I'm new to this forum.
I'm an Indian investor who is looking to enter the US property market now that it appears to be undervalued, with low interest rates but i intend to buy in all cash ( upfront payment)
I would appreciate input on how I can effectively invest directly in property - I would be looking for a properties which can be easily rented in residential real-estate areas such as Philidephia - Chester Spring /Exton and other good area in PA ,Florida, Atlanta, Orlando , Boston etc. etc.
Preferably located near market/station/airports/ beaches etc
Also, if I were to purchase property directly in the USA, where would I be best to look for strong growth potential in the next 5-10 years and steady rental income? Also is it possible as an Australian to finance the investment in the USA? where should I look for financing if incase i pay around 70% down payment and balance to top it up though this is not a criteria for my investments in USA ?
Any help is greatly appreciated, where I live in India( Mumbai) and have a 10year Tourist Visa to visit USA at any given point apart i also have few people who can take care in my absence if need be to look into the property.In India at the moment property prices are insanely over-inflated and interest rates are floating at around 9.5% to 11%which makes positive gearing impossible, and dampens growth potential. The US appears to be presenting unique opportunities, especially considering the Indian Rupee is floating around 45INR to one USD, these conditions will not last forever!
Let me start off by saying how very lucky you are to have asked this question.
Stay away from Florida! It has tanked, yes but it will be a long recovery..Now on the other hand one of the wealthies towns(best schools and commute plus low taxes and tons of people wanting exec. rentals..is Greenwich CT.) While property prices are down rentals are sky high(like NYC)! And again taxes are so low and the town offers so much..Many people from all over the world live here or at least come here for a period of time! Happy Hunting..Best zipcode to look in is 06870,06878!
Ha! I don't live far from Greenwich. Yeah, housing prices are down. Instead of costing $2 million for a 2-bedroom house, you can now pick it up for $1.5 million. A one-bedroom, one-bath apartment at Church St. Apartments has been reduced to a measly $529,000.
regret the delay in replying as i was traveling, thanks for the suggestion it seems Greenwich does look to be a good option as you have mentioned the rental are high and being an invester it would be better apart can you forward more details whether an Indian is allowed to buy the property or if you know any good Property manager / real estate mgr lloking into greenwich properties it would be a great help.
what is the percentage market drop in greenwich as of now from the ealrier market price.
There are beautiful homes and buildings just 'sitting' vacant,but I wouldnt say that equates to a healthy real estate market at all.
The economy is not good, so Id be very careful in buying a house.
Good land is a different story.
California has lots of major fault lines you might be interested in.
I know Orlando has a thriving short term rental market due to the presence of Disney World. There's an agent there who specializes in short term rentals and deals a lot with overseas buyers. He can help you with currency exchange issues, etc. His name is J.C. Penny (http://propertyforsaleorlandoflorida.com).
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