Buying property in the US
#32
BE Enthusiast
Joined: Mar 2017
Posts: 315
Re: Buying property in the US
I do think it will be a big headache. But I also think it will be a big learning experience.
I am not going to anything until I have researched it fully (even if it means missing out on the property and waiting for another one, which is probably what will happen).
I was hoping that there might be an online guide. But I think I might have to piece one together from all the info that is available.
Still this thread, has been very useful. I had considered the cost of taxes, but not how to pay them, so that will be one of many areas to research.
I am not going to anything until I have researched it fully (even if it means missing out on the property and waiting for another one, which is probably what will happen).
I was hoping that there might be an online guide. But I think I might have to piece one together from all the info that is available.
Still this thread, has been very useful. I had considered the cost of taxes, but not how to pay them, so that will be one of many areas to research.
This isn’t quite true of properties in the US where generally (unless in v exclusive areas) properties often depreciate as construction is completely different, new construction is often more valuable and the upkeep on things like the roof, HVAC etc is expensive and requires replacement a lot more frequently then they reasonably should.
In short this isn’t the safe investment it would be in the UK and l would either rethink totally or look at other markets in the US.
Good luck with whatever you decide.
#33
Re: Buying property in the US
As a landlord in the UK l deal with the headache because generally the properties will increase in value over time and therefore it is a good investment.
This isn’t quite true of properties in the US where generally (unless in v exclusive areas) properties often depreciate as construction is completely different, new construction is often more valuable and the upkeep on things like the roof, HVAC etc is expensive and requires replacement a lot more frequently then they reasonably should.
In short this isn’t the safe investment it would be in the UK and l would either rethink totally or look at other markets in the US.
Good luck with whatever you decide.
You also don't live on the west coast of America where house prices and rentsren up about 10% a year.
with rentals it tends to be appreciation or cash flow no matter which country you buy in.
#34
BE Enthusiast
Joined: Mar 2017
Posts: 315
Re: Buying property in the US
You obviously own property in the South of the UK. If you look at house prices up north they do not appreciate very much, but have high cash flow
You also don't live on the west coast of America where house prices and rentsren up about 10% a year.
with rentals it tends to be appreciation or cash flow no matter which country you buy in.
You also don't live on the west coast of America where house prices and rentsren up about 10% a year.
with rentals it tends to be appreciation or cash flow no matter which country you buy in.
My point was that the OP should be aware that the markets are very different, traditionally the UK is a safer market (it is an overpopulated small island which no doubt helps!) and not to underestimate the cost of ownership in the US or overestimate the potential for increasing in value. If the figures work outside of that, great.
#35
Re: Buying property in the US
I am not sure where l own properties in the UK or where l live in the US helps the OP much. But definitely wish owned on the west coast!!
My point was that the OP should be aware that the markets are very different, traditionally the UK is a safer market (it is an overpopulated small island which no doubt helps!) and not to underestimate the cost of ownership in the US or overestimate the potential for increasing in value. If the figures work outside of that, great.
At the end of the day, it is up to the OP. I can only give advice from my personal experience of owning property in both countries.
#36
Re: Buying property in the US
There are companies who specialise in buy-to-rent in the US who have an end to end service for the whole process. The slowest part is usually opening the LLC, which depending on State/County can take a couple of weeks to three months. The beauty of an LLC is you buy more property later on if you like through it.
I am currently researching these end to end companies for a side project which might turn into a job - the one that looks most promising has stock in Texas, Michigan and Florida though so not much use to you in the area you're looking at right now?
N.
#37
Re: Buying property in the US
The downside with buying through an llc is that lenders tend not to want to fund residential loans to an llc. Also insurance is a little higher. However if you are buying commercial properties, it makes little difference. I am aware of a couple of companies that package up llc/property deals. i have found that they add a slight premium for their service.
#38
Re: Buying property in the US
The downside with buying through an llc is that lenders tend not to want to fund residential loans to an llc. Also insurance is a little higher. However if you are buying commercial properties, it makes little difference. I am aware of a couple of companies that package up llc/property deals. i have found that they add a slight premium for their service.
Some people like to do it all themselves of course - most people prefer a reputable agent or firm to handle it and just get their cheque every month or quarter.
N.
#39
BE Enthusiast
Joined: Nov 2012
Posts: 899
Re: Buying property in the US
You need a US bank account normally which requires you to be in the US to sign at the time of opening. However you can get someone there to open an LLC which you can own the property through, and get a management company to collect the rent and pay you directly - you'll probably need to do taxes yourself though.
There are companies who specialise in buy-to-rent in the US who have an end to end service for the whole process. The slowest part is usually opening the LLC, which depending on State/County can take a couple of weeks to three months. The beauty of an LLC is you buy more property later on if you like through it.
I am currently researching these end to end companies for a side project which might turn into a job - the one that looks most promising has stock in Texas, Michigan and Florida though so not much use to you in the area you're looking at right now?
N.
There are companies who specialise in buy-to-rent in the US who have an end to end service for the whole process. The slowest part is usually opening the LLC, which depending on State/County can take a couple of weeks to three months. The beauty of an LLC is you buy more property later on if you like through it.
I am currently researching these end to end companies for a side project which might turn into a job - the one that looks most promising has stock in Texas, Michigan and Florida though so not much use to you in the area you're looking at right now?
N.
#40
Re: Buying property in the US
N.
#41
Re: Buying property in the US
I just came across this today and thought it may help somebody. I have never used this company, but they will do mortgages for foreign nationals
https://www.axosbank.com/Personal/Mo...reign-National
https://www.axosbank.com/Personal/Mo...reign-National