Buy to let abroad (US)

[Steameh]

I have been mulling over a few ideas for the future recently (only started my first grad job 4 months ago). One option that popped in my mind was getting in to the rental market, specifically the US market.

Having been over to see my brother (lives in the area I would be looking to buy) I am warming more to the idea, as the property prices are low.

What I am wondering is any experience from anyone who is on here, what problems arise, such as payments. Obviously I would use a property management company. What tax implications are there?

Is it worth it compared to renting out a property in the UK?

[Eric Mc]

Ask yurself always - why are property prices low in any given area?

[saleen836]

I let my place in Florida long term (tennants just signed for another 12 months), everything is sorted via my management company who pay the rent minus thier 10% direct into my bank account over there, I have a debit card for that account which I use to pay the bills that are not paid via direct debit, the only bills I have are property tax,insurance,estate charge and accountant.

[Kudos]

Why is it easier there than here?

[Steameh]

saleen836 said:

I let my place in Florida long term (tennants just signed for another 12 months), everything is sorted via my management company who pay the rent minus thier 10% direct into my bank account over there, I have a debit card for that account which I use to pay the bills that are not paid via direct debit, the only bills I have are property tax,insurance,estate charge and accountant.

Thanks for the information, is it possible for non-resident non-us citizens to open a US bank account?

[GCH]

Steameh said:

Thanks for the information, is it possible for non-resident non-us citizens to open a US bank account?

Yes.
I am with bank of america and I opened mine before i got my permanent resident card, so you definitely can, and despite what some google results may say, you do not need a US social security number to open an account.

You do have to do it in person though-you cant do it remotely.
Walk into a branch, show your passport as ID, fill in a non resident form (so no tax), and thats pretty much it. You will walk out with a temporary debit card until your full one arrives.




Beware US property tax- some areas are a LOT higher than others.

[JQ]

Do you have the cash to buy a house in the States?

[Steameh]

JQ said:

Do you have the cash to buy a house in the States?

Just investigating options for the future really.

[saleen836]

GCH said:

Steameh said:

Thanks for the information, is it possible for non-resident non-us citizens to open a US bank account?

Yes.
I am with bank of america and I opened mine before i got my permanent resident card, so you definitely can, and despite what some google results may say, you do not need a US social security number to open an account.

You do have to do it in person though-you cant do it remotely.
Walk into a branch, show your passport as ID, fill in a non resident form (so no tax), and thats pretty much it. You will walk out with a temporary debit card until your full one arrives.




Beware US property tax- some areas are a LOT higher than others.

This ^^^^ I am non resident and a non US citizen, I bank with Wells Fargo (formerly Wachovia) and I opened the account without the need to go in to a branch and did it from here in the UK, things have most likely changed now and as GCH mentioned, you will probably have to be there in person to open an account.
I let my place out previously as short term holiday let but changed to long term around 2.5 years ago as short term lets were more hassle than worth.