Investor · Tel Aviv, Israel · Member since 2019 · 85 posts · 36 votes
Hello everyone,
My name is Lior, I live in Israel, 26 years old, and I am new into the real estate investing and after some research and book reading, I decided that I want to invest in rental properties and would like to start in Florida on SFH. My goal is to buy 2 properties per year, with the benefits of Home Equity Loan or just add another 20% down payment, and hold them for cash flow.
I wanted to start searching for agents but I need a lender first... So because I am not a US citizen I started to think if I have opportunities for a mortgage for 30 years and then leverage my first asset with its equity after a while to have more money for a downpayment for the next property.
I have the first 20% percent down payment for my first property purchase, is there a way to find a lender that fits my goals?
Lender · Grand Rapids, MI · Member since 2018 · 703 posts · 446 votes
6y
To my knowledge most of the lenders in this space make you put 35% down, so you need to save up some more funds. Also open up a US bank account. They require the funds to be in the US for 6 months. Do you have a US credit score? If no to US credit score your going to need 12 months of mortgage history, so make sure you paid your current mortgage on time for 12 months because they require cancelled checks and bank statements showing where the funds came from.
Lender · Grand Rapids, MI · Member since 2018 · 703 posts · 446 votes
6y
To my knowledge most of the lenders in this space make you put 35% down, so you need to save up some more funds. Also open up a US bank account. They require the funds to be in the US for 6 months. Do you have a US credit score? If no to US credit score your going to need 12 months of mortgage history, so make sure you paid your current mortgage on time for 12 months because they require cancelled checks and bank statements showing where the funds came from.
Lender · Miami, FL · Member since 2018 · 10 posts · 2 votes
6y
There are some banks in Florida who could do loans for foreign investors at very good interest rates and with easy lending guidelines. They do not need neither your US credit scores nor mortgage histories in your country.
Hi Lior. Nice to meet you. I'm a newbie from Israel. I'm sure you learned a lot since you posted this post a some time ago.
I would love to hear your thoughts and insights as a long-distance investor. Any tip/advice would be also highly appreciated, being a newbie in the US market and in Real Estate investing.