Seven most commonly made mistakes investors make when buying property in the USA – Pt5
5. Condition of property
A few years ago a guy from here in the UK went to Western New York to invest. He was bullish in his approach. He asked his realtors to find him any property that was under x value and he bought them all. He then found all of them needed extensive repair (he was buying through Realtors remember!)
If a property is not maintained and is perceived as being a hazard or unsightly, local government can enforce that the owner brings the property up to ‘code.’ In this story this guy couldn’t afford to do the repairs. His properties were seized and a warrant put out for his arrest. He left the US empty-handed.
Make sure you have a trusted Property Management company to manage your investment.