Just a quick point to make here – I don't know exactly how your taxes would be affected as a non-American, but most foreign investors find it easier to buy using an LLC. Simple tasks such as connecting utilities and getting bank accounts opened up (unless you already have one) will be much easier with an LLC. You will need to obtain an ITIN number…[Read more]

I have to agree here with previous poster – few areas of the country present more opportunities, and more  pitfalls, than Florida. We are big on the areas that we expect to recover the fastest, Palm Beach, Broward County (parts of it) and some other areas in the South West, where the money was going back in the day.I'm really not big on Orlando…[Read more]

I agree with Kevin's post above, that the E2 is probably the most suitable in a case like this.Just be advised that the E2 visa does not have a path to permanent residency or U.S. Citizenship, and needs to be renewed, if I am correct, every 2-5 years. Once you sell your business, you need to leave the United States, no matter how long you have…[Read more]

Nigel,
That’s your opinion, and you’re entitled to that. But rather than just racking down on Detroit (and yes, I did laugh to myself when you based your research on 8 mile) why don’t you tell people what to do then? I know you are pushing your assumable mortgages and I don’t mind that, but you still did not answer what has been asked by numerous…[Read more]

@ Nigel:
I don’t want to sound like a broken record here, but every single city in the U.S. will have many different markets, all with different characteristics. We operate nationwide and have done so for the last six years, and Michigan is one of the states where our investors have the most success. I can also personally assure you that none of…[Read more]

Ok, I a not sure what the taxes are exactly, and without the address I can’t find out. Figure they might be $1800 annually ($150 per month) as well as a management fee of 10%, your insurance will be $700 or so per annum, depending on what level of coverage you want.
You also need some maintenance, but based on the above, your net would be $1100 a…[Read more]

Dan,
Thanks a lot for your views – like you said, it makes a lot of sense when someone from the city itself comments on the post.
Fully agree on the negative coverage vs. what is actually going on, I’ve been to Detroit quite a few times and I’ve been positively surprised, both by the opportunities, but also by the pride that still exists of being…[Read more]

Hi Crusty,
I am familiar with Connecticut (have lived there in the past) although I am not that familiar with Groton. I know Pfizer (medical company) have a research facility there and if I remember correctly, there is a branch of Connecticut University (or University of Connecticut) there as well, which I guess could bring a strong rental…[Read more]

Hi Kimberley,

I think 6 weeks is certainly enough to get a feeling for what the markets are doing, and what properties are available.
Off course, you always need to do your due dilligence and make sure you are not paying too much – it’s important to look at comparable sales, rentals, and like James rightly pointed out – to decide what you really…[Read more]

That is a useful tool, thanks for sharing James.
Although I have ALWAYS said NEVER to use Zillow when looking for a valuation (it’s useless) you can find previous sales of a specific property on there in most cases, and also of comparable sales.

Off course, most U.S. counties will also show previous sales on their website, although it might be a…[Read more]

Hi Angel,
Just responded to your email – there’s plenty of things we can do in that department

Angel,
To answer your question – no, unfortunately you can’t use a credit card to buy the home.
The way a closing happens, the title company (takes care of the closing etc) will require you to send funds in by wire (a check won’t work either if it’s above 10K) so there is really no good way of doing it by card unfortunately.

HighIncomeProperty@gmail.com

Hi Angel,

I guess the first thing I’d need to point out – and I really don’t mean to sound patronising or like a smart ass – is that Buffalo, Syracuse, Rochester etc are VERY different from the New York most people know. You’re a good 6-7 hours away from Manhattan and New York City once you get up there, and the market is very different.
Even…[Read more]

Absolutely agree with previous poster, as far as that any funds you invest into Detroit should be all cash deals. However, I’m also of the opinion that you should employ this strategy pretty much nationwide, unless you are really buying at the higher end of the market, at which point you might wish to leverage.
We still really do not know where…[Read more]

Hi Angel,
Let me ask you, is there a specific reason why you want to consider Syracuse and Western NY markets?
I am (somewhat) familiar with the areas as we did a few deals up there with some clients of ours, the yields are good, although property values can be a problem as there is not a very vibrant resale market.
There are other areas across…[Read more]

Nigel,
Interesting to hear about the finance deals, I posted in a few other threads (and I have seen other people do it as well) asking how you get the banks to agree to a deal like that where the new owner assumes the financing, as even in the “good days” the requirements were very strict for who they allowed to do so.
Also if there is a fee paid…[Read more]

TH,

That’s a good question, and I think you could probably do something like that both on a rental and a “seller finance” deal.
It might be a better idea to increase the deposit you are asking for, say you did 1.5 months + a security deposit (so on a $1500 rental, you’d get $2.250+ whatever you wanted for appliances) than to put it down as a…[Read more]

Rosa,
I know this is an old thread, but you really hit your nail on the head right at the end there. Most of these firms (I can’t speak specifically for IPIN) and really only interested in extracting some sort of membership fee from you, and then try to go ahead and make a commission on a sale to you.
My advise would be to take your time to do…[Read more]

I have to second the question asked by Troy, and I have also raised the same question with regards to someone on this forum (don’t remember the post) that was offering assumable financing in Texas.
My first question is, how do you deal with the bank assuming the loan – in our experience, they are usually not that happy with that, and
second: if,…[Read more]

While that is true – I wouldn’t necessarily give up on Detroit just yet. For some investors, it is a great fit.
I fully agree that there is no capital growth in Detroit – even if the auto makers come back, growth will be in the wealthy suburbs in Oakland County, just north of Detroit, as that is where all/most of the executives and key workers…[Read more]