Over the last 20 years I have been consulting the foreign people who are interested to invest in USA Real Estate.
You can call me; I can help you without any interest.
You can also read these Articles: http://naplesmlsearch.com/foreign-investors-guide/opportunit
My name is De Hong (洪德) , or Dan. I'm a US citizen but I currently live in Shanghai/Hong Kong.
I've a son who is a business student at UCR which is near Moreno Valley. Two years ago, I bought a condo at about $60,000 (plus taxes/agentfees/costs) there for my son's boarding. Later, I rent it to a tenant with three kids (attending a near-by good school) for $900. Now, my son will graduate in June. I plan to sell it.
The condo is 12196 Carnation A, Moreno Valley, CA 92557 (1100 sqt, 1350 sqt lot, facing south/east, check Redfin or Trulia) with three beds/two full baths/closet/padio/two-car garage/pool/spa/dishwasher, etc., and a great view/grass. It is just in front of shopping mall (food for less, etc,), BOA, dinning places, highway and easy to rent, It was $210,000 in 2005 and owned only by two previous buyers. The yearly property tax is $700 or so. Now, it is at a value of about $90,000. Now everyone just holds their condos for higher price and no one wants to sell really.
There are quite a lot of houses here waiting for rent, but not easy. And a $150000 house can only rent for $1200/m. Besides, the city has strict rule and regulation on yard/grass/garden keeping. If you want to go back to China and leave the house empty, you may face fine up to $1000 because of the yard thing. But a condo is different. It is managed by a company. You have no duty to take care.
And you pay $280/m association fee which covers pool/spa, maintnance, house insurance and even water (very expense in CA), etc. And my company is well-known, Cold Banker. That is why I bought a condo then.
Of course, a foreigner can buy property in the States. I know how to handle it. By the way, where are you living in China? Will you have a child to attend UCR? I'm in Shanghai right now and will go back in May. If you want to see it, you can go directly there. Since I want to sell, the tenant will vacate it in Feb. 19. I'll let my son Daniel take you there. He has the key.
My email is email@example.com, my Chinese cell No. is 13801965484.
Best regards and Good luck!