Investing in Florida from outside US

21 Replies

Hello,

I will like to start investing in Rental Real Estate mainly for cashflow. I am currently based in Colombia and have found some interesting deals in Florida so I am thinking on focusing in that area. Also, I am located in South America so it could be easier for me to go to Florida as it is closer.

I would like to know if there are other investors investing in Florida from abroad or other states. What approach are you using? Are you building your team or acquiring turnkey properties?

If you have acquired turnkey properties, which companies do you recommend to acquire turnkey properties?

If you have built your team, did you go to Florida to meet your team or did you talk to them over BP? I will appreciate any recommendation of real estate agents, property management companies, accountant, general contractors, insurance broker, mortgage brokers, etc.

Additionally, any information or recommendation will be highly appreciated as I am new to this.

Finally, I could also be opened to invest in other areas with good turnkey operations.

Thanks for sharing your experiences.

Alejandro 

Originally posted by @Alejandro Lisson Ramirez:

Hello,

I will like to start investing in Rental Real Estate mainly for cashflow. I am currently based in Colombia and have found some interesting deals in Florida so I am thinking on focusing in that area. Also, I am located in South America so it could be easier for me to go to Florida as it is closer.

I would like to know if there are other investors investing in Florida from abroad or other states. What approach are you using? Are you building your team or acquiring turnkey properties?

If you have acquired turnkey properties, which companies do you recommend to acquire turnkey properties?

If you have built your team, did you go to Florida to meet your team or did you talk to them over BP? I will appreciate any recommendation of real estate agents, property management companies, accountant, general contractors, insurance broker, mortgage brokers, etc.

Additionally, any information or recommendation will be highly appreciated as I am new to this.

Finally, I could also be opened to invest in other areas with good turnkey operations.

Thanks for sharing your experiences.

Alejandro 

Hi Alejandro,

I once invested in US property from afar and know of many fellow Australians that still do so.

I always stress to be patient and conduct more due diligence on the people you are looking at doing business with over the actual stats and demographics of a particular area.

Also, please feel free to look into some states in the Midwest. I believe there is amazing opportunity here at present.

Thanks for reading and have a great day.

@Engelo Rumora Thanks Engelo for your comments! what steps do you recommend me to follow to do the due dilligence on the people? 

Yes, I am also thinking about some midwest states such as Ohio, Indiana and Wisconsin

@Gautam Venkatesan  Thanks Gautam! Do you any lenders that could help me on this?

Originally posted by @Alejandro Lisson Ramirez:

@Engelo Rumora Thanks Engelo for your comments! what steps do you recommend me to follow to do the due dilligence on the people? 

Yes, I am also thinking about some midwest states such as Ohio, Indiana and Wisconsin

@Gautam Venkatesan  Thanks Gautam! Do you any lenders that could help me on this?

My pleasure Alejandro,

Please feel free to click on the link below where you will find a blog I write for Bigger Pockets on this topic.

http://www.biggerpockets.com/blogs/4977/blog_posts/37981-out-of-sight-out-of-mind

I hope you find it useful.

Thanks and have a great day.

@Alejandro Lisson Ramirez  I agree with @Engelo Rumora  that it's very important to do due diligence on people you will be doing business with. Once you shortlist the areas you are interested in, fly down to those cities and meet the people and learn more about their business.

As for financing, it's extremely hard to get financing as a foreign national, but it's possible. I have a local bank that will look at lending to foreign national on local properties, so it's hard  but not impossible.

What kind of deals are you finding in FL? Typically those properties don't cash flow as well, if at all, because of high property taxes and insurance, and depending on the area, prices. 

I've always worked with turnkeys and there are a lot of markets that have direct flights to S. America. Where in S. America are you?

@Engelo Rumora  Thanks for the article! It was very useful to receive recommendation from someone that have gone through this!

@Sharad M. Thank for your comments! At the beginning I was not planning to fly to the area before investing, but now I see that a lot of people recommend flying down to the area before investing with a turnkey! Is your local bank based in Indiana or in another state?

@Ali Boone  I found on Loopnet.com some deals in Jacksonville and Tampa that had a capitalization rate of 15%-20%. 

I am based in Bogota, Colombia. Have you worked with turnkeys in Atlanta or Dallas? 


The local bank is in Indiana

Alejandro, I didn't see mention of Visa status.  Not as important on the investment side as it is on the lending side.  Maybe some others can help, but all the US based lenders I know require green card.  I have done deals with Brits and Canadians who don't have green cards and their banks home lent the money.  They couldn't find US lenders.    

Originally posted by @Alejandro Lisson Ramirez:

@Engelo Rumora Thanks for the article! It was very useful to receive recommendation from someone that have gone through this!

@Sharad M. Thank for your comments! At the beginning I was not planning to fly to the area before investing, but now I see that a lot of people recommend flying down to the area before investing with a turnkey! Is your local bank based in Indiana or in another state?

@Ali Boone  I found on Loopnet.com some deals in Jacksonville and Tampa that had a capitalization rate of 15%-20%. 

I am based in Bogota, Colombia. Have you worked with turnkeys in Atlanta or Dallas? 


 My pleasure

All the best with your venture.

@Sharad M.  That is good to know! As Indiana could be another market of interest to me

@Eric Odum  I dont have a Green Card and I expect it would be harder to get finance for the deals, but I hope that I would be able to find some lenders. In a few weeks, I will start working for a Global Management Consulting Company from USA based in Bogota's office, so I hope that this could also help me..

Sounds like private money might be your best bet, then.

Hey Alejandro, I'm going to send you a PM with contact info for an agent I know in Tampa who will be able to help you out.

@Alejandro Lisson Ramirez  I'm going to derail the conversation a bit.  I was a Management Consultant with Accenture for a long time (for this type of career).  It's very demanding of your time, but the money is good.  Lots of travel and there's no better way to jump start ones career.  Congratulations on the new job!

Now, having said that, you shouldn't be buying a typical single family residence for short-term cash flow.  I'd suggest you continue studying real estate to find a good niche for your situation. You may want to consider:

- vacation rentals, private lending, syndication ventures, a little piece of land...  

Something with low time commitment, low hurdles for foreign investors, moderate to high appreciation, and neutral income.

Rick

Alejandro -

I am in Orlando, but I spend a lot of time in the Kissimmee, FL, area where Disney World is located and thousands of short term rental vacation homes.  If you are interested in exploring investments in vacation homes here, feel free to contact me.  Many of the vacation homes are not good investments, but there are definitely some in certain communities that are.  

You mentioned that you need contacts of mortgage companies, property management companies, insurance brokers, etc.  I can also help you with good contacts in those fields.

The one bit of advice I can give you is do your homework.  Too often vacation homes are bought on emotion - not on pragmatic analysis.  Learn what makes a vacation home in the geographic area of your focus a good investment.  And, find good people and companies that you can rely on for the management, marketing and upkeep of your investment.

Again, I will be happy to help you anyway I can.

Keith  

Originally posted by @Alejandro Lisson Ramirez:

Hello,

I will like to start investing in Rental Real Estate mainly for cashflow. I am currently based in Colombia and have found some interesting deals in Florida so I am thinking on focusing in that area. Also, I am located in South America so it could be easier for me to go to Florida as it is closer.

I would like to know if there are other investors investing in Florida from abroad or other states. What approach are you using? Are you building your team or acquiring turnkey properties?

If you have acquired turnkey properties, which companies do you recommend to acquire turnkey properties?

If you have built your team, did you go to Florida to meet your team or did you talk to them over BP? I will appreciate any recommendation of real estate agents, property management companies, accountant, general contractors, insurance broker, mortgage brokers, etc.

Additionally, any information or recommendation will be highly appreciated as I am new to this.

Finally, I could also be opened to invest in other areas with good turnkey operations.

Thanks for sharing your experiences.

Alejandro 

Hi there! As always you need a great team behind you. I would be happy to help you as I am a real estate agent selling investment properties. My firm does 60% of it's revenue with foreign nationals, and I know we could get you financed and explore your options with no problem. The market in this area is excellent compared to other places. The investment going into the area is skyrocketing with new malls, tourist attractions, and many new neighborhoods near Disney World. Feel free to reach out if you have questions or would like more information. I have 11 turnkey properties that are already tenant occupied ranging from 6% ROI to 12%.

@Gautam Venkatesan  would be looking forward to hear from you!

@Rick Baggenstoss  great that you were also a management consultant. It is definitely a very demanding job, but as you said the money is good so I hope I could use that money to invest in real estate. Did you start investing in real estate while you were working with accenture?

My idea is not to buy them for short term cash-flow. My idea is to buy and hold those property for a long time as I want to create a steady source of passive income...

@Keith Courtney thanks very much for your message. At the moment, I have already decided that I want to invest in SFH or duplex..maybe in the long term I could take a look at rental vacation homes..

@Alejandro Lisson Ramirez  My first house was a 4BR, 2BA house.  I was single and traveled 4-5 days a week, so way more than I needed.  I rented the house to friends while I was living there.  On the weekend, I rehabbed it.  That was my way of getting started.  Never sold it.  It's been 15 years.

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