Are you searching for information on how to buy property in the USA? If so, in this article, I’ll provide you with tips on how to buy property in the United States, building passive income from that property, and more.
The Perfect Time To Buy Property In The USA
Even though 2020 has been an up-and-down year for the economy, and the stock market in the United States, it’s still an excellent time to buy property here. Why? Real estate as whole continues to appreciate compared to other assets or investments so this makes it an ideal time to invest especially for investors who want to diversify, or invest in real estate for the first time.
If you plan on buying rental property in the United States like residential, commercial properties, or land lots, it’s also an excellent time to buy rental properties as well.
The demand for rental properties in the United States isn’t expected to change anytime soon as the United States has evolved into a nation of renters over the years. This means that we have people from all generations and walks of life who are interested in renting instead of buying properties.
Before purchasing a rental property in the United States, make sure you do your due diligence and thoroughly research the city where the property is located.
This is important because in some cities, crime rates have risen dramatically this year along with social unrest. It’s best to thoroughly research an area before purchasing a property here instead of going by outdated statistics or information that you may find online about the area that you plan on buying a property.
Tips For Buying Property In The United States As A Non-Citizen
Over the years, the United States has been classified as being the ‘land of opportunity’ and that slogan still holds true today as anyone can buy property here, especially non-citizens, who are paying cash for their properties.
If you’re interested in learning how to buy property in the USA, but are unable to pay cash, you will need to qualify for a mortgage loan so that you can finance that property.
To qualify for a mortgage loan in the United States, a foreign borrower must have a credit history. If they do not have a credit history, this will make it difficult for a lender to analyze the risk of approving their mortgage loan and they may ultimately pay more money in fees.
How should foreigners start searching for properties in the United States? Especially if they don’t currently live here?
The good news is that thanks to the Internet, it’s easier than ever before to search for properties anywhere in the world because tools like Google Street View can give an investor a bird’s-eye view that enables them to see the exact area where the property is located before, they decide to visit it in person.
For buyers that are serious about learning how to buy property in the USA, hiring a local real estate agent will save them the time and hassle of searching for properties themselves.
Tips For Buying Multifamily Properties In The United States
Yes, buying a property in the United States is a smart investment, especially if you plan on purchasing multi-family properties because, as I mentioned earlier in this article, there’s never been a greater demand for rental properties than what we’re seeing right now.
If you take the time to read the articles on this blog, you’ll see that I’m a firm believer in the power of investing in multifamily properties because, with multifamily, it’s easier to build sustainable, passive income from them compared to what it would take to build passive income from single family properties.
With one multifamily property, you’re always going to have at least one stream of passive income coming in each month even if other units in the building are unoccupied. This will provide you with peace of mind in knowing that your mortgage and other expenses will be covered on a monthly basis.
Here are several tips that you can use to find a great multifamily property:
Location – The multi-family property that you purchase should ideally be in a ‘walkable’ location that’s close to shops, stores, things to do, and most important of all it should be within 30 minutes of employers in the area.
Crime Rate – Crime is always important to renters regardless of where they plan on renting in the United States. In 2020, we’ve seen the crime rate explode in certain areas including cities like Seattle, Portland, Chicago, and Minneapolis.
Before you decide to purchase a rental property, it’s best to research the area where that property is located and read crime statistics for yourself before you decide to purchase a property there
Local Economy – Last of all, but most important, another key thing to do, especially if you want to learn how to buy property in the USA, is to research the local economy for where the property is located.
Your goal should be to find out which companies are hiring, laying off or were affected by Coronavirus because, the state of the local economy may make it difficult for you to fill vacancies and attract tenants who are employed.
During your research into the local economy, you want to find out which companies are hiring, laying off or leaving the area.
Once you find a multi-family property that you feel will make an excellent investment property for you to add to your investment portfolio, the next thing to do is to visit that property in person to do a site evaluation of that property.
When doing a sight evaluation of a multi-family property, you should pay close attention to the property itself to verify if there are any deferred maintenance issues, repairs, or renovations that will need to be addressed before each unit in the property is in rent-ready condition.
Besides reviewing the rent roll for the property, you should also verify the property taxes, current vacancy rates, liens on the property, monthly utility costs and insurance costs.
After doing your due diligence, you shouldn’t hesitate to submit an offer on that property but remember, once the deal goes through, your goal should be to hire a property management company immediately to manage it for you.
A property manager will save you the time, money, and hassle of managing a rental property yourself so that you can enjoy passive income from their property without having to get caught up in the day-to-day responsibilities of managing it.
Contact Trier Capital
At Trier Capital, our simple step-by-step process allows you to accelerate your wealth creation so you can live a magnificent life on your terms, whether that means traveling the world, spending more time with family and friends, or making an impact.
To learn more about partnering with us, contact me today by calling (630) 229-2383 or click here to connect with me online.