As a follow up to our recent blog telling you that almost ANYONE can invest in the USA property market we thought it would only be fair to mention a few tips for doing so.
Before I personally made the plunge I spent several hours listening to podcasts on the subject.
I feel this was like a really valuable crash course on property investing in the USA.
It gave me great perspective on areas to consider and returns by area as well as the importance of proximity factors to these areas (big businesses and transport links).
Unless you live in the US (and even if you are) it is important to find a partner, someone on your side. There are so many people and companies offering property services that is can be mind spinning.
My advice is talk to someone else that has done the same and get references from them. This is worth far more than any glitzy website you might review.
Once you decide on an area to invest in become an expert on this area yourself. Get to know it. Spend a few days in a hotel within the area if possible and see what it feels like and which areas are more desirable.
It is not everyday you are going to buy an investment property so view it as you would any important project. Property sales websites (such as Zillow.com) will be a tremendous help not only in locating a property but seeing historic prices in the area and what areas are experiencing growth.
With regard to the property itself you need to carry out the usual inspections. You are likely considering renting it out so will it feasible achieve the rent you expect? If not what money needs to be spent in order to bring it up the standard where it will?
One big factor when investing in the USA is proximity to amenities and schools, hospitals, and links to public transport.
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