Overseas Investor

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Overseas Investor

Mehul Mehta
Investor · Dubai, UAE · Member since 2015 · 17 posts · 6 votes

I currently live in Dubai and considering buying property in USA. As one can understand it’s a daunting task to select an area out of 52 states. Which state, then county/city and neighborhood?

As I am overseas, I will be dependent on the onshore team to complete a transaction. I want more experienced real estate investor’s guidance, opinions and ideas on how to go about it.

Below are some of the tasks that I am planning to undertake

Finalize a state/county/city/Neighborhood – How to I arrive on an area (GDP, Population, Employment, real estate growth or any other criteria) ? How to finalize a neighborhood? Is there a website where I can get rating (ABC etc.) and how reliable it is? Do I search for more than 1 website?

Search Brokers/realtors – this will again depend on which state/city/county to look

Contractors – For Rehab this will be the most important people. How to find them apart from getting reference from realtor?

Property Management company – How to find a particular area?

Value Estimator – are these independent or from the bank?

Property Software: Do you recommend any software to for searching property, neighborhood and calculating a deal?

LLC formation: and get Employment Identification Number (EIN) and then apply for ITNS. Do you have any recommendation for this?

CPA/Yearly Tax Return filing – need some guidance on this in terms of reliable and reasonably priced.

Lawyer – For drafting contracts or making offer

Title Company – to check the company details?

Inspector: to confirm the condition of the house.

Insurance provider: where to go for getting proper coverage and get competitive rates

Mortgage Broker – I am not sure if they lend to overseas investor?

I am not sure if one needs any other person in the team apart from the above.

I found BP community is not only informative but also very inspiring! I am looking forward to make more partners, friends and share things as I learn it.

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Michael Ibosiola
Engineer · Abu Dhabi, U.A.E · Member since 2015 · 39 posts · 3 votes
11y

@Mehul Mehta

Hello its really nice finally meeting someone from the uae in the forum......i am a newbie just joined BP last week with a mission of becoming an REI. I WISH YOU ALL THE BEST AS YOU GO ON WITH YOUR INVESTMENT.

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  • Michael Ibosiola
    Engineer · Abu Dhabi, U.A.E · Member since 2015 · 39 posts · 3 votes
    11y

    @Mehul Mehta

    Hello its really nice finally meeting someone from the uae in the forum......i am a newbie just joined BP last week with a mission of becoming an REI. I WISH YOU ALL THE BEST AS YOU GO ON WITH YOUR INVESTMENT.

    1Reply
  • Greg Christensen
    Phoenix, AZ · Member since 2015 · 22 posts · 7 votes
    11y

    I have purchased two properties so far while living overseas.  It has some obvious disadvantages, but it can be done.  In my case, I opted to pursue markets where I had some knowledge and some existing connections vs. trying to find the best market and build a network from scratch.  I think you can find deals in most markets, and leveraging family, friends, or existing real estate contacts will yield much better returns on your time and you'll likely have much higher confidence in the results vs. starting with strangers in an unknown market.  

    In some ways buying from abroad is similar to buying out of state, however most people you talk to are much more concerned about your location.  It is harder to build trust and network as I find people are somewhat skeptical about your staying power and ability to manage from overseas.  You can phone and email contacts to get things done, but its obviously much harder to hop a domestic flight to pay a visit and shake hands, walk a property, sign closing documents, etc.

     I haven't hit any home runs, but a couple base hits is better than sitting on the bench in my opinion.  

    Good luck!

    1Reply
  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    11y

    @Mehul Mehta

    BP is a treasure chest full of useful resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members which is my favorite part of the website.

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y

    @Mehul Mehta

    Welcome to the site.

    I would first research particular markets then after narrowing down what your looking for start meeting "boots on the ground" teams and see what it is they have to offer.

    Good luck to you.

    0Reply
  • Dan Oliver
    Residential Real Estate Agent · Orlando, FL · Member since 2015 · 139 posts · 106 votes
    11y

    @Mehul MehtaI feel and understand your situation.  Most of my investors I've never layed eyes on.  Most are from other parts of the world.  But they love the Orlando Florida market since it is a hot vacation destination.  Of course, I'm partial to the area, but there are many wonderful locations in the states to invest in.  If I can be of any assistance, please let me know.  Best of Luck!

    0Reply
  • Justin Stamper
    Investor · Orlando, FL · Member since 2012 · 822 posts · 303 votes
    11y

    Do you have to obtain a mortgage? If you were buying cash, it would be much easier. 

    0Reply
  • Mehul Mehta
    OP
    Investor · Dubai, UAE · Member since 2015 · 17 posts · 6 votes
    11y

    Michael Ibosiola - really nice speaking to you yesterday. lets keep in touch. 

    Greg Christensen - I know its not going to be easy to with onground team from oeverseas. At the same time its not impossible. I will work hard to make this happen. Specially when i have a great support from the forum.

    Mark Nolan - thanks a lot for a nice tip Mark :)

    James Wise - thank you James, i have narrowed down 10 cities in last couple of days and would like to narrow down to 2 mostly. Would look for some support from experienced person like you.

    Dan Oliver - I would like to have more details of your area, if we can talk sometime.

    Carlette Ebanks - I am interested in your area of operation, lets talk sometime.

    Justin Stamper - i would look to buy with cash intially and then try to finance through bank.

    1Reply
  • Account Closed
    Lake Mary, FL · Member since 2014 · 118 posts · 54 votes
    11y

    Hi @Mehul Mehta

    I can help with almost all of your questions. We are a turnkey provider based in Orlando Florida. We offer properties that are renovated with tenants in place already cash flowing and can continue to handle the property management for you.

    @Ryan Kopczyk

    is with southeast professional title and I have been using them for years.

    I have a mortgage company that can help foreign investors. They actually helped another investor of mine from Dubai.

    I am a realtor and have my brokers license.

    Let me know if I can answer any questions for you.

    1Reply
  • Sam Van Horebeek
    Hong Kong, Hong Kong · Member since 2015 · 140 posts · 89 votes
    11y

    welcome Mehul!

    I believe that anyone who lives overseas can invest in the US property market.  A few key questions you need to answer before going into detail:

    - What type of return are you looking for (cash flow or long term capital gain, or a mix of both)

    - What is your budget (cash versus financing). If financing, will you be able to be pre-approved by a US bank while you are overseas?

    - Once you acquire the property, how do you plan to manage the property (e.g. friend/family or professional property management firm)?

    - How long do you plan to hold the property (this is related to the first point and is important to answer before you decide to buy)

    Once you know the answers to the questions above, you will be able to start focusing on certain places that can meet your requirements and then identify the right people who are knowledgeable in those places. 

    Seems like you have already identified a few places by now -good progress! 

    0Reply
  • Mehul Mehta
    OP
    Investor · Dubai, UAE · Member since 2015 · 17 posts · 6 votes
    11y

    Thanks a lot guys for the reply and keeping the conversation going :)

    In last two to three days have met lots of good people here and started good relationship !

    Greg Cadwallader

    I will give you a call today, I am looking to invest in Florida or Texas. And would be interested in talking to the mortgage company. And would get in touch with Ryan for the title company.

    Sam Van Horebeek

    I am looking for cash flow and long term capital gains.

    I am looking for cash investment of around 50K at this point.

    Property management to take care of the property.

    Strategy is to hold the property for lifetime :)

    Regards

    Mehul

    0Reply
  • Mark Shaffar
    Real Estate Agent · Madison, WI · Member since 2015 · 328 posts · 88 votes
    11y

    @Mehul MehtaLike @Greg ChristensenI bought in the USA while I was overseas. I bought from a turnkey provider so that helped with a lot of the points you raised. 

    0Reply
  • Jynell BerkshirePro Member
    Real Estate Attorney, Broker, Investor · Indianapolis, IN · Member since 2013 · 207 posts · 58 votes
    11y

    Mehul,

    Welcome to the BP community! I represent and work with a lot of international investors in the Indianapolis, Indiana market. 

    Should you have an interest, please feel free to contact me. I would be happy to help with any legal representation and real estate questions you may have in the State of Indiana.

    0Reply
  • Mehul Mehta
    OP
    Investor · Dubai, UAE · Member since 2015 · 17 posts · 6 votes
    11y

    Jynell Berkshire appreciate reaching out to me. I am considering Florida and Texas market right now. If you operate in those market i will be more than happy to consider the services you offer.

    0Reply
  • Jane A.
    Investor · Shawnee Mission, KS · Member since 2015 · 423 posts · 114 votes
    11y
    Mehul Mehta I am an international person landed in Midwest and building my own rental portfolio managing all moving parts. Let me know if you are interested in Midwest, we could discuss possible partnership.
    0Reply
  • Roy Oliphant
    Rockwall, TX · Member since 2014 · 380 posts · 211 votes
    11y

    Welcome!  Hope you look at the Texas market. It is very dynamic and has the strongest economy in the US.  We can always use more investors to help provide the housing that will be needed to double our populating over the next 25 years.

    We offer a turn-key program focusing on Tax Sales properties. I am always available if you have any questions about this specific type or REI.

    0Reply
  • Mehul Mehta
    OP
    Investor · Dubai, UAE · Member since 2015 · 17 posts · 6 votes
    11y

    Thanks a lot Roy, I am looking at Dallas, Texas for the investment. Let me know when we can speak and i will call you.

    0Reply
  • Mehul Mehta
    OP
    Investor · Dubai, UAE · Member since 2015 · 17 posts · 6 votes
    11y

    Jane Alstatt - lets touch base during the day.

    0Reply
  • Steve RozenbergPro Member
    Specialist · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
    11y

    Obviously everyone is going to be partial to their city, I don't think anyone can deny that since most of the Houston oil people are working abroad that this is probably one of the hottest real estate markets currently. 

    Of course I live here and see it first hand being an investor and property manager so I may be in a fish bowl, but there is certainly some serious committed investors here taking great advantages of the explosive growth here in Houston. 

    I know this because 50-60% of properties we manage are from owners that are from out of country.

    I would work your scenario backwards, meaning what do you want as your end goal? Long term wealth, flipping, private funding, partnership in apartments?

    Once you have that end goal then I would look at what city / market can get you that goal or at-least as close to it as possible.

    Then start to form your team, there are good team mates and bad team mates. Define what makes a good one and what makes a bad one and start to interview them. 

    Ask many questions, look on their websites, google reviews, references etc....

    0Reply
  • Hattie Dizmond
    Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes
    11y

    @Mehul Mehta

    Dallas is a great market, but it's very tight right now.  With inventory scarce, off market provides a lot more opportunity.

    My partners and I work with multiple out-of-market and off-shore investors to facilitate their investments here in the DFW area.  I would love to visit with you about your investment goals, even if it's just to talk about the local market.

    Also, I have an investor friend who currently lives in Dubai, but he maintains a residence and invests here in Dallas.  I would be happy to hook you up with him, if you want some references on me or just a different take on the Dallas market.

    Feel free to contact me via the information in my signature line or PM me here on BP.

    Hattie

    0Reply
  • Mehul Mehta
    OP
    Investor · Dubai, UAE · Member since 2015 · 17 posts · 6 votes
    11y

    @Hattie Dizmond

    I will give you a call today and we can discuss this in detail.

    0Reply
  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    11y

    @Mehul Mehta

    Hi and welcome to BP!  I am an investor living in one state and investing in other states in turnkey properties.  I also consult with other investors, national and international, to help them locate market areas and turnkey opportunities that match the investors criteria and goals. If you want to, message me for assistance in narrowing down that list of markets of 10 to 2, I would be happy to help.

    0Reply
  • Eric Odum
    Commercial Real Estate Broker · Tampa, FL · Member since 2014 · 216 posts · 86 votes
    11y

    @Greg Christensen I am interested in hearing about your experience in acquiring a mortgage.  My experience has been that the borrow needs to find a financial institution in their home country with whom they have a relationship, if the investor does not have a green card. 

    0Reply
  • Greg Christensen
    Phoenix, AZ · Member since 2015 · 22 posts · 7 votes
    11y

    Eric,

    I should clarify that I am a US citizen living abroad so the lending requirements will be different for a non-US citizen.  In my case I had no issue working with the lenders and processed one through Chase and one through a local mortgage broker.  I would say the mortgage broker was much easier to work with in my case.  

    In one case I assigned a power of attorney and had someone sign for me, in another case I paid the notary fees at the US consulate office (very expensive though @ ~$100 per notary) then FedEx'd the docs for closing.

    1Reply
  • Azam Khan
    Auckland, New Zealand · Member since 2016 · 11 posts · 3 votes
    10y

    Hey Mehul,

    I am in a similar boat as you are. I live in New Zealand and would like to invest in US. Wondering if you have managed to finance your investment from a local bank in US. Being a non-US resident is near impossible (unless some one can correct me) to get finance. I wonder how you are are progressing. Any updates would be great.

    0Reply
  • Percy N.
    Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 904 votes
    7y

    @Mehul Mehta, @Azam Khan - one observation is that you should not be limiting your focus strictly on single family.

    Have you thought about getting the economies of scale and investing in multifamily (apartments) via a syndication? You dont need to worry about the loan or have a "team" (other than a good sponsor group). Plus your returns may typically be higher.

    We were actually in Dubai and Abu Dhabi a few days ago meeting with investors who are adopting this strategy. If you are interested in learming more, please feel free to DM me.

    0Reply
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