Contracting realtors to rent out my property
Question: Hello I live and work in Boston area, and after 4 years of renting I think it is time for me to buy a condo. My goals of buying a condo are following: 1. Personal – Not dealing with landlords now and then and having the satisfaction of “owning” a place. 2. Financial – Every year I feel like the 10,000 dollars I paid for the rent is money gone down the drain. With a condo, the mortgage payments will eventually go to my home equity, and ofcourse, let’s not forget the tax breaks.
My concerns: 1. Dipping market. Though I do agree that the market is dipping, real estate in Boston never really goes down that badly – students of NU, BU, Harvard et al will always require place to live. 2. Rising mortgage rates. Yes, but hey, does it really look like the feds are going to reduce the rates? 3. My future plans. There is a high possibility that I would move out of the USA in the next 3-5 years. I do not mind holding on to the property after I move out. Ofcourse, I should have the means to hold on to it. Unless I win the state lottery, it does not seem that I will have enough money to pay for mortgage once I leave USA.
So here are my questions: 1. Is it legal for a person who is not residing in USA to hold property in USA? 2. If it is, has anyone done it? What have been your experiences? 3. Is it usually done though real estate agents?
Any tips will be appreciated.
Answer: It is legal for non-residents to hold property in usa. I am an australian resident citizen and i own US property. I look for property with positive or neutral cash flow and buying near a school is a good investment because there will usually be tenants available and buyers if you ever want to sell. Rents may increase in the next three years so you might be able to keep it after you leave the area. When the value increases you can use your equity to buy another property. Local real estate agents manage my overseas properties and they usually do a reasonable job. It is normal to go through a period of indecision before making your first investment. Let me know if you want some more help.
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