Financing property as a foreigner

Centennial, CO · Member since 2018 · 38 posts · 3 votes

Hi BPers, Could those who successfully finance your property as a foreigner share your experiences and stories, Including where and how? Thanks:)

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Ronald RohdePro Member

Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes

Originally posted by @Brandon Zeng:

@Bruce Lynn thanks for your kind reply! 8% sounds very high. I guess it I s find any cash flow properties with it;(

Thats not really accurate if you are buying multi unit. Buy value add, partner with rehabber, refinance into a commercial loan base on gain.

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Bruce Lynn
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
8y
We have lenders who will do it, but they typically want 25-30% down and interest rate might be around 8%....
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Willem Botha
Investor · Centurion, Gauteng · Member since 2016 · 45 posts · 44 votes
8y
I am buying turnkey through Midsouth Home Buyers - They offer finance for "anyone" including foreigners at 40% down, 7.5% interest with a 10 year mortgage.
My experience with them can only be described as hassle free, one stop shop with excellent service.
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Brandon Zeng
OP
Centennial, CO · Member since 2018 · 38 posts · 3 votes
8y
@Bruce Lynn thanks for your kind reply! 8% sounds very high. I guess it I s find any cash flow properties with it;(
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Brandon Zeng
OP
Centennial, CO · Member since 2018 · 38 posts · 3 votes
8y
@Willem Botha in that case, can you still find good cash flow deal? Would you mind sharing what kind of deal you are purchasing ? How’s the ROI?
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Ronald RohdePro Member
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
8y
Originally posted by @Brandon Zeng:
@Bruce Lynn thanks for your kind reply! 8% sounds very high. I guess it I s find any cash flow properties with it;(
Thats not really accurate if you are buying multi unit. Buy value add, partner with rehabber, refinance into a commercial loan base on gain.
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Alex BekezaBusiness Member
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
8y
Couple bits of advice if you haven't already started.
-Build US credit anyway you can
-Make sure to have a US bank account
Many commercial lenders will loan to foreign nationals as long as you have a visa, ssn or tin, US credit, and a US bank account. You will typically face slightly higher rates and slightly lower LTVs but it can be done and you can still cash flow!
What is your current citizenship status?
[email protected]818-606-8823
Investor Property Loan5306 Reviews
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Brandon Zeng
OP
Centennial, CO · Member since 2018 · 38 posts · 3 votes
8y
@Ronald Rohde thanks!
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Brandon Zeng
OP
Centennial, CO · Member since 2018 · 38 posts · 3 votes
8y
@Alex Bekeza thanks for your advice. That makes sense. I am China national and I already have a US bank account. How do you suggest a foreign national to build up credit in US? Thanks!
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Alex BekezaBusiness Member
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
8y
@Brandon Zeng You can build credit the same way anyone does. You need to take out lines of credit and show responsibility with using them.
Do you have any credit history?
Besides a good score they will want to see some time in the saddle so best to get started right away.  There are many little hacks to get your score up as well.
-"piggy backing"
-Paying more than the minimum multiple times per month
-Lower your utilization by expanding credit available
etc etc etc
MOST important is just paying before its due every single month.
What types of properties are you looking at or what is your overall RE strategy?
[email protected]818-606-8823
Investor Property Loan5306 Reviews
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Brandon Zeng
OP
Centennial, CO · Member since 2018 · 38 posts · 3 votes
8y
@Alex Bekeza thanks for your answer amd sorry for the late reply. Seems I couldn’t receive any notifications for the reply. Actually I’m looking for SRH as rental properties. My goal is accumulating $2,000 net cash flow in 2 years and $10000 in 5-10 years. I would also like to help my FRIENDS on RE investment. Currently I am working with realtors in Dallas and Denver. Due to the credit issue, I can’t get a good option of loan to cash flow the potential properties. I heard one way to build up credit for foreigners is buy a property first (maybe a relatively cheaper one) and pay for the mortgage on time each month. What do you think? Thanks! Brandon
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Brandon Zeng
OP
Centennial, CO · Member since 2018 · 38 posts · 3 votes
8y
@Alex Bekeza BTW, to answer your question, I don’t have any credit history in the State but I have in my home country.
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Alex BekezaBusiness Member
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
8y
@Brandon Zeng Having prior real estate investing experience is very helpful in getting financing as a foreigner. I would definitely consider partnering with someone to get the first deal under your belt and this will also establish some positive mortgage payment history.
[email protected]818-606-8823
Investor Property Loan5306 Reviews
Website View Page
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Brandon Zeng
OP
Centennial, CO · Member since 2018 · 38 posts · 3 votes
8y
@Alex Bekeza thanks Alex! Your suggestion is very helpful. I will consider to do that. Hope one day I can buy you a coffee:)
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Alex BekezaBusiness Member
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
8y
@Brandon Zeng Sounds like a plan. My mom and younger brother both live in Colorado (Denver and Evergreen) so I visit about twice a year. Stay in touch.
[email protected]818-606-8823
Investor Property Loan5306 Reviews
Website View Page
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Brandon Zeng
OP
Centennial, CO · Member since 2018 · 38 posts · 3 votes
8y
@Alex Bekeza that sounds cool. Actually I don’t stay in Denver now but I wil visit Denver late Sep. Please let me know if you stop by:))
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Kevin Grinstead
Realtor · Denver, CO · Member since 2016 · 499 posts · 129 votes
8y
Hi Brendan, I have a local lender than has loan programs for foreigners. They are pretty good deals and there are many different options for investors. I'll send you his information and you can see what is available.
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Brandon Zeng
OP
Centennial, CO · Member since 2018 · 38 posts · 3 votes
8y
@Kevin Grinstead thanks Kevin! Would love to know more. Please inbox me the information:)
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Troy Williams
Rental Property Investor · Florida & Shanghai · Member since 2017 · 192 posts · 68 votes
8y
@Brandon Zeng I'm an American living in Shanghai for almost 15 years, also buying properties in the US. I have some Chinese friends here we have also been discussion how to work on deals together so that the deposit and rates are better. I also have a wechat group here in Shanghai that has an interesting mix of foreigners and locals from all over China interested in all things real estate. We can connect here on BP and/or wechat (ID troy7845). 很高兴认识你！
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Brandon Zeng
OP
Centennial, CO · Member since 2018 · 38 posts · 3 votes
7y
@Troy Williams sorry for the late reply. Just saw your message. Happy to connect to share more know-how:) I have sent you the request for both.
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