Foreclosure in Detroit>Question Details

Pradeep Domah, Home Buyer in South Africa

I am a foreigner and want to buy properties in the USA. What is the procedure?

Asked by Pradeep Domah, South Africa Thu Jan 8, 2009

I am looking for opportunities to buy houses below $20,000. To buy at low price and sell with intention to make profit on a short or medium term. What area do you advise to buy at the moment.
send reply to : pradhip183@msn.com

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8
Hi,

to be honest I think that $20,000 is probably not enough, you might end up paying more around $30,000 to buy some rentable property. Another thing is that I am not sure about selling in short term. To make a profit when selling, you will most probably have to wait at least a few years, until the prices will get higher. However if you have the cash now, for sure it's worthy to invest.
You should decide on a good market first - Las Vegas, Phoenix, Florida seem to be pretty perspective markets.
If you need some info about the actual procedure of buying property in USA, I have found a blog about that topic:
http://www.buyingpropertyinusa.net/
1 vote Thank Flag Link Sun Dec 6, 2009
You can check this out http://www.usproperty.com.au
0 votes Thank Flag Link Wed Oct 12, 2011
Call Desert Management Group at 877 572 4466. They can help you. They have all the resources you need.
0 votes Thank Flag Link Mon Sep 14, 2009
There are some wonderful foreclosures in Southfield, West Bloomfield and Detroit. Just give me a call and I would be glad to send you a list. I can help with the right areas. 313 3308198
0 votes Thank Flag Link Sun Mar 22, 2009
While the previous answers have given you the basic information you need, I would suggest you carefully look at the properties you want to buy and the markets where they are located. There are many markets in which $20,000 will buy a perfectly respectable property which would make an excellent rental. The Battle Creek, Michigan area is one such locale.

If you are looking to spend more, you might want to consider hiring someone as a property manager. You could purchase a repossessed property for well below market value and invest in repairs and improvements to bring top dollar for rent.

For example, there was a bank owned property in our area that was listed by the bank for $22,900. The property needed some cleaning, a little bit of flooring replaced, updated light fixtures, and a new door knob. Had this been an owner-occupied home I would have listed it for around $85,000 with the cleanup having been done and the door knob replaced. For under $2,000 all the necessary repairs could have been made. A cash offer of $20,000 likely would have bought the home.

Feel free to contact me if you would like more information about the incredible values available in my market area.
0 votes Thank Flag Link Sat Mar 21, 2009
Hi,

the price limit of $20,000 is really low, however you can find some REO's in some states for that price. Look at Bank of America REO's for example.

If you are an investor, you should be also interested in Rental Yields in the area you will buy the property, because that can dramatically change the cashflow from the property.

If you are interested in buying property in USA, you can visit my blog about this topic below.
0 votes Thank Flag Link Sat Mar 21, 2009
Paradeep,

There are no restriction on foreign buyers looking to invest in American real estate and ther are currently many opprtunities for people to wise purchases. The $20,000 limit is quite low and would most likely put you in a pool of homes that are not in good repair and will require some renovations in order to resell and make a profit.

Our recommendation is to focus on vacation areas where tourist traffic maintains regular annual appeal. Florida, Arizona, Texas, California to name a few. This approach will also allow you the opportunity to rent these properties while you are waiting for them to sell, gaining the advantage of additional income.

Probably the best market to buy low in is the "foreclosure" market. We suggest concentrating on these types of properties.

We can't speak for the other areas but if you are interested in finding out more about the Florida market, feel free to be in touch with us.

Best wishes and good luck
The Eckler Team
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Thu Jan 8, 2009
I am a Dallas realtor, Dallas loan officer, and real estate investor

Dallas Texas area is well documented in national media community that has a stable job market, housing. We work with investors and families across the USA. With non - resident you would require additional documentation purchase a home,

With our out of state or country clients we inspect the property on your behalf and forward narrative and pictures. However $20K property is not located in a suitable area of town, better properties with a limited budget can be purchased for approx. $50K

In order to take possession of any property offer needs to be submit and executed by both parties (buyer and seller). Upon contract execution both parties must fill contract obligations. Title company is transfers the ownership to you. Title company would accept wire transfer of payment. These companies are owned in Texas by attorneys must follow state laws

Notify me if I can assist you,
972-699-9111
Lynn
911@lynn911.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Jan 8, 2009
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