Learning about how to buy property in America is really quite easy. It is like golf, it is easy but it is not simple. The process starts with preparation. Build your Real Estate Power team consisting of a great Realtor, accountant, attorney, inspector, trades person, insurance company and lender. A great real estate professional should have this power team build for you to access already.
You first want to identify, you guessed it, the most important element to real estate (Location) FOR INVESTING. Location is more important than any other element as all your wealth building principles get magnified when you have the best locations.
Next, identify a great Investment minded Real Estate professional. I emphasis this because here in the states with the vast opportunities to invest in real estate only 3% of Realtors actually invest in real Estate. When talking with a realtor ask them about the investment property they own. If they do not own investment property, they do not understand the benefits of investing so how can they look out for your best interests. Also, ask them what is the expected cap rate for investment properties in their area. You will loose 97% of the realtors here. When you find the realtor that has their own investments and they understand cap rates, you are on the right track to having an investment minded professional.
Continue asking questions until you are comfortable with them and ask a lot about Location. And why they feel their suggested investments are in a great location for you goal
Then Be Positioned. We are in a buyers market and when a great deal comes along you need to be ready to move quickly or you will lose the deal to the next buyer. I have seen many investors lose out because they did not have their financing in order.
When purchasing over seas and you have the need to move and exchange currency it is best to contact a currency exchange facilitator. Most people go to their banks and ask them to wire funds as they need it. Banks may not be an economical vehicle to transfer money. They understand that this is a service that most people are not familiar with and therefore they do not give the best exchange rates. They may also charge fees far up and beyond that of a facilitating company that does nothing but exchange transfers. Many people do not know that money exchange companies such as Money Corp exist and as a result may not get the best bang for their buck. Additionally Bank transfers oversee can take days or even weeks to complete with the new Homeland security laws. These timely obstacles can cost you to lose out of great opportunities. Exchange companies can insure instant transfer’s once your accounts are set up. So by all means before you look at property get your financing and or cash in order so you can capitalize on the deals as they come to you.
Then get your entity structure lined up. Consult with you Attorney and CPA (Accountant) and remember that attorneys work to keep you free from liability issues and Accountants work to keep you from having to pay more taxes than you should be paying. For this reason many time these two people seem to be contradictory to one another. It is always best to have this conversation together and let them know your goals so the three of you are all on the same page.
For a more detailed version of How To Buy Property in The U.S.A click here for a free copy of my EBook How to Buy U.S.A. Real Estate.