Buying property in Virginia

[sarahk]

I saw this on another site and I'd like to invite Cirrus here. Is there anyone with any information? Cirrus - can you let us in on some of your criteria?

Sarah

Hello out there. I'm another Aussie looking to buy a property in the US but for a very specific reason so I know what I want and where I want it. I've just started researching the US property market .. rules .. procedures etc .. and was delighted to stumble across this discussion. There's no doubt I will need help on the ground but want to do all my research before coming over.

I've looked for 'independant' or 'official' websites that provide info for "investing in real estate" but having failed in that exercise have resorted to collecting snippets from various sources.

If anyone can direct me to a websites(s) that can help me it would be much appreciated. Help!

I know there are state issues to consider so I'll let you know that Richmond, Virginia or nearby is the location.

Cirrus

[cirrus]

Greetings all! Thanks for inviting me Sarah.

The criteria are very straight forward.

Location: Richmond, VA or environs
Multi-family residential (see, I've learned something!)
One unit must be 3 bedroom (don't ask .. too complicated)

The issue isn't finding the property .. it's educating myself on the US property market. I already have a number or properties in Australia so I'm not new to the game .. but there are differences and I want to avoid the traps.

I guess I was surprised to find that there wasn't a ready source of 'independant' information on investing in property in the US so I have to pull it together myself - with some help, of course.

I could pay cash but prefer to gear (mortgage) for tax effectiveness (I assume).
What are the income/profit tax rules (Fed and State)
I need to open a bank account (sorry, no SS number)
What's better- do it personally or through a company structure (there may be more after this one)
Need a lawyer (solicitor) and probably an accountant
A property manager also.
Need a cost estimate for these services.
I read that the landlord pays the utilities in most cases (what? no separate metering!) - which partly explains why rents are higher over there. How much electricity/gas does a average unit use?
What are the state taxes - do they vary depending on the number of units in the block.

So .. I'm looking for information sources (I can find a lawyer/accountant) so I can go to the USA fully informed and prepared, and close a deal quickly with minimum surprises.

- Hans

[sarahk]

Hi Hans

Glad to see you made it!

I forgot mention my own little directory with a few listings for Virginia Property (http://www.pcpropertymanager.com/wsn64_1display.html) which may help :)

Me, I'm stuck over the ditch in NZ so I can't help much ;)

Sarah

[Phoenix Realtor]

Hi Cirrus (or Hans, which do you prefer?),

Welcome to the forums! Stop by the "hello" category and say hi. You'll get a much warmer welcome there.