Is a USA address required to invest in a USA Rental Property?
No you do not require a U.S Address to purchase a USA Rental property. The property title can be registered in a foreign address, along with insurances and other registrations. You may however find having a USA address is just more convenient, especially when using US web site registration forms. As they may only allow USA addresses to be typed in.
I don’t have a social security number, how do I buy US property? Do I need a US tax ID number?
Once you start receiving rental income from your properties you will need a tax ID number from the Internal Revenue Service (IRS). For investors outside the US you will need the submit a “Form W-7,IRS Application for Individual Taxpayer Identification Number” for an International Tax ID Number (ITIN)
Are we able to get finance in the USA as a foreign national?
The majority of USA mortgage companies require a down payment of 20% for non-USA residents with proof of employment or documentation to confirm proof of income for the self-employed. In general the higher the deposit, the easier the process and the fewer proof of income documents are needed. Proof of the source of income has become an additional requirement since September 11th
Who will check, manage and collect rent on my property once I am the owner?
Our Property Management Rental Company in San Antonio Texas will manage your property. They will check your property on a regular basis and collect rent from the tenants. They will attend to any maintenance issues that may arise and pay your monthly rental income into an Account as instructed by you. However if you choose you can acquire your own management team to handle the day to day of your investments.
Will I need to pay any Property Taxes?
All homes here in Texas have property taxes attached to them. So yes they will need to be paid. However there are some circumstances were you will not have to come out of pocket to pay them as they could be rolled into the loan that you assume or get.
What kind of tenants will be living in my property?
Our goal is to set very strict guidelines as to the type of tenants we will accept some of these are
- No felony’s in the last 5 years that deal with drugs or sexual abuse.
- Strict Employment verification
- Income verification (three times the rent is a requirement)
By doing this we hope to insure that the tenants we place into homes are good upstanding citizens of the community.
What other costs do I have to pay on top of the purchase price?
Each property that we offer our investors will include the details of the purchase price as well as what it will cost you in total to purchase including all associated purchase costs and fees. Associated purchase costs and fees includes the costs of an Engineers Home Inspection Report, Attorney fees (property searches, title deeds) as well as ATW Investments fees.
Will I get a home inspection report on the property I am buying?
Yes and No. We will conduct an inspection with our team of contractors and will of course send you the results of this to you. That by itself is more of a contractors assessment than a home inspection report. If you want a home inspection report you will need to hire a licensed inspector to conduct the report. The cost of this can range between 300-500 dollars usd.
Are there any deposits required for ongoing repairs and replacements?
Yes. Our property Management Company in texas will ask you to deposit with them a sum of $500 for any unforeseen repairs to be made on the property in the future. You will always be advised by the property Management team should a repair be required and how much the repair will cost. Receipts for all repairs will be provided.
What Insurance will I need?
Like any property that you own, Buildings Insurance is advisable to protect you and cover the cost of repairs should the unforeseen happen, like fire, and flooding.