Staggering Foreign Investments in US Real Estate

Staggering foreign investment dollars in real estateToddMillerLasVegasHello. Welcome to Todd Miller TV. I saw a number yesterday. I heard a number that was staggering. It is the amount of value of a real estate purchased by foreign investors in the last year. That number is $68 billion. So residential real estate last year $68 billion I know it is a tremendous number. We see this you know here because on our listings we are seeing offers come in from you know people from China, South Korea, Canada, UK, predominantly those countries, of course everywhere else.And so they are seeing something in the real estate market here so a couple of tips if that is you. If you are that you know investor that is coming from out of the country to buy here. Two important things that you should probably be aware off are really anybody should be aware off when you are buying in a distress market. The first thing is you have to show proof of funds in US. So what that means is you may have a bunch of you know Canadian dollars or pounds or some other form of currency, but if you don’t have it in a US Bank when the office has sent that in to the seller or to the bank or to whoever they are going to just look at and say I don’t know what this is and they are not going to be the conversion.They are not— you know they want to see US funds. So when I’m advising my personal investment clients to do is you know go find your local WellsFargo Bank of America or whatever chase whoever get that money into a banking US funds so that you can you know close on it with those funds. The second thing is, is to make sure that if you are trying to get a loan you have actually approved for a loan and that you also had your down payment amount in US funds. You are buying the investment property you are probably putting 25% down and one of the things that we are going to need to see in addition to the prequel on a loan is there you pre-approval is we need to see the— like let’s say you are buying a $100,000 house.You are putting $25,000 down. We need to see a bank account with US funds with the $25,000 so that we know where the down payment is coming from. I thought that number was staggering $68 billion just to give you an idea of how much that is. It would buy all the houses on the market in Nevada probably 5 or 6 times over, okay so that is a lot. There is a lot of money coming in buying residential real estate. I just thought I would share that with you. I though tit was interesting number. Anyway that is my update for today and I hope to see you on a future video. Thanks.