How do you purchase real estate while overseas?

Question

Hello from happy Afghany-land.

So, I've done a good bit of reading over the last month or so since I registered on here. And I'm either showing signs of an infection(I'd blame the amazing food here) or developing that itch to purchase a first investment property.

I came here interested in multi-family properties initially, but seeing some of the lower end scale homes sell for 15-40k and make a really good cash-on-cash return looks more and more appealing as my end goal would be Cashflow.

So back to my subject line; assuming I found a deal, had the cash on hand, how would I go about the purchase? Or is it even possible?

Elliot Mendoza · Answer

Tim, I really appreciate the info. I'll have to look into this. Not sure where I'd find a notary where I'm at but it's something to go by.

Tim S. · Answer

Elliot

I am overseas and buy RE from here.  As to the "how" -- you need people in your target area who are aware of your situation and willing to accommodate never being there in person.  For me, this has meant a realtor and mortgage broker.  Yes, I may pay more to use the broker, but they streamline the coordination.  It's the price I pay to do this all remotely.  I use my brother as my eyes and ears; we partner up in the sense that I am the financial backing and he does some of the legwork.  He does not sign anything and I don't bother trying to use a power of attorney due to the hit and miss results in terms of who will recognize and accept it.

The only time you need to return original, signed docs is for the closing.  I print the closing package then use the notary service at a US Embassy / Consulate or if you're associated with the military in any way they will have somebody who is a notary which is also acceptable.  I then FedEx the paperwork back to the US for the seller to sign.

I have never sold RE from overseas.

Tim

Elliot Mendoza · Answer

I appreciate it guys, I'm going to wait a few months to do some more homework and stack on some more cash as I just made a substantial purchase into silver the last few weeks. (At least, substantial to me).

I'll add you both as contacts and pending my communication ability in a few months, I'll start putting out feelers.

Robert Adams · Answer

It varies per market but here in Vegas you would need to get someone a POA. The POA would need to have the specific address listed in the POA.

You also need a good agent that knows what you are looking for that can do the local leg work for you. That agent should have good communication skills and be willing to preview these homes for you. As well as take extra photos for you etc so you can get a good feel for the property from abroad.

If you are interested in the Las Vegas market please let me know as I would be happy to help.

Marc Ramsay · Answer

Hi Elliot;

I know of a company near me that specializes in helping Canadians buy into the Atlanta SFH market. They assist with entity structures, buying HUD foreclosures, rehabbing, and hooking the client up with a property manager and tenant. Since they are used to dealing with out of country investors they could be a good resource for you if you're interested. I've heard some good things about their operation. Feel free to PM me and I can pass along a referral if you're interested.

Cheers,

Marc

Elliot Mendoza · Answer

Thanks Andrea, I guess I'll have to look into it some. I know I have a ton of homework to do, and depending how these next few months are in terms of work load, I might have tons of time to study.

Andrea M. · Answer

Regarding the rehab/rental phase, your definitely going to need a strong local ground crew during the entire process. They can send your pictures and maybe weekly reports on the progress of the rehab

Andrea M. · Answer

When I was a Realtor I had a client who was stationed overseas and was interested in investing into a property. I set him up on automatic MLS notifications via email based on price area and # of bedrooms he was interested in. He (overseas buyer)  had a friend local to the area in which he was interested in who would tour the properties with me and give him (the overseas buyer) a report on the location, condition of the property and what would be needed to bring the property to sale/rent condition. When he was ready to submit an offer, all documents were sent, signed via email and returned via fax, but now can be done via DocuSign.   Regarding the actual closing he (overseas buyer) had an extra cost because he (overseasbuyer) had to assign a Power of Attorney to sign on his behalf, but we got it done.

Elliot Mendoza · Answer

Well, I left my 82nd days a few years ago for EOD, but yea man, desert storm was some shit.

I do have a good chunk in silver and gold, as I've really had nothing for expenses but rent and utilities, I wanted a place to put my cash. Real estate is my next target now.

I appreciate the advice guys. Guess I got more homework to do. No team in place so kinda harder for me initially I guess.

William Bannister · Answer

PS: I forgot to say AIRBORNE! I was Army back in the 90-91 Gulf war and we salute u for serving.