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Buying without a mortgage in Illinois

Buying without a mortgage in Illinois

Old Nov 2nd 2017, 4:49 pm
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Default Buying without a mortgage in Illinois

Hi There,
I live in the UK and am thinking of helping out my friend who is renting in Peoria Il by buying a property there with cash (no mortgage) and then letting her rent it from me at a much cheaper rate than she is currently paying.

How easy is it to purchase a property there for a UK resident?
Whats involved?

Any info would be appreciated.
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Old Nov 2nd 2017, 5:18 pm
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Default Re: Buying without a mortgage in Illinois

I would touch base with a real estate attorney in the area where you're looking at buying and have a consultation with them.
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Old Nov 2nd 2017, 5:23 pm
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Default Re: Buying without a mortgage in Illinois

Or you may want to contact a title company in States that don't use attorneys for real estate transactions
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Old Nov 2nd 2017, 9:12 pm
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Default Re: Buying without a mortgage in Illinois

Well thats not strictly true have you ever seen the backroom operations of a title company it is staffed to the hilt by lawyers. Title companies just approach it a different way.
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Old Nov 2nd 2017, 10:41 pm
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Default Re: Buying without a mortgage in Illinois

I don't think there is any restriction in a non resident purchasing property in the US. They do it all the time in Florida and California - especially without a mortgage.

Whether it is a good idea to do so, and then rent to a friend, is another thing.
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Old Nov 3rd 2017, 3:12 pm
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Default Re: Buying without a mortgage in Illinois

Originally Posted by Trish Daley View Post
Hi There,
I live in the UK and am thinking of helping out my friend who is renting in Peoria Il by buying a property there with cash (no mortgage) and then letting her rent it from me at a much cheaper rate than she is currently paying.

How easy is it to purchase a property there for a UK resident?
Whats involved?

Any info would be appreciated.

Be very careful with crunching your numbers to ensure that this is feasible. Are you anticipating taking a loss on the whole deal, or do you think that you will be able to give your friend a cheap rate even with the running costs like property taxes, house and yard maintenance, utilities, etc., factored in?
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Old Nov 3rd 2017, 3:27 pm
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Default Re: Buying without a mortgage in Illinois

You can get some idea of price and rent from ww.roofstock.com . I have noticed that the prices they charge for property is slightly higher, but they vet their property and do pre-sale inspections.
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