Renting Out Your Property
Generating a rental income in the Florida sunshine is an attractive option for overseas investors.? In Miami Beach, the type of rental income you can receive depends on the rules and regulations of the condominum building you choose.? Most condos permit annual rentals, some allow six-monthly rentals but very few have more lenient rental policies.
Therefore, unfurnished, long-term rentals is the easiest rental market to target in Miami.? Current rents start at around $1,500 for an unfurnished one-bedroom apartment to as much as $12,000+ for a bling-tastic ocean-view fully-furnished two-bedroom condo in a?luxury building such as Il Villaggio.
As an overseas investor, you will find it useful to use a local agent to find tenants for your property.? A licensed Realtor will typically rent your apartment in return for 10% of the gross lease.? Utilities such as electric, gas, cable television and internet are usually covered by the tenant.? You will normally need to pay annual property taxes, mortgage payments and condo maintenance fees.
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Becoming a Legal Alien
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If you are coming to the US from overseas, then your visa status is an important consideration.?
Nationals of participating countries will be able to enter the US as a tourist for 90 days under a Visa Waiver.? Go to the ESTA website for a current list of participating countries and how to apply.? If your country does not participate in the ESTA scheme, check with your local US consulate or embassy for more details about getting a US visa.
Depending on your nationality, you may be able to obtain an extended tourist visa for up to 6 months to cover your stay in the US.? Extended tourist visas need to be obtained before you arrive in the US.? The days when you could pop over the border to Canada or Mexico to extend a tourist visa are over.?
Remember that if you come to the US as a tourist, you will not be able to work and, if caught, the penalties for doing so are severe.?? Common ways of obtaining a US work visa include making a significant investment in an eligible business, transferring internally to a US office of an international company, or marrying an American.? People of certain nationalities are eligible to participate in the annual US Green Card Lottery scheme.? Unfortunately, British Nationals are ineligible at present.??
The immigration process can be complex, and you may find it beneficial to seek advice from a reputable immigration lawyer.
Making Florida Connections
Foreigners have been coming to live in Florida for years.? You can learn so much by speaking to people who have made the big move before you. There are communities of expats from many different countries all across the state.? There are many internet forums for expats of all nationalities living in Florida, such as Internations and Britishexpats.com.
The best networking events for British and Irish expats in Miami are organised by Patricia at Britishflorida.com.?? They have a subscription service that can help you find the right visas and investment opportunities in the state and an email bulletin of jobs, flight deals and upcoming events.
Conclusion
We hope that our articles over the last three weeks have given you a good insight into the process for buying Residential Real Estate in Florida.? If you?re feeling inspired to start your property search, why not contact Kelly Charles, a British Realtor who knows how to help overseas investors find their perfect piece of Florida paradise?
Kelly Charles is a licensed Florida Realtor working in Miami Beach.? She specialises in helping overseas investors enter the Miami real estate market.
www.BritishMiamiRealtor.com
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