Norwegian investor looking too make it big in the USA

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Norwegian investor looking too make it big in the USA

Kristian Gettemy
Investor · Member since 2015 · 2 posts · 2 votes

In Norway I am a smal time investor.

House hacking. Building two smal apartments in the basement. This will cover my mortgage.

Sold two apartments i renovated, made a decent profit.

Now I am renovating a house I bought with a friend. When we sell this I want to start a company that can invest abroad. Thinking of contributing 50-100 000,- as a down payment on my first property.

Sweat equity is great. But its time to scale things up a bit.

I am a Norwegian citizen, but I have an American social security number. Which might make thing easier.

My dad lives in Georgia, so my initial inclination is to invest there.

This would definitely be long distance investing, so I guess I should read the long distance real estate investing book by mister Greene.

Any advice on how to go about this would be great.

  1. 1.Register an LLC in the US, with my American social security number?
  2. 2. Finance the deal with a traditional loan?
  3. 3. Turn key or fixer upper?
  4. 4. Areas in Georgia that cash flow?
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  • Anthoney Hanks
    Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
    6y

    Welcome to BiggerPockets! Truly nice to meet you. Good luck going forward! Hope the best for you going forward in 2020!! The things you are doing in Norway sounds like the things you do here. You seem to be doing great!! If you are thinking of Georgia, you might find a good RE agent who can get you references for contractors. Build a team. I believe that will be in the book. I hope the best for you in your quest!

    Podcast: https://www.biggerpockets.com/podcast

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    @David Greene and @Brandon Turner has some good ones.

    0Reply
  • Joaquin Camarasa
    Real Estate Agent · Springfield VA · Member since 2018 · 480 posts · 400 votes
    6y

    @Kristian Gettemy 2) If you do not have US tax returns, you are going to have to pay cash unless your dad is basically willing to buy the properties under his name.

    0Reply
  • Kristian Gettemy
    OP
    Investor · Member since 2015 · 2 posts · 2 votes
    6y

    @Joaquin Camarasa Does that mean everyone buying property in the US without tax returns are paying cash? I guess in theory I could get private money in Norway and pay cash, a bank would probably be reluctant to lend money for property in another country. 

    1Reply
  • Joaquin Camarasa
    Real Estate Agent · Springfield VA · Member since 2018 · 480 posts · 400 votes
    6y

    @Kristian Gettemy Correct, I highly doubt Norwegian banks will lend you money to invest in another country.

    If you really want to do it, you are going to have to come here and work.

    0Reply
  • Account Closed
    Investor · Fort Worth, TX · Member since 2019 · 120 posts · 147 votes
    6y

    @Kristian Gettemy Personal opinion... Apartment Syndication (large multifamily) ...build a team that can help you invest and take down large deals.  Our group has quite a few acquisitions in Georgia (great market!) and we actually have a member who lives in Israel - he teams up with others in our group to invest.  Totally possible- and it's great that you have family in the US and a Social.  Feel free to reach out if you want to toss around the idea more- happy to help! Best of luck!

    0Reply
  • Account Closed
    Real Estate Agent · Atlanta · Member since 2018 · 137 posts · 69 votes
    6y

    @Kristian Gettemy

    Welcome to BP. Investing here from EU will likely be a little more challenging than if you were local here, but it's certainly still worth pursuing, I think. To answer your questions the best I can:

    1) you might want to consult a lawyer in GA about possible complications with opening an LLC from abroad, but yes I would look for this as a first step if I were you. Let me know if you'd like some lawyer recommendations here.

    2) if you can find a lender (either in Norway or here in America) that will lend to you for your LLC, yes that would probably be the best route. Otherwise you'll likely either need to find an American partner or pay all cash.

    3) turnkey would certainly be easier for you, especially from a long distance, but you'll be paying a little more in exchange for the ease.

    4) most areas of GA should generally cash flow reasonably, but as a rough rule of thumb, the farther from Atlanta you are, the better your cash flow will likely be.

    Feel free to reach out there's anything I can help with. I'm a local investor and agent in Atlanta. Always happy to talk about the market here.

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