Orlando Investment/Vacation Home Buying Process for Foreign Investors
Terry Riffe | September 2, 2015
With the real estate market in such a favorable place these days, I’m often asked about the Investment/Vacation home buying process here in the Orlando area – specifically as it relates to overseas clients. Before I go into the buying process, first let’s go over the different investment opportunities…
Long term management ~
Many clients choose to go with long term management when buying a home in Orlando. This process is very straight forward and gives a very secure return of investment. Clients will rent the home usually for one year, with a lease. Tenants will be screened and are required to have first, last and security.
Short term management ~
This is the perfect solution for investors or clients who would like to have the option to use the home for their own vacation. The remainder of the time, the home will be rented out to vacationers on a short term basis – nightly, weekly or monthly. In short term management, you can stay in a regular program or do a ‘guarantee’ program where you have a fixed amount of income per month.
‘Fix and Flip’ (buy to fix up and sell) ~
Clients often prefer to buy homes below market value, fix them up and place them back on the market for sale. In this situation, Investors are able to buy low and sell high.
There are more opportunities for those interested in expanding their Property Investment portfolio, these are simply the most commonly asked about. Now, on to the buying process itself. In order to buy in the U.S., there are a couple of steps to take to ensure you are prepared…
You must set up a U.S. Bank account ~ this can be set up remotely. It’s best to do a loan ‘pre approval’ and application ~ A simple phone call or email will be sufficient to complete this process. If you will be needing a loan, a foreign national can obtain a loan easily with minor verification, however you will need 30% – 40% down payment. All paperwork can be done through email or carriers such as FedEx ~ sometimes a Notary will be needed.
Whichever option you choose, my team and I can assist and guide you every step of the way. If you would like to discuss your options or you’re ready to expand your Investment Portfolio, call me 1(407)800-0888 or send me an email An@orlandovacationrealty.com.
