German Citizen, O-1 Visa, sarting out - seeking advice

German Citizen, O-1 Visa, sarting out - seeking advice

Member since 2023 · 26 posts · 17 votes

Good day! I’m a German citizen and consider residing in California. I’m not an American citizen but I might get an O1 Visa, which allows passive income. 

I currently own property in Germany that I consider selling and investing some of the of the money in US real estate market. 

Say I want to buy an apartment which is worth 200K. I bring 100K in cash and take a mortgage in the US for the rest (will be difficult as a foreigner but possible), rent the apartment out (long term) and using that money to pay for the mortgage that I took, and all expenses (tax, management etc.). Is this scenario possible in the US? Are there areas where it's possible to buy property in a low price and rent it in a price that covers the expenses and even bring in some earning?

If say I manage to do this, and even have any leftover income - how will these leftovers be managed? Wired to my German account? Stay in a US bank account?

How will they be taxed?

And lets say, this very scenario, if I want to do this scenario a couple of times. Say instead of one property, do it on 3 properties, on each apartment I bring 100K, and take a loan of the rest of the money. Can I take multiple mortgages?

Can I do that as a foreigner?

Can I do that without a fixed income, if my plan is to have my income from the leftovers of the apartments?

What about living in one US state and owning/letting in a different US state?

And on O-1 Visa?

I know these are lots of questions, but it's a start. I'd appreciate every feedback. I'll be also glad to speak to someone going more into details regarding investing/visa/taxes ect. But I don't know where to start! Can you make a suggestion for a company/entity/person that you trust who will understand these things, with whom I can consult (and pay for consultation, obviously). There are so many crooks and bullsXitters out there!

Thank you,

O

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  • Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
    3y

    @Ofir R.

    We have partners who are foreign investors. DM me and I will send you contacts for; attorneys, lenders and accountants that they have previously used. It is important that you hire professionals who have experience working with foreign investors.

  • Real Estate Broker · Charlotte, NC · Member since 2016 · 569 posts · 351 votes
    3y

    @Ofir R. Hallo Ofir, Ich habe angefangen in 2008 Immobilien in den USA zu kaufen und dann zu vermieten. Heute lebe ich hier in den USA vollzeit und arbeite als Makler in SC & NC. Ich Arbeite mit einer Bank zusammen die schon vielen geholfen hatte einen Kredit hier in den USA zu bekommen.


    Foreign National
    No Foreign or U.S. credit needed

    Up to 70% LTV

    This mortgage product is for foreign nationals wanting to purchase or refinance a home in the United States. This is a DSCR program with a 1:1 ratio on cash flow. This means that this loan is incredibly easy to do – no income or U.S. credit required to qualify.

    Minimum loan amount of $75,000
    Maximum loan amount of $1.5 million
    A DSCR program with a 1:1 ratio on cash flow
    Assets sourced and seasoned for 60 days - must be in a U.S. FDIC insured bank for a minimum of 30 days
    12 months reserves required
    Closing in a U.S. LLC entity is permitted
    ACH auto-payment is required
    No sanction listed countries allowed and will not lend in Osceola County
    Cannot reside in the United States
    Must have an eligible Visa: B-1, B-2, H-2, H-3, I, J-1, J-2, O-2, P1, P2
    No gift funds allowed
    Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
     

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