Hello All,
I'm new to this forum so please do excuse me if I've posted this in the wrong section. Im currently based in London as a full time property developer / landlord. Recently the government has introduced new taxes that are going to be implemented over the next few years effecting all landlords/property investors. The UK government is trying to make it a lot less lucrative and harder to make money from investment properties. These new taxes that have been introduced have currently halted me to a standstill with investing further money into property in England as i do not want to carry on building my property portfolio for the tax man to reap all the rewards. Although i am at the tender age of 21, i am not new to the property game so I'm aware of everything to do with it, however i am new to the american property market.
I have recently been doing some research into migrating to USA and carrying on with building a property career in the US, however due diligence is proving rather difficult on the web as its provides such a wide spectrum of answers. I am looking to build a portfolio of rental properties as well as buying,flipping and selling. Before i dig deep into the due diligence, id like to ask some basic questions that would scratch the surface. Could i kindly ask advice from you guys on here for the following
Rental Properties
1. Where in the US has the strongest rental demand for residents? Generally what rental yield?
2. Where in the US has the strongest rental demand for tourists? is the rental here seasonal or all year round?Generally what rental yield?
3. What are the tax thresholds? Is property rental income taxed differently?
4. Is there a stamp duty that has to be paid when purchasing a property?
5. What are the typical buy to let mortgage rates?
6. When building a portfolio i buy properties under market value with a 25% deposit, that require work. I do the work, increase the property value and rent the property out. I then have the property remortgaged to release the equity i have just made. This is then used to buy another property and so on. Is the a possible method in the US?
5. Are there any other major costs with buying a rental property? (I am aware of all conveyancing costs I.E. Accountants, solicitors etc.)
6. Any significant laws i wouldn't know about?
Buying, flipping and selling
1.Where in the US is it most lucrative for purchasing, refurbishing and selling?
2. When selling a property is there any extra taxes you have to pay on the profit you have made? For example in the UK we have Capital gains tax. (Percentage charged on the profit after sale costs... this then is taxed again due to it being your left over wage.)
3. Any other taxes/ laws i should be aware of?
I totally appreciate i have only scratched the surface with these questions, however id like to know the main things before i dig any deeper with due diligence. If i have missed any obvious questions/things i should know, please let me know!
Look forward to hearing from you guys!
Thanks,
Dom
I'm new to this forum so please do excuse me if I've posted this in the wrong section. Im currently based in London as a full time property developer / landlord. Recently the government has introduced new taxes that are going to be implemented over the next few years effecting all landlords/property investors. The UK government is trying to make it a lot less lucrative and harder to make money from investment properties. These new taxes that have been introduced have currently halted me to a standstill with investing further money into property in England as i do not want to carry on building my property portfolio for the tax man to reap all the rewards. Although i am at the tender age of 21, i am not new to the property game so I'm aware of everything to do with it, however i am new to the american property market.
I have recently been doing some research into migrating to USA and carrying on with building a property career in the US, however due diligence is proving rather difficult on the web as its provides such a wide spectrum of answers. I am looking to build a portfolio of rental properties as well as buying,flipping and selling. Before i dig deep into the due diligence, id like to ask some basic questions that would scratch the surface. Could i kindly ask advice from you guys on here for the following
Rental Properties
1. Where in the US has the strongest rental demand for residents? Generally what rental yield?
2. Where in the US has the strongest rental demand for tourists? is the rental here seasonal or all year round?Generally what rental yield?
3. What are the tax thresholds? Is property rental income taxed differently?
4. Is there a stamp duty that has to be paid when purchasing a property?
5. What are the typical buy to let mortgage rates?
6. When building a portfolio i buy properties under market value with a 25% deposit, that require work. I do the work, increase the property value and rent the property out. I then have the property remortgaged to release the equity i have just made. This is then used to buy another property and so on. Is the a possible method in the US?
5. Are there any other major costs with buying a rental property? (I am aware of all conveyancing costs I.E. Accountants, solicitors etc.)
6. Any significant laws i wouldn't know about?
Buying, flipping and selling
1.Where in the US is it most lucrative for purchasing, refurbishing and selling?
2. When selling a property is there any extra taxes you have to pay on the profit you have made? For example in the UK we have Capital gains tax. (Percentage charged on the profit after sale costs... this then is taxed again due to it being your left over wage.)
3. Any other taxes/ laws i should be aware of?
I totally appreciate i have only scratched the surface with these questions, however id like to know the main things before i dig any deeper with due diligence. If i have missed any obvious questions/things i should know, please let me know!
Look forward to hearing from you guys!
Thanks,
Dom
Comment