The properties for sale in Miami are a perfect combination of profitability and security for Latinos who want to protect their savings and decide to look towards a city that does not stop growing.
The top five countries that lead purchases in the real estate sector with respect to investments made in Miami are: Brazil (12%), Colombia (11%), Venezuela (11%), Argentina (8%) and Canada ( 8%).
Miami is not the only destination desired by foreign investors, Fort Lauderdale and West Palm Beach also ranked first in the ranking of the most sought-after US destinations by investors from other countries according to data updated in January 2019. Until 2016 About 335,000 foreigners moved to Southeast Florida.
There is complete freedom for foreigners to purchase almost any type of property on US soil such as condominiums, luxury resorts, apartments, gated community homes, multi-family homes , land, farms, commercial properties, offices, except for cooperatives or Co -ops, for which it is required to pay most of the salary in the country and have the estate settled there.
An investment property in Miami can be had from $ 100,000 and can be rented for $ 1,000 a month, leaving a return after expenses of around 6% to 8% annually. If we talk about a buyer looking for a home for his family, we would be in the range of $ 250,000 and if it is his primary home, he can access to apply for an FHA credit that only requires a 3.5% down payment.
On several occasions, buying a property is easier for a foreigner than for a local. Basically a foreigner needs her American visa and to prove the origin of her funds. If you want to acquire a bank loan you need between 30% and 50% down payment and show your income statements of the last 3 years to finance the property between 15 to 30 years.
These types of transactions in the United States are fast, do not usually last beyond a month, except for exceptional problems, such as if you have the resources and go to a loan, it could take around three months, depending on the conditions of the buyer.
For the closing procedure it is not necessary to be present in the United States either, you can grant a power of attorney to a representative who is in the country or make the real estate closing via digital signature.
If you were interested in the content of this note and want to know more about the benefits of investing, living or buying a property in Miami, write to us at [email protected] or visit our website www.flipexmiami.com.