Wanting to buy 1 or possibly 2 apartments - but never done it before

Discussion in 'North America Real Estate' started by dingram041, Dec 15, 2010.

  1. dingram041

    dingram041 New Member

    Hi all,

    Wanting some advice from experienced investors. Luckily I have paid off my mortgage and it's time to invest for the future as well as hopefully a short term gain - 3 years or so short term. I'm thinking of buying 1 or possibly 2 apartments. One in Florida and one in Texas. Firstly I don't know if this would be correct to do with 2 being so far apart and paying 2 lots of fees just for investment rather than just going one bigger apartment in one place. Secondly I'm afraid of being conned and don't know anything at all of who's who to trust in this. I would look at obviously renting it/them out. Also about setting the whole thing up and exchange rates etc. Would look at coming over on holiday for a few weeks every couple of years to Florida, but with the Texan apartment, would look at that being long term investment unless I'm told it's wiser to just buy one, then I'd be looking at Florida. Also, should it be left one more year before buying. I know nobody knows for sure and to keep ear to ground, but just wishing for any wise advice and own opinions. Any advice on buying, who's safe, who to trust....anything at all really would be more than welcome.

    Thank you
     
  2. Shrewd

    Shrewd New Member

    I own two properties in the USA one in Detroit and one in Florida both of them tenanted and returning strong monthly yields. I purchased with a company called 1st Choice Global Properties 1st Choice Global Properties who I found specialise in these two regions. Both purchases went easy and within about 30 days I was in a position to start receiving rent. They also have apartments which are not tenanted but dramatically discounted should you wish to combine personal use and rental.
     
  3. PV123

    PV123 New Member

    For investment i will go for apartaments complex, are the same price as a large house in price. Duplex much better returns.

    good luck
     
  4. AnjaliGoswami

    AnjaliGoswami New Member

    Hello.Buying two small apartments is beneficial then buying one big apartment.In case of any emergency, you can sell one apartment.The other one will be with you.
     
  5. dingram041

    dingram041 New Member

    Thanks to all for the advice. <snip>just saying I had £40-50k to invest, would you say that it would be better to buy 2 places to rent in same area to get a discount? I had a look at your company.....does look good, but would need the best details I could get for the 2....and a lot better understanding of everything to do with buying in USA.

    After doing a lot of reading, I think it would probably be better to buy 2 in same location to get a discount if possible, also somewhere where the yields would be to a maximum and understanding the total costs, even when it comes to selling these properties in the future....not necessarily short term, can be long term for capital appreciation, but just so I know all. Taxation is something that always deters me at the end.....as I have no understanding at all and think the paperwork is not worth it! In all, I need more understanding and have money to invest.

    So again, 2 in same area to get discount, yields at it's best, capital appreciation at it's forecasted best for the years to come. Could this be done ? Forget Florida or Texas, more important what I've said at the start of this paragraph, as I'm thinking this is what it's all about? The other question to this is would the Management Company also give a discount for looking after the 2 properties in same area rather than the 1?

    I'm thinking after reading a lot that this is the place where I wish to invest, but in need of a helping hand to see that my families future is safeguarded!
     
    Last edited: Feb 1, 2011
  6. karaman

    karaman New Member

    Hi,

    glad to see another investor here. I was in your position a year ago as well. I was researching quite a bit and found a lot of help from one investor who was doing a similar thing - he bought 2 properties for less than $50K in Las Vegas and Phoenix. I have read his blog here:
    Buying Property in USA
    Anyway, I would agree to diversify and try to buy possibly two properties in totally different states. If you would be buying two properties in the same market (state/city) then you can rather buy a douplex to save some money on rehabs etc.
    Property managers will give you discounts for managing multiple properties (or appartments) but at least you would have to have 4 or even more. Not just two.

    Hope that helps!
     
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