Friday, June 5, 2020

Top 5 tips for foreign investors in South Florida


Since 2006, the fluctuations in the United States real estate market have been focusing around South Florida, transforming it into one of the top investment opportunities in the US. Taking this into consideration, many foreign investors have seen this area and its surroundings as the perfect opportunity to secure their assets and produce an extra income. However, the investment process involves some steps that might become a little more complex for non-native property owners. That is why, if you’re a foreigner, we want to share 5 tips for you, to help you start your journey in South Florida’s real estate business.

 

 

  1. Be realistic: some marketing professionals might try to sell the luxury + bargain image (90,000$ beachfront apartments, for example), when in reality those expectations are far apart from the actual projection of the market. To develop a successful business in Miami, foreign investors must be aware of the fact that any contract that is worth the cash, will be closed within a week or so. To see results in terms of 5 to 10 years, being willing to invest realistically (however obvious it might seem) is essential.

 

  1. If possible, work with corporations: investing under the name of a Limited Liability Company (LLC) or a Corporation simplifies the tax payment process and the inheritance procedures in a long-term period. Otherwise, the tax rate for a non-native owner, in case of any extraordinary event, would be too high. These corporations can be foreign, domestic, or might even be presented in the form of a trust fund.

 

  1. Be aware of the bureaucratic proceedings: even though the process in the United States has proven to be pretty simple, there are certain requirements for foreigners and non-residents. Some of them, like the TIN (Taxpayer Identification Number), imply a bit of a procedure (filing an application and providing all the ID specifications: passport, driver’s license, birth certificate, then sending it to the respective offices, etc.).

 

  1. Find the best professionals: for the completion of the previous step it is necessary to have experts, such as US Tax attorneys, Real Estate attorneys, accountants, brokers, and buyers who are committed to your business and watch over your safety.

 

  1. Ask Questions: once you have found the best possible team, be prepared to ask some of the following questions: What if I carry out other businesses in the US? Is there some type of tax alliance between my country of origin and the US? These might be very helpful for you and the professionals that guide you.

 

In South Florida, we keep these 5 tips at the top of our heads. We are prepared to receive you, answer all of your questions and guide you through your investing process! Contact us!


Monday, May 4, 2020

What you should know when it’s time to invest: Coronavirus edition


The task of selling, buying and investing in properties has always been a thoughtful act, full of challenges and bumpy roads. These challenges have only been boosted by the new scenario COVID-19 has provided, making it seem that the road is a little steeper than before. However, there are still many opportunities within this field.

 

Surprisingly (or not), the real estate business in South Florida hasn’t stopped. Just like everything else, it has slowed down: transactions are being delayed or pushed back, but they haven’t stopped completely. In fact, many brokers and companies  keep showing properties all over Coral Gables and Miami Lakes, valued from $300,000 to nearly a million dollars. So, in spite of the circumstances, there are still many alternatives to carry out a safe investment for all the parties involved during the COVID-19 pandemic.

 

     Pricing and Listing: Right now, many transactions are paralyzed, and for fear of losing business opportunities, many owners are lowering their prices; however, this might not be the best strategy to follow. The price fluctuation due to the crisis is temporary, so if you’re thinking about lowering your selling price, make sure it’s not an exaggerated drop. That way, you won’t lose money when the prices start rising up again.

 

Moreover, listing prices and comparisons with other properties are also good measurements, as long as they are up to date. The market has changed in the last few months so there’s no use in checking old references.

 

     Ace negotiation: Buyers are increasing their standards. Why? This pandemic has shown the importance of owning a home that covers all the needs of space, comfort, security, etc., in a long-term period (at the end of the day, we have spent several months at home already), all of which means that brokers and agents must polish their negotiating skills, and even prepare themselves for a little give and take.

 

     Take care of the image: Tidying up, fixing minor construction issues and caring for the visual image have a big impact on a client’s decision. As for COVID-19, the alternatives to carry out meetings and home visits are now restricted by virtuality.

 

An online rendezvous might not be the most comfortable for either of the parties; however, it is one of the makeshift solutions during the crisis. On the other hand, for those who are still able to manage face-to-face visits, it is important to be aware of all the safety measures to preserve health (self-distance, face masks, antibacterial gel).

 

Now more than ever, people are valuing the worth of their own homes at its fullest, which is probably the biggest silver lining in our work field right now. Even when times get tough, there’s always something to bet on, and, for us, that is South Florida.


Wednesday, April 8, 2020

Why have an expert when investing in a property?


Currently, South Florida is one of the most demanded locations for investors. Its rental market has never been better; from the college students who share a 4-room property, to the numerous families that arrive during summer vacations to enjoy the south. If you are willing to get your hands a little dirty with arts and crafts, there are plenty of properties with low selling prices for renewal; the mortgage figures in South Florida are affordable, and the property taxes are slightly lower than in other regions of the U.S.

 Besides, how can anyone forget about the spectacular views and the properties by the sea? It does seem appealing, right? Investing is a great business opportunity, and it’s not that complex of a process; however, it does have its tricks. That’s why you need experts who can guide you along the way. Whether you’ve been doing this for a long time or not, a little help always comes in handy. So, if you want to know why it is important to have professionals like us when investing in a property, keep reading.

 

The road is always steeper at first. If you’re new to the business, it will probably be harder to discern which properties are profitable and good investment choices, and which ones aren’t. Guess what? We can do this job for you. A real estate agent or broker not only knows how to distinguish if a property will be successful or not (what years of experience can do!), but little by little, we teach you how to tell the difference, which at the end of the day is the main goal, right? For you to sharpen your criteria and your instinct in the field. By having many years of expertise over our shoulders, we also possess strong contact networks within the South Florida area, which means that when the time is right for any good deal or, even, when some inconveniences pop up, we’ll most certainly know the right person for the job.

 

Another major concern when investing in properties is the operational systems. It’s true that this might be the trickiest part: knowing about affordable mortgage scores, dealing with taxes, paying commissions to the sellers, dealing with landlords, tenants, vacancies... it all can seem way too much. So why dealing with it on your own? As real estate agents, we are specifically qualified for the matters that, for one regular customer, are usually uncomfortable. We are trained in marketing, market analysis, and perhaps above all, negotiation. A good negotiator can make the difference between a somewhat weak agreement and an excellent deal.

 

Moreover, in this process you’ll realize that along our job as real estate agents, there are a lot of other professionals that make the process easier and that are good to keep around: Mortgage brokers and accountants who cover the figures;  real estate attorneys and lawyers, who luckily you won’t need as much, but that are important for the safety of your patrimony if anything happens; and finally, contractors and handymen, who carry out the hard labor of transforming a house to increase its value. The truth is that it isn’t as clean and straightforward as TV shows make it seem. In reality, it requires patience, compromise, perseverance, and of course, a great team, which is exactly what we have to offer.

 

As the saying goes, “alone we go faster, but together we go further”, and with the right investment and professionals like us in South Florida, you’ll go further than ever.


Tuesday, March 3, 2020

Top 5 things you didn't know about Florida.


The Sunshine State, one of the most populated states in the United States, attracts world tourism because of the beauty of its beaches, its amusement parks, and the charm of some villages that preserve the history of hundreds of years.

 

However, many details make Florida the best place to visit.

 

Beaches and more beaches

 

When talking about regions in Florida, it is not enough to say Panhandle or the Gulf and Atlantic coasts.

 

Here, the 8,436 miles of coastline are perfectly grouped into 10 specially named shores.

 

First Coast: In addition to being the first region visitors cross when entering the state along Interstate 95, the First Coast, which includes St. Augustine, Jacksonville, Orange Park, and Fernandina Beach, was the first to be discovered and settled in 1565.

 

Space Coast: Your area code is 321 for a reason. It is home to the Kennedy Space Center and Cape Canaveral, the birthplace of American space flight.

 

When the space program was launched, the location of Cape Canaveral in central Florida proved to be the perfect location because of its proximity to the equator, allowing the rockets to take advantage of the Earth's speed when they were headed east for orbit.

 

Most of the area is within Brevard County. Major cities include Titusville, Cocoa, Merritt Island, Cocoa Beach, Melbourne, and Palm Bay.

 

Other beautiful barrier islands include Sanibel, Captiva, Marco Island, and Estero. Fort Myers, Naples, Bonita Springs, and Cape Coral are some of the mainland cities.

 

Women's power!

 

Miami is the only major American city founded by a woman. In 1875, Julia Tuttle visited Miami for the first time, and in 1891, she moved there permanently.

 

Tuttle bought a square mile of land at the mouth of the Miami River and eventually persuaded Henry Flagler to extend his train service from Palm Beach to Miami by sending him orange blossoms.

 

She is known as the Mother of Miami.

 

Waterfalls in Florida

 

There are 663 miles of beautiful beaches, hundreds of impressive springs, and millions of acres of wetlands, but it's pretty hard to find a waterfall in Florida.

 

There are man-made waterfalls, including some at Rainbow Springs State Park near Dunnellon, but there are only three natural waterfalls in the Sunshine State.

 

The highest is at Falling Waters State Park, near Chipley. It plunges 73 feet into a 20-foot cylindrical sinkhole and disappears underground.

 

Devil's Millhopper State Geological Park in Gainesville features a 120-foot deep and 500-foot wide sinkhole with several small waterfalls cascading down its limestone walls. During normal water levels, Falling Creek Falls, north of Lake City, roar over a 10-foot waterfall, flow through a deep ravine and then disappear into the ground.

 

Invention of sunscreen

 

A World War II aviator from Miami Beach named Benjamin Green wanted to protect his fellow soldiers from the sun. Green used red veterinary oil, which worked but was heavy and unpleasant, according to the New York Times.

 

After the war, Green added cocoa butter and coconut oil, and eventually invented Coppertone.

 

Britton Hill, the highest point in Florida

 

Florida's flat. It's even flatter than Kansas, according to Jerry Dobson of the American Geographic Society.

 

It is so flat that Florida's natural highest point, Britton Hill, also takes the award for being the lowest state highpoint in the United States.

 

Britton Hill, in northern Walton County, is 2 miles southeast of Florala, Alabama, and is 345 feet above sea level.

 


Monday, January 6, 2020

Living in South Florida now is possible!


South Florida is one of the hottest vacation spots in the world, short-term rentals are now trending like never before. Investors are searching for opportunities in neighborhoods where people might want to rent for a month or two (even less than a month) during the summer, winter break, or spring break, and make a decent profit out of it.

Whether you are buying your first home or you are an experienced investor, South Florida Riches will assist you in everything you need. Buying, selling or renting a home on your own can be difficult, and it’s extremely easy to make a mistake.

Don't miss these properties we bring to you


$250,000
1 Bed/ 1 Bath
728 SqFt
4250 Biscayne Blvd #609
Miami, FL. 33137
Charming 1-bedroom + 1-bathroom + studio/den, stainless-steel appliances and 1 parking. Great location, close to Design District and with easy access to I-95. Baltus House has a rooftop area, fully equipped gym, swimming pool, beautiful and modern common area. Great opportunity!


 
$275,000
2 Bed/ 2 Bath
730 SqFt
2756 Day Ave #204
Coconut Grove, FL. 33133
You will love this beautiful 2-bedroom 2-bathroom condo in a gated boutique building in Coconut Grove. The kitchen is classic white with granite countertops and stainless-steel appliances. The 2 bathrooms are also updated with the same finishes. The living space has a floor-to-ceiling window that allows for natural light and beautiful scenery. The master bedroom has a nice walk-in closet. The building is gated and very close to the shops and the bay. Walk or ride your bike and live The Grove lifestyle. The building has an elevator. You get 1 parking space with purchase. 1 dog allowed under 20 lbs. This unit is a corner unit on the 2nd floor. Building has an elevator.




$510,000
1 Bed/ 1 Bath/ 1 Half Bath
1076 SqFt
901 Brickell Key Blvd #2702
Miami, FL. 33131
Ideally located unit in Brickell's private island community known as Brickell Key. Beautiful 1/1.5 with high ceilings & natural light flooding the space. Gorgeous views overlooking the bay & spacious balcony. The apartment has thoughtful touches such as a wine cooler in the kitchen, select upgraded appliances & unique light fixtures. In addition to the many amenities offered by the Carbonell Building and Brickell Key condo community, this unit is accompanied by a private 6x4 ft climate-controlled storage space on the second floor of the building (currently selling independently for anywhere between $8k-$15K).


$3,388,000
8 Bed/ 8 Bath/ 2 Half Bath
8509 SqFt
3470 E Coast Ave #PHX3
Miami, FL. 33137
Create your penthouse mansion in the sky towering above the Miami Design District at coveted 2 Midtown! With 8509 square feet of interiors, 3,234 square feet of exterior space, and panoramic 270-degree views, you can combine three duplex penthouses to create your dream home with 8 beds, 8 baths and 2 half baths. Features incl. double-height ceilings and parking for 6 vehicles. 2 Midtown is a full-service condo w/luxury services & amenities surrounded by fashion & culture, steps to Wynwood.

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