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Florida has long been known as a great real estate market for foreign investors. Commercial and residential markets both represent favorable investment markets for foreign capital. While investing in real estate outside of a county or state may seem a daunting task, this week we talk with an investor who grew and a successful SFR portfolio out of another country!

Colin Murphy is Director and Co-founder of Torcana, Ltd. an investment firm specializing in single-family properties in Florida. With over ten years’ experience behind him, Colin has grown Torcana into a leading name in Florida SFR markets and he was able to do it all based out of Madrid, Spain. This episode, Colin shares with us some tips for building a successful foreign real estate investment portfolio.

5 Must-Haves for Foreign Investors:

1. Standard Contracts
   1. Avoid unnecessary and overly complex contracts
   2. Standard Realtor’s Assn. contracts offer foreign investors easy-to-understand terms
2. Title Companies
   1. Foreign investors new to U.S. and FL markets may be unfamiliar with title companies
   2. Title companies ensure a clean title transfer in a real estate transaction. They run a property’s title against any outstanding liens and unpaid fees.
3. Closing Costs
   1. Closing costs on U.S. and FL real estate is comparatively less than that of markets outside of the U.S.
   2. Despite the relatively low closing costs, foreign investors still need to be aware of what they are paying for
4. Post-Closing
   1. Follow-up is needed after purchasing a property
   2. Find the right insurance coverage for your investment as well as establishing a property management plan
5. Taxes
   1. All U.S. real estate is subject to taxes and returns must be filed on them
   2. County tax collector searches can be an easy way for foreign investors to keep track of their portfolios’ taxes

For a more comprehensive approach for foreign investors, check out Colin’s list of 20 things to know for real estate investing:

20 Things to know

Colin also suggests Rich Dad Poor Dad, by Robert Kiyosaki and Millionaire Real Estate Investor, by Gary Keller, Dave Jenks and Jay Papasan for beginning investors

For more information from on Torcana‘s services or for investing opportunities, contact Colin: Torcana’s website, LinkedIn, or Bigger Pockets