Is it possible to buy real estate in the U.S from Europe without money?
How bad can I get screwed?
Is it possible? Yes, anything is possible. If you have the funds, you can setup an onshore LLC to acquire properties. Lot's of wealthy Europeans are buying U.S. properties.
Is it easy? Without money or experience it's going to be extremely difficult.
Is there more risk? Yes, you are not a citizen.
Generally with no money or experience it's going to be very difficult. You must trade something for the deal. It's generally going to be money or experience.
@Account Closed Is there a way to take a loan or something without losing money?
Please clarify. I need a lot more information to answer your question.
I would imagine that you're going to need cash as U.S. banks will non-lend to non-citizen.
You're better off speaking to others in the country you're from that have done this before. And I imagine they're going to have deep pockets to setup the structure you'll need.
@Account Closed I meant is there a way to take a loan from anywhere to invest in U.S even though I dont have citizenship?
And there are not many investors in Finland since this country does not let anyone get money on their own.
I am not ready to move out of here yet though. Thats why I am asking these things.
I wanted to ask @ville posted. I am writing from Romania, I have a few properties here and some relatives in the US that are real estate investors. I was thinking of investing in some US real estate and am willing to put my own money for a down payment of around 20-25% and would like to get a loan for the rest.
My idea was to get employed for a few months in the states (by the way, what work experience do the banks require to qualify for a loan (6, 12 months?) and than aply for a loan.
So you are saing that US banks do not lend to non citizens? Are these the large banks or the small comunity banks as well?
Do you see different way to get a morgage if ?
Hi @Eamnuel Toma,
You can buy property in USA as a nonresident, there are no restrictions. For the last few years, 40% of all purchases in USA have been international buyers.
In order to take a loan, most of the banks would want you to have 2 years work experience in USA, have a work visa, SS # and a credit score of at least 660. One exception is if you graduate a school in USA and are offered a job, then the school is considered work experience.
Citi Bank has a great program if you have $50,000 deposited with them in any country, credit report and you are buying a single family home, condo or town-home. The program is not available for multifamily properties.
Let me know if you need a contact at Citi to answer questions and see if they can help you.
Good luck to you!
@Emanuel Toma connect with @William Robison . He offers turn Key properties in Kansas city Missouri. This is a great real estate market and you can pick up bargain properties there. I just had the chance to meet William in person last weekend at a San Francisco meet up group. I like what he's doing out there in KC.
Investing out-of-state or, out of country requires in excellent property manager. Make sure you find someone that you trust and can rely on.
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@Lumi Ispas for the last year I kept looking for deals in my City, did a lot of creating marketing but the results have been disappointing - the prices of property have gone up and yields have gone down to 6-7% / year (gross, but the maintenance costs are not to big). I am again looking to buy some property in the US. Do you still have that connection at City Bank? Do you know if they still have that option to lend if you have a 50k deposit with them? I could make a deposit anytime and try this route.
Thank you for your help!
HI @Emanuel Toma , yes I do. I'll message it to you privately, as we are not supposed to market on the blogs. '
Regarding your purchases, it all depends on what neighborhoods you bought, and at what price you bought. In most owner financed deals, the seller benefits of the purchase price most, as he can sell above the market price knowing that you need the terms and you won't have an appraisal done.
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