Help to figure out the steps to take towards my first proprty

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Help to figure out the steps to take towards my first proprty

Carmel T.
Member since 2020 · 2 posts · 0 votes

Hi everyone.

this is my first time posting on this forum so I hope I'm making sense.

In about a year from today, I'm hoping to purchase my first investment property, but unlike most of you, my road is a bit more difficult cause i don't live in the states, and never have lived.

What I wanted to ask is what are the steps I need to take this coming year so that in 12 months I can just find a rental property that works with my strategy and buy it? 

Important to mention that I plan on taking a mortgage (with 20% down payment), and since i have never lived in the states, I don't have a bank account yet, and a credit score either. 

Any helpful tips will be more than welcome :)

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Charles Carillo
Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
5y

@Carmel T.

We have several foreign investor partners; feel free to reach out if you are looking for referrals to; accountants, lenders, attorneys etc. who work with foreign investors.

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  • Matthew CrivelliBusiness Member
    Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
    5y

    It's not difficult to get a private mortgage being non U.S. but I would plan on saving 30%. In most cases the leverage available for foreign investors is lower. 

    From what I can see, if you want to fix a property up you will see 25% down payments with a lender funded rehab. If you want to buy turn key and get into a 30 year right away its 30% down. 

    You will also need reserves on top of the down payment in either situation!

    Hope this helps!

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  • Charles Carillo
    Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Carmel T.

    We have several foreign investor partners; feel free to reach out if you are looking for referrals to; accountants, lenders, attorneys etc. who work with foreign investors.

    1Reply
  • Cassi Justiz
    Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes
    5y

    I would start seriously digging into your mortgage options now. I'd try get that totally lined up and find out what specific requirements/documents the lender will need to approve your loan. With foreign income and residency status, you'll definitely have to find a lender that is used to working with non-US based income/taxes. MOST lenders see foreign income and come to a complete road block that they can't work around. Having a lender on board before you start shopping will definitely help your stress levels. 

    I also agree that you should try to save up as much as possible over the next year. You'll need down payment funds, closing costs, reserves, possible rehab money, etc. Having more funds available is never a bad thing.

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  • Diana Rodriguez
    Member since 2021 · 5 posts · 1 vote
    4y

    Hard Money is always a great option where they don't really ask too many questions. They just require for the property to be a good property in order for them to be able to sell it if you default. 20% down for the one I use, and then a 6 month pre-payment penalty. 

    You should for sure reach out to a lender first and find out what they are requiring for you to have in order to prepare yourself to get started. Explain to them what you would like to do and they will guide you from there. Interview a few of them to fact check them and see who gives you a good feel. 

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