Ep. 196 James Schmidt: Foreign Investors (and what they should know)

Today we talked with James A. Schmidt, Esq. about foreign investors and the things they should be aware of when investing in the U.S. and Florida. Foreign buyers need to take special precautions to ensure a smooth investment process.   Foreign investors need to learn the market, get good advice, and building a team that consists of : brokers property managers laywers accountants and others who can deal with zoning, property inspection, and possibly engineering It's particularly important for the foreign buyer outside the country to have people local to the area that they can trust who can help them execute whatever goals they have on a particular asset that they are purchasing.    Key Discussion Points [05:48] About our guest: James Schmidt [11:54] What are some things foreign investors need to aware of when investing in Florida [14:19] Explanation of FIRPTA (Foreign Investment in Real Property Tax Act) [18:22] When a foreign investor comes to you, what is the process to ensure everything is properly executed and that the transaction and asset is properly managed? [22:07] What are the problems you see with the standard Florida Real Estate contracts? [25:00] Are there any issues that are important to lenders when dealing with foreign investors? [28:59] Discussion about the FAR/BAR contract (Florida Association of Realtors and the Florida Bar Association) [35:00] How can people contact you? [36:15] Closing remarks by Eric and Steven