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Old 09-18-2010, 07:44 AM
 
Location: Punta Gorda
181 posts, read 401,143 times
Reputation: 88

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I am so tired of browsing through real estate websites looking for a place to buy as an investment.

If you had $230k to invest in a property (don't tell me how screwed up the market is, I am quite aware of that), what property would it be and why? Please provide links if possible, and unless someone can convince me to the contrary, don't bother with short sales, they seem to be a waste of time.

Keep in mind that I am a foreigner and only travel to the US 3 times a year.

If anyone know a good commercial property broker or website, please let me know. Thanks in advance...
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Old 09-18-2010, 09:09 AM
 
Location: Championsgate, Fl
986 posts, read 3,197,727 times
Reputation: 289
The amount you specified is a good budget and you would be able to purchase a wide variety of homes both resale and new for within your budget and in some cases a lot less, but it depends on which route you are going down. If you are from out of the country then it is going to be a lot harder for you to deal with the tourist market and the short term rentals which you need to purchase in the short term rental area. It is a very competetive market and you would need a property management company to market and deal with the high turnover of guests in terms of repairs, cleaning and all of this would eat into what you would be earning from the unit. These homes also tend to be cheaper to buy but if you wanted to rent them out long term on a yearly lease you wouldnt command as higher a price.

IMHO renting out on a yearly lease is the better option for someone from out of the country. It allows the property to be rented for a longer term and the expenses are lower.

I also would recommend looking at houses as opposed to condo's or townhomes. The HOA dues on those will be a lot higher than on a house and also keep away from the luxury resorts which have astronomical costs associated with owning in there.

In terms of commercial property, I think its safe to say whilst you have a healthy budget for a residential purchase, you budget would be on the low end for commercial and it wouldnt be worth sinking that sort of money into a property unles it would be marketable.

I hope this helps
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Old 09-18-2010, 11:23 AM
 
Location: Punta Gorda
181 posts, read 401,143 times
Reputation: 88
Quote:
Originally Posted by cfIfan View Post
The amount you specified is a good budget and you would be able to purchase a wide variety of homes both resale and new for within your budget and in some cases a lot less, but it depends on which route you are going down. If you are from out of the country then it is going to be a lot harder for you to deal with the tourist market and the short term rentals which you need to purchase in the short term rental area. It is a very competetive market and you would need a property management company to market and deal with the high turnover of guests in terms of repairs, cleaning and all of this would eat into what you would be earning from the unit. These homes also tend to be cheaper to buy but if you wanted to rent them out long term on a yearly lease you wouldnt command as higher a price.

IMHO renting out on a yearly lease is the better option for someone from out of the country. It allows the property to be rented for a longer term and the expenses are lower.

I also would recommend looking at houses as opposed to condo's or townhomes. The HOA dues on those will be a lot higher than on a house and also keep away from the luxury resorts which have astronomical costs associated with owning in there.

In terms of commercial property, I think its safe to say whilst you have a healthy budget for a residential purchase, you budget would be on the low end for commercial and it wouldnt be worth sinking that sort of money into a property unles it would be marketable.

I hope this helps
Thanks for the great advice. I will be back in FL March 2011 and hope to find somehing worthwhile before then.
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Old 09-18-2010, 01:27 PM
 
570 posts, read 995,779 times
Reputation: 345
I thought the OP said commercial, not residential. What would you like out of your property?
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Old 09-20-2010, 09:03 AM
 
433 posts, read 1,088,585 times
Reputation: 239
Maybe you should look into the E-2 visa and purchase a business.

E-2 visa - Wikipedia, the free encyclopedia

There are plenty of businesses that you can buy, (and hire someone to manage)

If I had over 200,000 that is what I would do.

Now, as for Real Estate, I would wait until 2011 summer. You will find your pick of nice properties owned by the Banks by then.
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Old 09-20-2010, 09:32 AM
 
Location: Punta Gorda
181 posts, read 401,143 times
Reputation: 88
Quote:
Originally Posted by qdogfball View Post
Maybe you should look into the E-2 visa and purchase a business.

E-2 visa - Wikipedia, the free encyclopedia

There are plenty of businesses that you can buy, (and hire someone to manage)

If I had over 200,000 that is what I would do.

Now, as for Real Estate, I would wait until 2011 summer. You will find your pick of nice properties owned by the Banks by then.
Thanks qdogfball, this is definitely one of my options.

Currently, I have a 10 year multiple entry visa with which I can stay 3 months at a time. From my understanding the E2 will allow me 6 months at a time, but I will have to re apply each year.

Now I'm wondering if I will forfeit the 10 year visa once I have received the E-2 or do they run in tandem?

I also heard that after some time having the E-2 and employing a small number of people you can apply for residence status, not too sure of that.

Thanks for the great advice from you all. At this stage I am not sure what type of properties or businesses I am looking for. I am quite a all-rounder when it comes to business. My main focus is to start earning US$.

My current frustration is that real estate investing and business have been part of my passion for years, but IMHO the future prospects for investing here in South Africa doesn't look good.

I own property in Florida, and my kids will probably end up living in the US, so I guess I'm starting my long walk from Egypt to the Promised Land, whatever those promises may hold. lol...

Last edited by vegasboy; 09-20-2010 at 09:52 AM..
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