Home Buying in Venice>Question Details

Sachin, Home Buyer in Venice, FL

Hi I am from India and would like to settle in venice with my two kids and wife. We are 36 yrs old and our kid's are six and nine years. I would like

Asked by Sachin, Venice, FL Thu Jan 24, 2013

to invest around one million $ in which I want a decent monthly income to support my family please suggest what should I do.

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Sachin,

Have you considered an EB5 visa? If you have 1 million cash to invest, it may be smarter to start with one of those programs, and after you establish income, buy a house in the United States. I would be happy to connect you to an expert in such issues.

Venice is a lovely place to live and raise a family - my mother has lived there for the past 10 years.

Feel free to give me a call.

Ann
0 votes Thank Flag Link Thu Jan 24, 2013
Sachin,

There are several alternatives that you could pursue. Investing in rental property is of course one. Others are owning a small business enterprise. I would be happy to discuss your goals and how I could help you realize them. At your convenience, please give me a call.

Jim

James Mulligan, Broker / Owner
Suncoasteam Realty, LLC
Po Box 380503
Murdock, FL 33938
941-235-7474 Office
941-456-3034 Cell
jim@suncoasteam.com
Web Reference: http://www.suncoasteam.com
1 vote Thank Flag Link Thu Jan 24, 2013
Thanks for responding I believe it's the right place for us to spend our other part of life in venice. We have been to Florida in dec,12 but were on a holiday trip. I wanted to invest in some commercial property from which I can support my family. Our monthly expense would be around 5000$ , please suggest some options accordingly.
Flag Thu Jan 24, 2013
I would invest in a place were you can live that will also give you an income! Something like this:
http://mfr.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1089161…
0 votes Thank Flag Link Wed Feb 6, 2013
Hello Sachin,

I trust that since you have decided on Venice, FL you have researched the area. I live in Punta Gorda, not too far off and I love it here. My husband & I are both from India.

Sachin what exactly are you looking for? As I understand, you would like to buy a home for yourself to live and other properties from which you can get an income. Is that correct? Call or email me and we will go through what you wants & needs are and find something that fits your needs perfectly.

I look forward to hearing from you.

Sincerely,
Genevieve Ramachandran
gennyramachandran@michaelsaunders.com
0 votes Thank Flag Link Sun Jan 27, 2013
Hello Sachin:

I suggest using part of your money to buy a nice home for you and your family. There are many options in the Venice and Englewood areas up to the mid $250,000 range, with private pool, for your personal use. You could use the rest of your funds to purchase income producing property.

Income producing properties are homes and condos starting around $80,000. Rental demand here is high, and many of my investor clients have had good success finding tenants quickly. You can expect monthly rent starting about $800 for an annual tenant and up. Pursuing this type of strategy of buying several entry and mid level properties can net you a healthy monthly income.

Single family homes are my recommendation versus condos, which you can read more about on my blog: homesinsarasota.blogspot.com

Some of my clients form a limited liability company (LLC) when buying investment properties. I can refer you to a real estate attorney who can help you decide which is best for your situation.

I invite you to visit my website to learn more about real estate in our area: http://www.davidbarrhomes.com/buyers and about investment properties: http://www.davidbarrhomes.com/investors

I look forward to the opportunity to help you create a profitable property portfolio.

Regards,
David Barr, Broker Associate
Allison James Homes & Estates
Web: http://www.davidbarrhomes.com
Blog: homesinsarasota.blogspot.com
Twitter: @sarasota_homes
0 votes Thank Flag Link Thu Jan 24, 2013
Hi,

Congratulations on deciding to move your family to Venice. It is a lovely area to raise your children. I lived there for several years.

There are many business opportunities in which you could invest and make a comfortable income to support your family. Are you thinking you want to purchase and run a business? If so, then the main question would be "What is it that you want to do and interests you"? I could send you a list of businesses currently for sale to give you an idea of what is available.

As you probably know, coming from another country you will need consult with an attorney to obtain necessary visas and permits. I would be happy to provide you with the contact information for a few local attorneys.

Please let me know how I can be of assistance to you - and we look forward to welcoming you as new residents of the U.S.!

Susan

Ron and Susan Noce, Realtors
Key Realty
Mobile: 941-518-3954
Email: sue@ronnoce.com
0 votes Thank Flag Link Thu Jan 24, 2013
Thanks for writing. We are already having a business visa and have recently visited Florida about ten days back. Could you please mail me list of businesses related to motel, gas station or some pre leased property . Hope for an early reply bye.
Flag Thu Jan 24, 2013
Hello Sachin, I see that you have received many answers to your question, and all make good points which I agree with. I have lived and worked in the Venice area for 33 years and have conducted business with several of your fellow countrymen, and have several ideas that may work for you.
Standing by to help,
Steven Chapman
Venice Real Estate Company
941.716.7591
DealsInFlorida@gmail.com
Copy & paste this link to search the Mid Florida Regional MLS
http://MyFloridaHomesMLS.com/DealsInVeniceFlorida
0 votes Thank Flag Link Thu Jan 24, 2013
Here are some things to keep in mind if you are planning to purchase an investment property. First of all decide how long you plan to own the property before you buy it. The longer you own the home, the more money you will need to put into it for maintenance, repairs, and improvements. Then decide your purpose for investing. Is it for rental income? Are you looking for a quick flip? Are you looking to build up appreciation and resell?

Don't count on appreciation. With the market the way it is right now, appreciation is not a guarantee. When looking at homes, you want to purchase a home that would have an attractive resale value no matter what the market is like. Obviously you would like to make a profit if you did resell.

If you decide to rent the property, it is necessary to make sure your rental income will cover your out of pocket expenses such as the mortgage payment, taxes, insurance, maintenance, repairs and vacancy rate. Check with local rental agencies or call rental ads to see what the going rental rate is within the areas you are looking to purchase a property.

Try an investment calculator such as the one at goodmortage.com. Go to their web site: http://www.goodmortgage.com/Calculators/Investment_Property.html. This will give you a good idea of the financial situation if you decide to rent an investment property.

There are tax benefits in any real estate investment whether it be rental homes, apartments, vacant land, commercial buildings, industrial, shopping centers, or warehouses. Check with your local tax advisor before entering into a purchase agreement for any investment property to make sure you qualify and follow the strict requirements.

If I can answer any questions or help in any way, please contact me.

Tammy Hayes, Realtor
Green Lion Realty
tammyhayesre@gmail.com
0 votes Thank Flag Link Thu Jan 24, 2013
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