Investor · Aix en Pce, France · Member since 2015 · 21 posts · 10 votes
Hi everyone, I'm a French investor owning 2 properties in France (rented). I recently moved to Miami for my business, and I'm planning to open another LLC here to invest in real estate.
I have around 130-140k$ cash, and it's difficult for me to get loans (I don't have a SSN yet, so no credit score)
What do you think it's the best strategy for me? I get few spare time, and my wife will be licensed as realtor here in few months.
I'm was thinking about starting by flipping a house, but it seems that my budget is a little bit short to find and rehab a house in Miami area. What do you think?
Investor · Miami, FL · Member since 2013 · 807 posts · 475 votes
5y
I found a lender who does loans for non citizens, with excellent terms. The interested rate I was quoted was high 4s and 1 point, which is damn excellent. I will be doing a large loan through them in January.
Investor · Miami, FL · Member since 2015 · 329 posts · 124 votes
5y
@Alex Allemand Hi Alex, there are a number of listings that will provide seller financing or more creative financing terms. This would give you enough time to stabilize any property and find a more permanent financing solution. Happy to connect and walk you through a few scenarios. Welcome to Florida!
There are lenders that will lend to investors in your position. I know of two of them. DM me. Not sure on terms but they focus on foreign nationals.
Thank you, I'll contact you in DM to discuss about that.
I assume rates will not ideal, is my budget enough to start buying "cash" a first property to flip? Or is it better to start with a first bigger project that I'll finance?
@Alex Allemand Hi Alex, there are a number of listings that will provide seller financing or more creative financing terms. This would give you enough time to stabilize any property and find a more permanent financing solution. Happy to connect and walk you through a few scenarios. Welcome to Florida!
You are also in a ideal position to network with other investors to do a Joint Venture deal.
Hi Timothy, thank you for your reply, that also a solution. However for a fist investment, I would like to start with my LLC only and avoid bad partnerships, and maybe later once I'll know more about the market here and potential partners, why not.
Investor · Miami, FL · Member since 2013 · 807 posts · 475 votes
5y
I found a lender who does loans for non citizens, with excellent terms. The interested rate I was quoted was high 4s and 1 point, which is damn excellent. I will be doing a large loan through them in January.