The 7 “Must Do’s” For Buying US PropertyJune 1, 2015
The American real estate investors checklist
Australian investors are buying US property to multiply their wealth with both positive cash flow and capital growth. Investing in American houses for sale requires a clear goal and a corresponding action plan from the outset. Investors will also require the support of a team of expert advisors whose professions complement the real estate industry.
America Property Source has put together a list of The 7 “Must do’s” for Australian’s buying US property to use as a road map for planning their next US property purchase.
- Have an investor mindset: An investor mindset begins with your attitude towards money. Specifically, putting your hard earned money to work to make more money. Remember that income will follow assets. Investing in real estate should always be treated as a business. Even if you only own one investment property, it is your small business.
- Have a plan: Investing in American real estate is a business and thus requires appropriate planning. Begin with your goal. Now that you have a destination, you must set a course to reach that destination. Regardless of the size of your goal, you will have to follow a plan to reach the finish line. Visualize what you want to achieve. Map out who you will have to engage to help you along the way. Make your goals a reality by following the plan and growing your American real estate portfolio.
- Know your “Why”: It’s a good idea to know the answer to why you are choosing to invest in real estate. Have the answer today so that it’s easy to recall in the future when you encounter an obstacle that’s temporarily slowing forward progress towards your goal. To say you want to invest in real estate to have more money is not a good enough why. We would all like to have more money to do and buy the things we want. To say that you want to build up your monthly cash flow to equal an extra $10,000 per month for a better retirement in ten years is an example of a why that works. Your why statement ties in with your goals. It’s simple and easy to explain to others.
- Build your team: Real estate investing is a team sport. I believe that everyone is capable of being a profitable real estate investor with the right team in place. Your A-Team will be the catalyst to your success as a real estate investor. Below are three key players that are a must; 1) An accountant – you are now in the business of owning income-producing assets. You must learn the tax benefits and tax obligations of owning investment properties and hire a tax accountant who is experienced working with investors. 2) A licensed property manager – skilled American property management is the glue that holds your investment property portfolio together. Building a relationship with you American property manager and maintaining effective communication is an important component of profitable real estate investing. 3) A licensed real estate agent – not all US real estate agents are created equally. America Property Source only works with agents who are experienced investor as well as.
- Build relationships: Having a team on the ground is important wherever you are investing in real estate. However, just having a smart A-team is not enough. You must build relationships with the key professionals who will support and advise you throughout your career as a real estate investor. Reach out occasionally and strengthen the relationship.
- Effective communication: Once you have a team in place you will have to identify the most effective communication method to stay connected. Communicating effectively with your team is imperative, especially if you live overseas. There are inexpensive and free ways to communicate face to face in today’s world. Email is quick and easy and the perfect solution for simple question and simple solutions. However, written communication will never beat hearing the story straight from the source. Skype, Viber, FaceTime and Google chat are all free and easy ways to communicate face to face without leaving your desk. Be proactive and establish a preferred communication system with each member of your team.
- Be a proactive investor: Owning real estate anywhere in the world requires your attention and focus. By continuing to actively keep track of your USA real estate investments, actively engage your US team, and actively build lasting relationships you are in fact an active investor.
Now is the time to be a landlord in the United States. A USA real estate strategy provides cash flow, capital growth, and currency diversification for Australian investors. The US property market is steadily recovering from the 2008 financial crisis with the majority of Americans are happy renting and not owning. Are you ready to grow your USA real estate portfolio?