Hello to you all BP community!! It feels great to be back after several months.
I was just here about 8 months ago looking for advise about stepping up and investing in the greatest country of United States of America. before I continue, just a bit of myself... I came to Australia about 7 years ago from South America looking for a future and survival of my existence (literally), since Australia's market has become a big financial bubble quite impossible to penetrate, I decided it was best to get into USA since I loved this country when I just a child, I always have. A few months ago I jumped into this game called 'investing in real estate' and so far this experience has been real good and rewarding. I bought my first single family home with a turnkey company located in Ohio by September 2017 and I am very proud to say that by April or May 2018 I will be buying my second single family home with the same company.
After all, I would really like to hear some advise from this community about using HELOC to buy the third property, my questions are..
is it possible for an overseas investor to apply for HELOC in USA? even tough I own two single properties with no debts. I have to mention that I do have a relationship and a bank account with a local bank in Florida and I do own a LLC in Ohio
Would I be able to use the equity on my two properties to pay down the deposit for the third one?
Is all about strategies, also, in the meantime, I will keep working and saving money in Australia, same way I have been doing for the last year or so.
Thank you very much in advance for any help or advise I could get
Whats up mate, fellow Aussie here.
So your in a huge pickle to be honest and very complex. Banks are going to put you thru the ringer.
Firstly to refi your properties will need to come out of your LLC into your personal name. You will only get 70% of the appraised value of the home. Considering then that you probably don't have an social security number and no bank account in your personal name it's going to be even harder. Your LLC and YOU are completely different, need to have different accounts.
It's not going to be easy.
Very well mate @federico gutierrez, thanks for the reply.
My LLC is under my name 100%, so I am the sole trader of my company. Regarding the bank account, the one that I have from my local Florida's Bank is my personal bank account which I opened years ago. Getting a 70% of the appraised value is not that bad, considering that I will put the two properties on refi, that will likely give a good deposit for a single family home or perhaps a duplex.
Do you know any local bank in Ohio which I could go online and send an email? or do you think is better to go through my own bank in Florida? Have you done it before?
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