Well, I'm waiting for Harvey Birdman's opinion on the rules of the Home Owners' Association. The documents are now with my attorney and will be reviewed by morning! These are my fears:
1. The HOA fees are going to be a lot higher than what the seller advertised
2. The rules will be too restrictive on rental agreements
They're the major concerns. But... my dear husband always says 99% of the stuff you worry about never happens. Let's hope that's true now!... And let's also hope, while we're at it, that no other unexpected little gremlin pops up either.
Fingers crossed, peeps!
Hi Jane, congratulations on your first property acquisition in the US. I would like to seek your thoughts on my case: i am a non-US citizen from Europe who will be working in DC for two years. The rental seems very expensive. I am considering buying a property for my personal use during the 2 years and rent it out when I leave. Would you think that buying rather than renting makes sense in my case? And if so, would you recommend to set up a property LLC right at the beginning, which means i will be my own tenant for 2 years? I look forward to hearing from you. Many thanks and merry christmas, Suny
ReplyDeleteHi Suny - I am not really in a position where I can advise you, as this is only my first property aquisition in the States. I would suggest that you go to an accountant over there to talk it through. Sorry I can't be of any more help, but an accountant should be your first port of call anyway, if you were to go ahead, so that advice should be good, either way. Thanks, Suny - let me know how you go!
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