I have lived in other countries and many of my clients are internationals. I know many of the concerns internationals have and I can already address most of them. Below are the answers to the most frequent questions I receive. If you have concerns that are not addressed below, please contact me and I will promptly respond. My contact info is at the bottom of this page.
Q: Is now the time to buy a property in Las Vegas? Will the price of properties fall further?
A: Short answer: yes and it depends. I am asked this question often enough that I put together a detailed answer with supporting facts. Please see Internationals, Now is The Time! to learn more.
Q: I think I missed the opportunity when (my) currency exchange was better than it is now.
A: I think the key issue is how much it costs in your currency to buy a good property. It will cost you less to buy now than it would have a year ago.
Q: Why Las Vegas?
A: Please see the "Why Las Vegas" section of this site for practical reasons for investing in Las Vegas. For personal reasons I can categorically state that Las Vegas is a great place to live. Low cost of living, no state income taxes, plenty of entertainment, 310+ days a year of sunshine and close to many of America's best national parks. The US national parks are among the best in the world and I love going to them. Also note that I do not gamble, I rarely drink, and I do not go to the casinos for fun yet I still love living here.
Q: Can I buy property in the US even though I am not a US citizen or a permanent US resident?
A: In general, anyone can buy any property you wish in the US with the exception of certain classes of properties such as major dock facilities, airports, etc.
Q: Can I buy investment property?
A: Yes, most of my clients are doing just that. The idea is to buy a property, rent it out for a few years and then use it as a vacation/retirement home later. Note: Nevada has no state income tax, no franchise tax and no "rental property" tax. See here for more information on taxes and doing business in Las Vegas and Nevada.
Q: If I buy an investment property, how can I manage it from another country.
A: Almost no one manages their own properties. It is a specialized business and I work with one of the best property manager in town. While it is my responsibility to help you find a good property, long term profitability is the property manager's responsibility.
Q: What kind of return can I reasonably expect?
A: There is not one single metric for return; there are several different measurements. is one of those terms that I can offer quality properties with Cash/Cash over 8%; some over 12%. Note that this is a calculated return; your actual return is a function of your tax situation, individual property characteristics and much more. Contact me for specifics.
Q: How much does a home cost?
A: The answer is, "It depends". In reality, most of my clients are buying nice three bedroom single family homes priced under $150,000 and many good condos are priced under $75,000.
Q: What is the basic purchase process?
A: Property laws vary by state so what I am about to cover only applies to Las Vegas residential real estate. The purchase process is relatively straight forward. I put together the diagram below to illustrate the process. Hover your mouse over each block for more information.
If you want more detail on the purchase process, please see From Acceptance to Getting the Keys. For details on the purchase contracts, see Purchase Contract FAQ.
Q: Will owning a property in the US change how long I can stay in the US?
A: I have no knowledge of immigration law so you need to check with someone practicing in this field. In general, I would guess that it does not affect how long you can stay in the US.
Contact me if you are considering buying or selling Las Vegas real estate. You will be glad you did.
...Eric
Eric Fernwood
RE/MAX CENTRAL
8400 W. Sahara Ave
Las Vegas NV 89117
Email: EricFernwood@gmail.com
Website: www.EricFernwood.com
Investment Blog: Blog
YouTube Channel: YouTube Channel
Cell: 702-358-8884
Fax: 702-202-2020
© 2010, 2011 Eric Fernwood. All rights reserved.