First investment property as a foreign citizen
Foreign citizen currently living in Miami.
Any recommendations in general?
How to get approved for a loan?
Should I buy with an LLC?
Open for any suggestions
Hey Stefano Vrolijk,
Speak with a local mortgage broker and get pre-approved for a loan. I also recommend that you attend some local real estate investment meetup groups. You'll be able to meet seasoned investors that can direct you in the right direction.
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Real Estate Agent FL (#3506751)
- VS Florida, LLC
- [email protected]
Stefano
You need a team, buying a property is the easy part.
as a Foreign citizen there is a tax FIRPA that you may have to pay and is 15% of Sale price.
Need an accountant, a lawyer and a relator that understands that.
Join investors group and kee learning here best blog
Luis Maqueira
Hi @Stefano Vrolijk, my team and I help foreign citizens purchase investment properties all the time. I'd be happy to provide some recommendations and suggestions for your situation as a foreign citizen living in Miami.
First, it's important to have a good understanding of the local real estate market, including pricing trends and neighborhood dynamics. I recommend doing your research and looking at properties online. This will help you make informed decisions when it comes to buying.
When it comes to getting approved for a loan, the process can be a bit more complicated for foreign citizens. Generally, lenders will require you to have a substantial down payment. You may also need to provide additional documentation, such as proof of income and employment, and may need to have a co-signer who is a U.S. citizen or permanent resident.
In terms of buying with an LLC, it can be a good option for some foreign buyers, as it can provide additional liability protection and potentially offer tax benefits. However, there are also some downsides to consider, such as higher fees/interest rate. It's important to consult with an attorney or an accountant to determine whether an LLC is the right choice for your specific situation.
You can reach out to me and my team who can guide you through the process and help you navigate any challenges that may arise. Good luck with your search!
@Stefano, there are a host of lenders that can lend to foreign nationals. Expect to pay a slightly higher rate and make a larger down payment than what you see on lender's websites with regard to their rates, points and LTVs. Some lenders have a greater appetite for foreign national loans than others. Working with a good loan officer or mortgage broker can help you to get your file set up in a way that presents you in the best light to underwriters. Hope this helps. good luck!