Kimberly Wingfield: Philly Real Estate Agent
Kimberly Wingfield
267-536-3928267-536-3928

International Buyers

Philadelphia has always seemed like an underrated city in many ways, but the zeitgeist seems to be shifting. With nearby NYC and Washington DC becoming increasingly unaffordable for the average person, Philly remains a buyer-friendly oasis on the US East Coast – and there’s plenty of culture, nightlife, restaurants, and more that one would expect from a large city.

Coming back from its late-20th century troubles, the population in Philadelphia has increased by 64,000 people in the last decade – propelled largely by Millennials who are drawn to the solid job market, affordable cost of living, and aforementioned easy access to NYC and DC for work or pleasure.

I’ve been privileged to help several of the resulting influx of investors (both local and out-of-town) who have added Philly properties to their portfolio, and the international angle came into focus for me while discussing local real estate with some of my friends across the pond. The incredulity with which I was invariably presented seemed palpable when I mentioned how little it can cost to buy an easily-rentable property needing little to no work on a quiet block in this town – and my own jaw dropped a few times while researching not only London prices, but Manchester, Leeds, Liverpool, Birmingham, and Belfast as well.

If you’d like to make an overseas property investment, feel free to contact me at any time in order to discuss what you’re looking for, what your budget might be, etc. I’d be happy to Skype with you at a mutually convenient time as well. Should you wish to go forward, just name a few properties that sound like a promising prospect, and I’ll be happy to go and record what I find for you. Take a look at the footage and any notes I’ve made, and we can discuss making an offer if you’re interested. I strongly encourage you to have a home inspection done by a reputable firm in order to discover any potential problems ahead of time, and I can also help you to find excellent and reasonably-priced contractors to handle any repairs that may need to be completed after the sale. Additionally, I can help you with property management issues once you’re ready for tenants. (For more information on what to expect from a typical US property sale, this blog post should cover most of the bases – and as always, feel free to ask any questions! Furthermore, this blog post on scouting out a neighborhood anywhere can be a big help when choosing a property from afar.)

While I cannot offer any kind of financial, legal or tax advice on how best to proceed with an international real estate purchase, there are several wonderful firms out there on both sides of the pond that should be able to walk you through the best options to maximize your profits for a minimum amount of effort. (Always check out any promising US based firms via online reviews and the Better Business Bureau website to confirm that you’re in good hands.) A few good questions to ask a lender/attorney/tax professional would be:

  • If a mortgage would be needed, what kind of rates, etc. can you offer me for an international investment?
  • Are there any rules for international property investors that I need to bear in mind?
  • Should I set up a US corporation to shield myself from potential liability?
  • Should I set up a US bank account to make this easier?
  • How would I go about paying taxes here in the UK on any profits I make in the US?

You should be able to handle this kind of transaction 100% remotely, and I’d be glad to do whatever I can to make you feel as if you’re really here. Run the numbers, talk to the financial/legal/tax pros, and let me know if you’d like to visit the City of Brotherly Love in person – I’d be glad to show you around! 🙂

About Kimberly Wingfield

Picture of Kimberly Wingfield

Kimberly Wingfield

Real Estate Agent - The Virtual Realty Group

kimberly.wingfield@gmail.com

267-536-3928267-536-3928 main

The Virtual Realty Group

11880 Bustleton Ave. Suite #204, Philadelphia, PA 19116

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