I'm a Realtor. Ask me anything
Discussion
My wife and I are part-time Realtors here in Florida. We mainly use our licenses for our own personal (sales/rentals) transactions etc. Having said that, we of course have to go through all the classes, the training and join a brokerage etc.
That being the case, I know there are some PHers who either have property in the US or are considering purchasing/selling property in the US and if you have any questions or would like any advice/assistance, I'd be happy to do my best at answering those questions here.
That being the case, I know there are some PHers who either have property in the US or are considering purchasing/selling property in the US and if you have any questions or would like any advice/assistance, I'd be happy to do my best at answering those questions here.
mr_spock said:
Can I have my name as part owner of a US property without an SSN?
In Florida, where I am licensed, there is no requirement for a Social Security number. If you are going to rent the property out, you can get a tax ID number which as I understand it, essentially works the same as a Social Security number but just for foreign entities.What states specifically are you looking at?
You may also want to look at a ownership structure involving a corporation. It really depends on many different factors.
Finally, another thing that sometimes gets forgotten about at the acquisition stage, as a foreign person, is FIRPTA and its implications upon disposal of the asset.
tuscan_raider said:
Where does the word Realtor come from ? Estate Agent makes much more sense
My understanding is that the word Realtor is essentially made up but based around the phrase ‘real estate’ and the legal definition of that.It is a registered trademark of a organization - the National Association of Realtors or NAR. Not all sales associates are Realtors – you can be licensed as a sales associate, but not join the association. Everything is based around the membership of the organization and it’s hard to really do business without being a member.
It’s multi-tiered. So I’m a member of NAR, FAR (Florida) and my local board. My wife is NAR, FAR, and 2 different local boards.
Think death by a thousand
Saleen836 said:
Why do I regularly get post from realtors advertising thier services (also from management co's) ??
I have no intention of selling my property over there but at least once a month I get a letter introducing *insert name* along with other property on the estate that has either sold or is up for sale
MarketingI have no intention of selling my property over there but at least once a month I get a letter introducing *insert name* along with other property on the estate that has either sold or is up for sale
The Moose said:
tuscan_raider said:
Where does the word Realtor come from ? Estate Agent makes much more sense
My understanding is that the word Realtor is essentially made up but based around the phrase ‘real estate’ and the legal definition of that.It is a registered trademark of a organization - the National Association of Realtors or NAR. Not all sales associates are Realtors – you can be licensed as a sales associate, but not join the association. Everything is based around the membership of the organization and it’s hard to really do business without being a member.
It’s multi-tiered. So I’m a member of NAR, FAR (Florida) and my local board. My wife is NAR, FAR, and 2 different local boards.
Think death by a thousand
mr_spock said:
The Moose said:
mr_spock said:
Can I have my name as part owner of a US property without an SSN?
In Florida, where I am licensed, there is no requirement for a Social Security number. If you are going to rent the property out, you can get a tax ID number which as I understand it, essentially works the same as a Social Security number but just for foreign entities.What states specifically are you looking at?
You may also want to look at a ownership structure involving a corporation. It really depends on many different factors.
Finally, another thing that sometimes gets forgotten about at the acquisition stage, as a foreign person, is FIRPTA and its implications upon disposal of the asset.
Like you, I would prefer my name to be on the deed, however you may have a problem with the mortgage company in doing that? Are they aware of the situation? Being married, the type of ownership specified should be "tenancy by the entirety" (I just looked and it seems to work the same in NC as it does here in FL...but IANAL). As long as you're not buying hundreds of acres of agricultural land, you should be able to own property in NC with no issue. I would actually talk over your concerns with a real estate attorney in NC if you can - especially if you're looking for a bit of strategic planning in case things don't have the happy ending you hope for.
Oh, and you never sent me that link
geeks said:
I don't live in the US (I have family near Cape Canaveral though if that counts)
Do realtors just do property or land as well? I was reading about UK self building and how in the US you buy a chuck of land then engage "contractors" to build a house on it.
I guess really what I am asking, how completely different is the US housing/purchasing and rental stuff different from the UK?
Nice AMA The Moose, nice to see you outside of the Secret Santea stuff
Both options really...and many more! Also, depending on what land you buy will depend on what you can build. For example, if you buy a parcel of land within a community, they will have standards for you to keep to and possibly a limited list of contractors that can work in that community.Do realtors just do property or land as well? I was reading about UK self building and how in the US you buy a chuck of land then engage "contractors" to build a house on it.
I guess really what I am asking, how completely different is the US housing/purchasing and rental stuff different from the UK?
Nice AMA The Moose, nice to see you outside of the Secret Santea stuff
If you buy some land which is not within a community, then you are free to work with whoever you like just abiding by whatever 'code' exists for that location.
The biggest difference between a purchase/sale transaction in the US vs the UK is that here there are many more parties in the transaction (and therefore many more mouths to feed). For example, when we bought our house a little while back, the people involved were:
- Seller
- Seller's Realtor
- Seller's Realtor's Broker
- Seller's Attorney (not necessary but prudent)
- Title Company (these are the guys that actually 'do' the transaction
- Buyer's Attorney (not necessary but prudent)
- Buyer's Realtor's Broker
- Buyer's Realtor (my wife!)
- Buyer (my wife and I!)
Each part of the chain has a very specific job, although it is reasonably common for multiple jobs to be covered by one party. For example, some attorneys also do the title company job too...and some title companies will do the job of both attornies as well as the transaction stuff.
Having said all that, every part of the transaction is actually optional. You have the ability to scrawl, literally a single piece of paper with some specific wording on and give it to the other party and that can legally change ownership too
The mechanics of rentals is very similar to the UK. Obviously the contracts are different. The biggest difference is that it's somewhat easier for a landlord to get rid of a crappy tenant. The biggest downside of rentals however is that generally the landlord pays the property tax bill which can be spendy.
Fun fact - transactions buying/selling businesses here are generally done by Realtors also.
Does that help?!
mr_spock said:
The Moose said:
mr_spock said:
Expat16 said:
We are moving from Central Florida up to Charlotte in 3 weeks otherwise we could have definitely use your knowledge
We should be near you around Greensboro! Small world...Expat16 said:
The Moose said:
When going through the process, if anything comes up and you have any questions, feel free to shoot me a PM and if I can help, I will
Thank you, I’m sure I will have a few questions. We were looking to buy a house in the Orlando area (Seminole County) then we had a change of jobs and a relo to NC
Expat16 said:
The Moose said:
There are worse places to be than NC! Especially if you can spend time outside the city! What is it you do?
It's my wife who works for a large corporation. We moved from the UK back in 2016 and received our green cards last December
Pothole said:
Why do so many of you add a letter/syllable between real and tor?
No idea.It should be pronounced Realtor, not Realator...however many people (even Realtors) add the extra letter in the middle. I don't know if it's ignorance or just lack of caring.
I mean, you're not a docator or acator...
I don't mind if the general public get it wrong - heck if those with the accreditation can't get it right, then how can everyone else?!
Countdown said:
The Moose said:
My wife and I are part-time Realtors here in Florida. We mainly use our licenses for our own personal (sales/rentals) transactions etc. Having said that, we of course have to go through all the classes, the training and join a brokerage etc.
That being the case, I know there are some PHers who either have property in the US or are considering purchasing/selling property in the US and if you have any questions or would like any advice/assistance, I'd be happy to do my best at answering those questions here.
Why would being a Realtor help in buying and selling lots of properties?That being the case, I know there are some PHers who either have property in the US or are considering purchasing/selling property in the US and if you have any questions or would like any advice/assistance, I'd be happy to do my best at answering those questions here.
I'm guessing that "US Realtor" <> "UK Estate Agent" and that it's more than just putting buyers/vendors in touch with each other. I've purchased/sold lots of properties but never felt it would be easier if I was an EA.
1. Commission - the 5 - 6% commission that is generally split between both sides of the transaction adds to or eats into profit (depending)
2. Access to data - yes, through Zillow etc you can get some data, but not as much as you can get through the MLS. The data available is more extensive and over a longer period of time. Also the search functionality is more in depth and allows you to view super specific detail about almost any property. There is so much you can do with the software, I have only scratched the surface
3. Kinda on the same topic - when listing for sale, being able to put the properties on the MLS generates significantly more interest than if it's just on Zillow/Trulia as 'For Sale By Owner'
4. Education - knowing as much as possible about the process helps me strategically plan - we now know so much more about the process than when we started which works to our benefit, including financially
5. You get taken more seriously by all involved in all parts of the chain - lots of places also offer Realtor discounts/commissions. I haven't actually been paid out or saved money because of this but I do feel that I generally get better service
6. Properties listed for rent/sale generally have an electronic keybox system to allow access to properties. Being Realtors allows us access to this keybox system giving us the ability to view whatever we want pretty much whenever we want without having to fit it in with someone else's schedule - viewing on our own is so much nicer than with someone else
Oh, and I guess I'd say it was a hobby/passion of mine and I enjoyed the education and learning. It's also good to network.
tim0409 said:
I have a question on self builds in Florida/US. We built our own house in the UK, and we regularly visit Marco Island/Naples and would love to spend more time there in the future. There are a number of vacant plots/lots around the area we stay in Marco, and out of curiosity I've just had a look on Zillow, and they start at around $130k.
How is the self build market in the US, and what is the planning system like? I've built and renovated a number of properties here in Scotland, and was previously a member of the authorities planning committee so I know my way around the system here, but I think embarking on a project in the US would be really challenging.
Any info would be gratefully received.
I'm sorry for the delay in replying.How is the self build market in the US, and what is the planning system like? I've built and renovated a number of properties here in Scotland, and was previously a member of the authorities planning committee so I know my way around the system here, but I think embarking on a project in the US would be really challenging.
Any info would be gratefully received.
Out of interest, where on Marco do you stay?
Self build, or owner builder here is indeed a thing - and some see it as a right.
FL law does state that construction has to be done by someone who is licensed however you can be an owner builder and have an exemption from this requirement. Whatever you build still has to meet whatever codes are required for the area so a minimum standard does have to be met. You also can only self build for your own property that you will own. It is against the law for you to pull an owner build permit for "substantial" work and then immediately sell (it's either 1 or 2 years from memory).
These days there are so many different inspections that there are a lot less areas where things can fall between the gaps. The hardest part of doing everything yourself is knowing what the code is for each item.
The usual way construction works out here is the owner contracts the General Contractor to build the house. The GC hires whatever subs are required for each stage of the build and manages them coming to site to complete the work.
The alternative to a full self build is a kinda halfway house where as the owner builder you act as the general contractor or project manager. You coordinate the design, the subs and actually building what has been designed and permitted.
It is a bit of a process and getting the paperwork lined up can be a bit of a challenge. I pulled an owner build permit about 6 months ago now for some work I wanted to do at the house and it took longer to get my paperwork ducks in a row than it did to do the actual work. Clearly for a new build it would be much more involved. I think the biggest issue you'll face is that as the owner builder you are supposed to supervise all work on site and if you're here on the 90 day visa waiver program, this would be tricky. You don't have to be on site for every second but you are the one with ultimate responsibility.
ETA: https://www.cityofmarcoisland.com/sites/default/fi...
Edited by The Moose on Tuesday 26th January 18:14
tim0409 said:
Thanks Moose, that's really helpful.
Our friends live in Tahiti Road; it was their holiday home and we did a number of house swaps with them, although they have now retired to live their full time. We moved our May 2020 trip to May 2021, but it now looks like that's going to be pushed back..... I've been to Florida/Marco many times over the years (my wife and I married on the roof of the Marco Hilton), and I've come to the conclusion that I want to spend more time there in the future, not least because Scottish winters really don't agree with me!
I agree with you...but then when we go for something, we go wide open!!Our friends live in Tahiti Road; it was their holiday home and we did a number of house swaps with them, although they have now retired to live their full time. We moved our May 2020 trip to May 2021, but it now looks like that's going to be pushed back..... I've been to Florida/Marco many times over the years (my wife and I married on the roof of the Marco Hilton), and I've come to the conclusion that I want to spend more time there in the future, not least because Scottish winters really don't agree with me!
It sounds to me like you’d be best off buying and rehabbing rather than building on a virgin lot. Buy something that is watertight but tired and each time you come out here run a project.
PM me if you want more specific information - I am in the process of looking for a builder right now too.
NMNeil said:
Two questions.
When we were looking for a retirement house we traveled all over Nevada, Arizona, New Mexico and Oklahoma.
Every time we went to a realtors office we would explain what we wanted. Single story 3 bedrooms and 2 bathrooms, move in ready; and without fail we would be first shown the semi derelict POS that didn't even come close to our requirements.
Is this standard procedure?
The other question is that when my mother died a few years back she left me her apartment in Nepean, Canada. The day that her death was published in the obituaries I started getting calls from Canadian and New York State realtors asking if I wanted to list with them.
Is it normal procedure to scan the obituaries looking for leads?
First question. Yes - standard practice...if you’re a crappy agent! Obviously I can’t comment on your situation, but if the budget isn’t sufficient to buy what you’re asking for then have that discussion instead of pissing off the buyer! All I can assume is the budget you said you had wasn’t sufficient and they were trying to get you through the door of anything so they could try to earn a quick commission. Either that or they have a connection with a local builder to do the work and get a kick back from. Just speculating really.When we were looking for a retirement house we traveled all over Nevada, Arizona, New Mexico and Oklahoma.
Every time we went to a realtors office we would explain what we wanted. Single story 3 bedrooms and 2 bathrooms, move in ready; and without fail we would be first shown the semi derelict POS that didn't even come close to our requirements.
Is this standard procedure?
The other question is that when my mother died a few years back she left me her apartment in Nepean, Canada. The day that her death was published in the obituaries I started getting calls from Canadian and New York State realtors asking if I wanted to list with them.
Is it normal procedure to scan the obituaries looking for leads?
Second question. Again, yes - some people will do this. During real estate agent school, it’s drummed into you that listings make a business, not buyers. There are usually a lot of agents and all looking to come up with a unique angle of finding listings. Some will look through the obits I guess. I have seen an agent stick his card under the door mat as someone is being wheeled away into an ambulance...
Hol said:
I am looking to retire in the next 7 years and my current thoughts are to buy a property outright and spend 5 months in Florida over the winter.
Do you get many people who look to do that, as I haven't done a deep dive into any of the pitfalls ,as all of visits to date have been holidays near the 192.
Yes - a lot of people do buy homes in FL and enjoy from Europe through different times of the year. If you'd like to have a call at some point to chat through the potential pros/cons we could set that up - it really is so personal.
For example.
How does health insurance work, if you are not resident all year?
Being in the US for 5 months solid is tricky (assuming you do not have the ability to get here in the first place - e.g. US Citizen) from a visa perspective. That aside, you could buy a local short term policy, you could buy a travelers policy with an extension on trip length which I know some used to do and assume they still do, you could get a credit card with travel cover - I think the UK NatWest and Amex products were pretty comprehensive in the past - don't know so much about now. Also, I wouldn't rule out spending time here in the summer if you are able. I really enjoy the summer months.
Is it better to buy a car, or go for long term rental each time ? We may not have a garage.
It really depends on what type of person you are. There are 2 types of snowbirds down there that I see that own cars - those that want nice things that are your things and those that just want an old beater to knock around in - like a $5k SUV. If you're in those categories then buy one. If you just want to turn up and drive then rent. If you do not have a garage, I would not buy as the paintwork will end up in a horrendous state. If you do buy, you have to do all the maintenance so you'll find that when you get here you'll have to spend a bit of time dealing with that stuff.
We were thinking of a condo or town house, in a gated community with access to communal pool. Is that the best way?
Really it depends on your budget and what you want from the environment. I have some friends who have a great lock-up-and-leave townhouse condo. 3 bedrooms, 2 and a half baths, 1 garage space and drive for 2 more, communal pool and other facilities, all landscaping and external upkeep is taken care of etc. But it does cost nearly $500 a month. It is rather social and they meet a load of people at the communal facilities and works great for them. The real downside to a community (called an HOA) is that if it's badly managed you will end up paying through the nose at some point with a "special assessment". A good agent will help you work out if the community is being run responsibly (fiscally).
Would it better to spend more on a bigger villa property with its own pool and rent it out for the summer months, in which case how far away from the parks is the crossover point for realistic rates?
I do not know the market around the parks in Orlando - I'm not in the area and I don't enjoy theme parks...my wife calls me the bag lady That being said, it's just a matter of doing the research and the math(s). Florida is also so much more than Orlando and Miami - I would really suggest you buy something that YOU want, not what might rent better. That way, if there is a downturn for some reason, you're not stuck with something you don't really want. If your favorite is a yellow car, then don't order one in silver for the next guy. Same deal with whatever property you buy out here!
I am sorry, you did ask if anyone had questions.
No problemo!
Do you get many people who look to do that, as I haven't done a deep dive into any of the pitfalls ,as all of visits to date have been holidays near the 192.
Yes - a lot of people do buy homes in FL and enjoy from Europe through different times of the year. If you'd like to have a call at some point to chat through the potential pros/cons we could set that up - it really is so personal.
For example.
How does health insurance work, if you are not resident all year?
Being in the US for 5 months solid is tricky (assuming you do not have the ability to get here in the first place - e.g. US Citizen) from a visa perspective. That aside, you could buy a local short term policy, you could buy a travelers policy with an extension on trip length which I know some used to do and assume they still do, you could get a credit card with travel cover - I think the UK NatWest and Amex products were pretty comprehensive in the past - don't know so much about now. Also, I wouldn't rule out spending time here in the summer if you are able. I really enjoy the summer months.
Is it better to buy a car, or go for long term rental each time ? We may not have a garage.
It really depends on what type of person you are. There are 2 types of snowbirds down there that I see that own cars - those that want nice things that are your things and those that just want an old beater to knock around in - like a $5k SUV. If you're in those categories then buy one. If you just want to turn up and drive then rent. If you do not have a garage, I would not buy as the paintwork will end up in a horrendous state. If you do buy, you have to do all the maintenance so you'll find that when you get here you'll have to spend a bit of time dealing with that stuff.
We were thinking of a condo or town house, in a gated community with access to communal pool. Is that the best way?
Really it depends on your budget and what you want from the environment. I have some friends who have a great lock-up-and-leave townhouse condo. 3 bedrooms, 2 and a half baths, 1 garage space and drive for 2 more, communal pool and other facilities, all landscaping and external upkeep is taken care of etc. But it does cost nearly $500 a month. It is rather social and they meet a load of people at the communal facilities and works great for them. The real downside to a community (called an HOA) is that if it's badly managed you will end up paying through the nose at some point with a "special assessment". A good agent will help you work out if the community is being run responsibly (fiscally).
Would it better to spend more on a bigger villa property with its own pool and rent it out for the summer months, in which case how far away from the parks is the crossover point for realistic rates?
I do not know the market around the parks in Orlando - I'm not in the area and I don't enjoy theme parks...my wife calls me the bag lady
That being said, it's just a matter of doing the research and the math(s). Florida is also so much more than Orlando and Miami - I would really suggest you buy something that YOU want, not what might rent better. That way, if there is a downturn for some reason, you're not stuck with something you don't really want. If your favorite is a yellow car, then don't order one in silver for the next guy. Same deal with whatever property you buy out here!I am sorry, you did ask if anyone had questions.
No problemo!
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