How do foreigners end up owning apartment buildings in the NYC metro area?
First off, I am not being racist. I am genuinely curious!
I live in North NJ near NYC where properties are extremely expensive. To give you an idea, the going rate for a tiny studio in the area is $1000 – $1300. Onto my question: Why does it seem like all the landlords and building owners I’ve encountered are not from this country? Are they already wealthy before they come to the U.S. or something?
I ask because owning an apt complex sounds like a sweet deal! You collect ridiculous amounts of $, throw a percentage at your mortgage and property taxes and pocket the rest! Seems like your only responsibilities are dealing with tenants and making sure the place isn’t falling apart.
Any comments?
The value of the US $$ is low compared to most of the world. They use the currency exchange rate to their benefit when purchasing.
Foreigners do not have to be US residence to buy, anyone can buy. CA is being bought up by Asians right now, who are paying cash money for their properties.
New York State Property Tax Conference – E J McMahon (Clip 5)
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