Hello ! As you know I want to buy a multi family property but since I’m an immigrant I don’t have credit or social security number, luckily I found the women of my dreams and we are getting married pretty soon, I just want to know what’s the next step ? What do I need to do in order to purchase a multi family property to live in and rent out the other units to help pay mortgage and hopefully get some cashflow, Also how do I know if it’s a good deal or not ? Thank you ! Have a nice day !
Hi Luis, if no one here can help you out, I recommend reaching out to a real estate attorney and/or an immigration attorney. Being a landed immigrant, you need to be careful to not compromise any visa that you have until your permanent residency status is secured. It's trickier because your income sources may be constrained to one employer. My recommendation is that you talk to a professional who can back you up if the "waters get muddy."
Hi Luis, if no one here can help you out, I recommend reaching out to a real estate attorney and/or an immigration attorney. Being a landed immigrant, you need to be careful to not compromise any visa that you have until your permanent residency status is secured. It's trickier because your income sources may be constrained to one employer. My recommendation is that you talk to a professional who can back you up if the "waters get muddy."
Thank you so much for taking the time on responding my question !
I have talked to immigration attorneys about wholesaling and real estate in general and they told me not to make any move until I’m secured with a permanent residency, I’m just studying and preparing myself for when I get the residency so I can know what to do next.
@Luis Magnus Hey, good for you. One thing I can speak to is that if legally you're able to purchase your own home then you may be allowed to invest in real estAte passively. I've seen people do this by owning a property and paying a property management company to run it, or by putting in funds to a larger deal and joining the project as a passive investor.
Those two options may be something you can do in the interim if your lawyer thinks it suits your situation. Good luck!
Hello @Luis Magnus congrats on meeting the woman of your dreams.
Start out by educating yourself about underwriting and how to analyze a property. Start with the calculators here on BP. Watch the tutorials and learn. Go to conferences or underwriting boot camps. That way you can learn how to evaluate and even qualify a deal that you are looking for. Hope this helps and happy investing!