? I would off course have the property inspected, lawyer/title company on board then and agent.

3) How do I find a reputable property manager, that can market my property, manage rental income, and pay expenses, and deal with tax?

4) Should I get a lawyer or title search company like First America? How do I find a reputable lawyer?

4) Anyone have any caution regarding tax implications for foreign buyers. I see I can choose to get the witholding tax of 30% taking off automatically by property manager but I can also complete a form to be taxed on net rental?

Again, I know I have asked alot of questions but please bare with me as I am a newbie to US real estate and a beginner.

I appreciate all your help.

Peter

That was my next question Jet? Are townhomes better then condos to consider even though there is still the issue of HOA fees most times? Easier to manager, rent out and sell?

Hi Greg,

Don't know much about indianapolis market? Would have to research this. Depends on market rents in the area and current rents, unemploymnent rates, ressale history etc? Please do send pictures and location of home.

I will check out the link, thanks

Peter

Thanks Jimmy,

Lots to think about. I am slowly researching properties but was until recently only looking at condos due to them being easier to manage from afar. However, after this post, it doesn't appear to be the smartest investment option for the most cash flow and appreciation. To many hidden costs and uncertainties.

Peter

Hey Deuce,

Thanks for your feedback. From my research so far it is next to impossible to find a SFH within my $50,000 budget after repairs in the Buckhead and Lenox area.

Maybe I would have better luck in Arizona or Florida or even Nevada? My worry there is the large amount of supply. I also agree, could it be that the prices are where they are meant to be, and the increases we will see will be based on inflation, of course give or take certain locations.

Either way, I have owned a condo in Calgary AB and that worked out well but for several reasons. I also own a condo in Brazil now which seems to also be doing well. It just seems like a whole different market right now in the US and I think the smartest thing would be for me to examine SFH but its new to me, therefore, makes me nervous. I can learn alot from this site I am sure, and already have.

I will start searching again but this time for SFH and see what comes up within our budget. I am also going to be managing this from away so any recommendations on how other investors do this would be appreciated.

Thanks
Peter

Hi,

If I hadn't asked this questions I would never have been told about the restrictions regarding financing, for sure narrows the market down when selling. I am relieved I found this site now.

I think I will have to relook at my game plan. What I am finding about the SFH is most that are below my $50000 budget need some work. I am not living in the US so this makes it difficult to manage and employ contractors, any recommedations here?

I am currently looking at Georgia but am open to broaden my locations to a degree.

Thanks all

Hi Ophelia,

Thank you for your insight.

Peter

Hi,

I am new here and so far loving the information. Some very knowledgeable people and property investors here.

I am a foreign investor looking to tap into the US property market while prices are low. I would be looking for something with a nice cash flow/net return and maybe some capital appreciation in a 3-5 years holding time. (Aren't we all)

My question is, do you look at or prefer condos/townhomes or SFH when purchasing this type of investment for a decent net rental return and a bit of appreciation. I understand, sometimes one may come at the cost of another depending on location.

The location I am looking at is Atlanta(Buckhead, Lenox, College Park), and may consider Florida but rental yields don't seem as high as what I can get in Atlanta at first glance.

My budget is below $50,000.

If I am forgetting something please ask.