If you are a resident of a country outside of the United States, you have come to the right place to learn about investing in the United States specifically in the Mississippi Gulf Coast.
As a foreign national, you are permitted by United States law to own outright property in the United States without any conditions. There are rules about visiting the United States and I will not go into that now but I will leave links at the end.
LIVE BY THE WATER
People around the world want to live by water. Living by the water in most areas is much more expensive than living inland. This is generally true in the United States as well. The Mississippi Gulf coast is almost an exception to this rule. What I mean is that while property on the beach is more expensive than property a kilometer from the beach.
Property in general along the Mississippi Gulf Coast is less expensive than property in most of the United States. If may be far less expensive than buying in Spain, Italy, Greece, and other popular destinations.
You need no invest directly on the beach, there are hundreds of kilometers of waterways called “bayou’s” where homes are located with boat docks and access to the Gulf of Mexico. If investing on the beach or on a waterway is not what you are looking for, consider investing in the area.
The median price for a single-family house in the area is about $189,000 (https://www.travelex.com/currency/currency-pairs/usd-to-eur) $138.465 on 3/14/2020. Click above to determine what the cost is in your currency.
HOW TO START THE PROCESS
Contact us. We will require some information from you about the amount of funds that you wish to invest. From that point, we will work with KEYLADDER a strategic partner to find a property that meets your investment goal.
Unless you intend to live in the property full or part-time, the KEYLADDER program working with Logan-Anderson will find a property that meets your goals. If you are interested in looking for a property that you want to use as a second home, we can find a property that meets with your expectations.
EARN INCOME FROM YOUR SECOND HOME
One of our strategic partners Christies Gulf Coast Rentals can manage your property while you are away. If you want to ensure that your property is looked after while you are away, Christies can do that. If you want to rent your property you are absent, Christies can add it to their vacation rental program.
OUR EXPERIENCE
One of our principals has extensive experience owning property outside of the United States. The logistical challenges involving the entire process can be made very easy through use of electronic documents. You may live in a country where property laws protect owners.
The United States and the state of Mississippi provide strong protections for all buyer regardless of their nationality. Our firm follows laws regulating the sale of real estate and the management of real property. We are licensed to assist you in all aspects of real estate.
STANDARD PROCEDURES FOR BUYING PROPERTY IN MISSISSIPPI
If you wish to buy property in Mississippi (similar rules apply across the United States), you can obtain a residential loan for a period of up to 30 years with a downpayment of 20% of the purchase price.
If you are strictly an investor and do not intend to live in the property a 20% down payment will be usually be required to purchase a single family home that you intend to rent. If you buy a multi-tenant property e.g. two units, the downpayment will be about 25%.
Foreign investors can obtain loans in the United States, the rules are similar for all lenders. You will be required to provide income information that can be verified. Your credit history will be required. We work with an excellent mortgage loan broker who can review your situation and make recommendations.
MOST BUYERS WILL NEGOTIATE PRICE
Most sellers will negotiate on price. When a property is selected, we will make recommendations for the offering price based upon our knowledge of the market at that time and location. It is not uncommon to obtain a 5% reduction from the asking price (this could be of course more or less).
There are costs to close the sale. If you pay cash, closing costs can be as low as $3,000. If you finance, in addition to typical closing costs e.g. attorney fees, title insurance, the lender will require full payment at closing for the first year of property insurance and escrowed funds to cover future property taxes and property insurance.
Buyers pay no sales taxes or real estate fees. Sellers pay real estate sales costs. Spain for example charges a sales tax on the purchase, which does not occur here. There can be income taxes paid to the state and U.S. Government on any portion of an investment property proceeds at sale that exceed the investment. In other words, you pay taxes on the profit of the sale.
NO VAT OR OTHER BUYER TAXES
The sales tax depends upon your income total income. Check with your accountant.
We can help you with accounting services by making a referral to a CPA who can create your annual tax returns if you earn income on the property. If you just own it and use it without any income, there are no forms to prepare.
Please contact us if you have an interest in buying property in the United States, we can actually help you buy in any state. Please feel free to use our access to the Multiple Listing Service on this site to review available properties or contact us.