can non us citizens from philippines buy commercial property in North Carolina?

Leonard
Home Seller
28789

A Filipino Dr. that wants to buy a motel for cash
are there any restrictions

Answers (3)
Best answer: Larry Story
First to answer: Barrett Powe…
Marcia V Holcomb
Agent
Beaufort, NC

No. Has to be US dollars.
We have two motels on the East Coast of North Carolina (Atlantic Beach). One with 13 restrooms at $1.575.000 and the other with 15 restrooms at $1.900.000. E-mail me for more details.

Mon Dec 15 2008, 12:05
Larry Story
Broker
Greensboro, NC
BEST ANSWER

Leonard if he is buying it for cash then he will have few problems. He will need to go ahead and create the avenue and tax filings for the income depending on if he is establishing an LLC here to manage it or back in his home. I have international clients and it is just a matter of paperwork.

Hope this helps,

Mon Dec 15 2008, 10:38
Barrett Powell
Broker
Pittsboro, NC
FIRST ANSWER

Yes, you may purchase property in North Carolina. I would recommend you hire two people to assist you with the purchase; a good commercial real-estate agent to assist you with finding the correct property and one who knows the local area and economy, and a financial planner accustomed to working with foreign clients to help you architect the purchase and any exit strategy.

Mon Dec 15 2008, 10:32

Didn’t find what you were looking for? Ask a question!

Search Advice & Opinions

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 3 of 10
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback