In 2020-2021, more people than ever before are interested in learning how to invest in real estate in the USA.
There’s a good reason for this, mortgage interest rates have remained historically low and demand for Real Estate is currently at an all-time high. When you combine both of these factors, this makes the United States real estate market one of the best places to invest in real estate in the world.
If you’re thinking about investing in real estate in the United States for the first time, this article will provide you with tips that you can use to get started with investing in your first investment property.
Tips For Foreigners Who Want To Invest In USA Real Estate
Before I start providing you with tips that you can use to invest in real estate in the USA, I’m going to offer foreigners tips that they can use to help them get ready to buy properties here.
If you intend to purchase real estate in the United States with cash, you need to know that cash is still King and it’s possible to get great deals on real estate in the United States when you make cash offers.
Even though cash deals are awesome, make sure that you’re prepared to park your cash for a while because it may take some time for property values in the United States to appreciate, so you should be prepared to invest that money in real estate here for the long-term.
Have A USA Bank Account – The very first thing that you want to do before buying real estate in the United States as a foreigner is to establish a bank account here. This is important because, if you want to finance your first property, you should have a bank account in the United States since a foreign bank account makes it difficult for a mortgage lender to verify your finances if you have a bank account that’s in another country.
Once you have a bank account established, the next thing to do is to deposit the funds that you intend to use as your down payment on the property that you want to buy. That money should be in the bank account for at least sixty days because a mortgage lender will want to see that those funds have been ‘seasoned’ before they approve your mortgage loan.
Establish Credit History – After opening a bank account in the United States, and depositing your funds, you should next start working on establishing a credit history in this country.
Establishing a credit history is important if you plan on financing your first deal but, the good news is that once you start the process of building credit, getting more credit and building a stronger credit profile tends to get easier over time.
Establish A Residence – If your goal is to stay in this country for the long-term, after Invest In Real Estate In USA, the next thing that you should consider doing before purchasing a property in the United States is to establish a legal residence here. When you combine this step, along with opening a bank account and establishing a credit history, this will make you look like a rock-solid candidate to mortgage longer when you go to apply for a loan.
After reading this far, you may be wondering if you could still get a mortgage loan in the United States without having to go through all of the steps that I’ve just mentioned.
The good news is that yes, it’s possible to still get a loan for buying real estate in the United States without establishing credit history or a permanent residence here but, those types of loans may come with higher interest rates. It’s best to follow the steps mentioned above if you’re committed to building a long-term real estate investment portfolio in this country.
Now, let’s say that you’re an American citizen and you want to buy your first property in the United States. The same rules apply as above but, you should also establish an emergency fund and make sure that you’re prepared financially to invest in real estate before you purchase your first property.
What Type Of Real Estate Should You Invest In?
It doesn’t matter if you’re a foreigner who wants to buy a property in the United States or your citizen in your ready to purchase your first property, you have to know which type of real estate you should invest in.
Thankfully, in this day and age, there is a wide variety of opportunities for Real Estate Investors to invest in including land lots, commercial real estate, single-family homes, duplexes, condominiums, and apartment buildings.
Because 2020 has been a tough year due to Covid-19, some types of real estate may be less attractive than in years past. Make sure that you do your due diligence and thoroughly research the type of property that you plan on investing in because it may be more difficult for you to rent that property and turn a profit than it was for other investors just 12 months ago.
If you’re unsure about the type of property that you should invest in, the good news is that there are other opportunities out there that will enable you to invest in real estate without actually having a holding property.
Some of the opportunities that you should consider investing in include real estate investment trusts, mortgage notes, and crowdfunding. With each of these options, it’s possible to invest in real estate passively and earn residual income from your efforts.
Invest Passively In Real Estate With Trier Capital
At Trier Capital, we save investors the time, money, and hassle of investing in real estate themselves because our company specializes in sourcing, acquiring, and managing investment properties across the United States.
With our real estate investment team, we make the process of Invest In Real Estate In USA easy, so that owners can simplify their lives and focus on growing their portfolios of investment properties without having to do the traditional hard work that comes with being a real estate investor.
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 the benefits that come from partnering with us, contact me today by calling (630) 229-2383 or click here to connect with me online.