Foreigner Investing in USA apt bldg
Hi all,
I'm new here. I'm seeking some advise on USA property investment.
I am foreigner, (singaporean) and I just bought a multifamily apartment bldg with 6 units in Rochester NY, 100% tenanted with management in place.
This is our first investment in USA.
Total gross rents is $3100 p/mth. Agreed purchase price is $101k for it and its due for closing next month... we bought it without any mortgages as we could not find any banks in US giving loans to foreigners.
We need to know if this a good investment? We are little worried that if we are paying too much or above market price as we are unsure of the area and any valuations or appraisals were not done on this property.
Its like row unit with individual entrances.
Is it ok to go ahead with closing without going to Rochester to chk out the house?
Landlord pays for hot water and waste removal.
Agent said that Net yield is ar 25% cap.
Taxes $5k per annum.
Bldg comes with new Cert of Occupancy but the city council.
Sheen
Singapore