1- Choose your geographical location, your budget. This can collide, there is no point in wanting to buy in NY if your budgets its 30k! So first see how much you can afford and then the area that can provide that sort of target price. Put also in consideration that some cities would provide better cash flow than capital growth and vice versa.
2. Search and inspect as many properties as possible. If you can afford the time off it will pay off to travel to the states and see the property yourself. Know the area like the palm of your hand so you know to spot where the gems are.
I once heard that the pictures that you see of a property online you will find that 1 third are better than what you had expect when you actually see the property, another 1/3 are misliding and only 1/3 its what you would have expect.
3. Find out the property history - How many times was bought and sold, was it a foreclosure sale? How much was it sold for, etc. Its important to know how long its being in the market for when was advertise for sale.
4. Selling Times and discounted prices. Consider that the longer the time it takes to sell the most likely the are its not the best, as the ones that are likely to perform well have a convination of short time in the market and less discount by the seller.
5. Talk to people that know the market. Make friend with local people either in person or on line and try to get a good feel of why they like the place. Make out of your agent a friend and be clear of what you are looking for.
6.Caution. Take caution when the price its extremely good, you have to wonder if its because there is a flaw or what its causing the unrealistic price. In the US we are seeing amazing good prices for a property but make sure this is not because of the undesirable location or poor construction. I wouldn't recommend to buy a property that needs renovation, although you might profit with the sale price you have to consider the hassle of repairing a house living in another country.
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