QUOTE (LillianHo @ Jul 14 2010, 01:54 PM) Could you share more details on your investment in US? How did you make profit? Which city?
What`s W-7 and ITINs? Thanks.
My wife and I buy 2 bed 2 bath condos in Phoenix, AZ. Off the top of my head, monthly costs are $175/mo for condo (HOA) fees, $40/mo home warranty, $40/mo home insurance, $55/mo property management, $950/yr property taxes. Approximately $390/mo expenses. Include whatever else you would normally expense (eg. extra maintenance above and beyond the monthly condo/HOA frees, legal, accounting etc.). Rents for $700/mo. Purchase price of $35,000. At the height of the real estate boom in Phoneix, AZ these condos were selling for $150K (from Maricopa county tax records).
1 bed 1 bath condos sell for $20K.
We have bought with vacant possession and we have also bought with tenant already in place (ie turn-key).
These numbers represent zip codes in Phoenix, AZ that have none, or the lowest levels, of property and violent crime. Crime is my primary screen, my secondary screen is financial. Obviously if you go to areas with higher rates of property/violent crime the prices are lower. For example I could buy a 2 bed 2 bath for cheaper in 85032, but my property manager would probably get killed by a meth dealer.
We don`t use financing because it takes too long and there are enough cash buyers that competition is a serious consideration.
This is information about the ITIN:
I will not provide the zip codes where I am investing because the competition is already bad enough. I literally write up 20 offers to close on 1. This is not an exaggeration. There is enough information available online to research any zip in the U.S. (demographics, transportation, property/violent crime, proximity to shopping, schools, police, malls, universities, military bases, hospitals, golf courses, etc.) if an individual were so inclinded to invest.
I hope this helps a bit.