Can I buy a property in USA, but I live in Norway?

Question

Hi

I am just wondering if it is possible for me to buy a house/property in the USA (Michigan), whether I live in Norway?
Just for investments. I am 20 years old, so I live with my family. I don't think I am going to travel to this property.

Is this possible, and how do I do this?

Morgan Nilsen · Answer

don’t buy until you understand the market. And the financial situation you are about to consider. I for one think it would be a mistake to buy a 10K property without the capital to cover your ass when things go bad. Many things can go wrong and you need to protect your downside

Kumar Tummalapalli · Answer

First things first - 50 K is good money to do lot of things , These "things" might not be just exactly buying a house , but you should try to know what is the best use for that 50k which will give you a reasonable return /break even / slight loss - but the most important thing is , After that project you should gain some practical knowledge abt investing in US

Another important thing that I learnt - never take anything that anyone say here as an absolute thing. we all have our blind spots and biases . Responses which are touting all the benefits or listing all the negatives should be taken with a grain of salt. Pay attention to people , who mention both the negatives and positives .

And while you save and build money , I would suggest you to build your emotional wealth as well , because  the whole investing is 75% mindset and 25% learning initially , once you do few deals it will become 90% mindset and 10% skills .

Please also note that - while you do your research you will come across many many "gurus" , who are unethical and fraudulent . There are good "gurus" but its tough to find that diamond .

I was listening to a podcast where the host is talking to a guy who touts that you can make so much money by finding unclaimed money from tax sale overages.  The "guru" says making money from overages is super easy , just call people and make $30k and that he is tired of depositing the checks in his bank . The host didnt ask even one qn which is "real" - the "guru" says its easy to make money but he wants his students to "earn" . if all it takes is cold calling , why wont the "guru" hire a 20 person cold calling team pay them $20/hr ( I have super start cold callers working for me for $8/hr) . Through out the whole interview not even one qn was asked - as to what are the real practical roadblocks are .

Anyway - question everything , keep learning , develop emotional intelligence .

Vinay H. · Answer

Since you have 50k available, you should jump on a plane with a cheap fare over the weekend, stay in Michigan, look at the 5-10k properties and then be able to come away with the impression of whether you want to go further or not.

Christopher M. · Answer

@Mads Veland

That's why I asked. It is possible, but the first step would be hire a lawyer in the states. That lawyer would then help you bring the money in to the US. That alone will set you back a few 1000 dollars

To be frank, 10K is not nearly enough. Can you acquire a house in Detroit for under 10k? Yes. But it would need another 30-40k in work, at least, to be rent ready.

Unfortunately, your next step would be to save more money.  I know that is not what you want to hear but 10k just isn't enough. Save for a few more years, there will still be emerging markets in the US in a few years from now.

Christopher M. · Answer

The 5k houses you have seen are not rent ready. They have squatters, or all the piping and wiring has been pulled out, or the listing is fraudulent. Or any combination of the above. So you would most likly lose all of the 5k

Your excited and that's great.  but as @Morgan Nilsen said you need to learn the market.

50k is just barely enough to start from abroad. Bare in mind that there are tax implications in Norway and the US when you move money from one country to another

Mads Veland · Answer

Ok, thanks for the help guys. Maybe I should reconsider this then

Mads Veland · Answer

Ok, let's say I buy just one 5K property. I have seen some of them in that price level. Maybe a little personal to say, but I have at least $50K "to use". How much can I really lose beyond the 5K?

Mads Veland · Answer

I am perhaps thinking of buying a property in Detroit. Maximum of $10000.I do have the money. I have worked for 2-3 years now, and saved most of the earnings, since I have minimal of expenditures.

What is the first step?

Christopher M. · Answer

@Mads Veland

It is very possible to purchase real estate in the US with out setting foot here. But there are laws about moving money in to the country that can be very complicated. Additionally You would need a very strong team on the ground.

Let me ask you, Why Michigan?

Morgan Nilsen · Answer

Yes it’s possible and not even that difficult if you get set up correctly. I have 6 houses in USA and have taught many others how to do it. I’m Norwegian but live in Dubai.

Why do you want to invest in Michigan?

Can I buy a property in USA, but I live in Norway?

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