If you are planning to buy US Property, make sure to avoid the common and costly mistakes below. If you choose the right people to work with, set up the right team and buy the right properties you have the potential to make a lot of money investing in the US right now. To buy successfully and profitably, make sure that you don’t do any of the following when you invest overseas.
DON’T:
1. Pay too much money for your property As with any market you need to have researched it and be able to recognise a good deal. Unfortunately, there are lots of one-man bands selling over-inflated properties in terrible areas, so make sure you don’t buy from one of them.
2. Buy in the wrong places It doesn’t matter how low the price, some properties will NEVER be a good deal. You need to buy in cities with growing populations, low unemployment and healthy, diverse economies. There is no point buying a property for positive cash flow that you cannot get good tenants for.
3. Assume all US Property Managers are well trained and regulated In the US, property managers are NOT regulated. If something goes wrong with your US property and you have a “dodgy” property manager, you have very little leverage-it could be the last you see of your rental income and you could find your property poorly managed which can result in high vacancy rates, property damage and poor tenant selection. Also, in some US cities there are additional taxes, which need to be collected by your property manager and if they don’t, you can be personally liable for these.
4. Assume all properties near the CBD are a good buy In the US because the available infrastructure is very different to that in Australia, quite often the more secure, long term tenants and desirable properties for families will be located further out from some city centres, with more casual, short term tenants the norm for places closer to the city.
5. Assume a completed property title search means the property is clear of debt and restrictions In America there can be outstanding debt and restrictions on a property which can take up to 3 months to be applied and many months to be removed, so you must know where to look to ensure that your property doesn’t come with any unwelcome and unexpected debt or obligations.
6. Assume moving your money into and out of the US is easy The set up for money transfers can be very complicated and time consuming and you must under the timeframes and costs involved before you sign anything. There are ways you can set up fast, cost effective systems so that you receive your rental income quickly and with minimal associated transfer costs, but they are not widely known so you will need to choose experienced partners.
7. Assume property insurance is readily available Insurance in the US is very different to Australia, with many areas either difficult or impossible to insure. If you cannot insure your property of choice – don’t buy it. Choose another you can insure so that you can protect your asset.hondaautokiengiang
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