Finacing and managing properties for out of country investor
Hi Folks,
I am a Canadian investor looking to acquire some multi-family properties in the US. I've had some success investing in condos in Canada, but I cashed out of the market because prices are totally ludicrous.
Anyhow, I've identified some multi-family properties in the Omaha area . Going through the demograhics and rental stats, it seems like a decent market (and I am planning to drop by there in a couple of weeks to see it on-site). I have already touched base with some agents to see about the market, so I'll lay some groundwork before I go there to look around.
In any event, I was hoping someone could help me with a few questions I have:
1) The properties I am looking at are in the $500K-$1M range, and I'll be looking to finance a majority of the purchase. I am looking to put up 25-30% of the purchase price, but given that I am a foreign national, does anyone know what the financing options are like for this kind of commercial property (and it's not a turnaround situation - I have no interest in hard-money loans)?
I'm looking for a 30-year mortgage with a 7-10 year term, non-recourse. With a 30% downpayment and stabilized income in the property itself, what kind of financing is available to a non-US citizen? Am I barking up the wrong tree?
2) What steps do people take to generate good leads on Property Management companies? I previously managed my properties by myself, but given that I'll be looking to acquire investments where I'm not on-site, I'll need a strong PM.
Thanks in advance.