New Member: Non-US Resident (Visa) Seeking Advice on First US Multifamily Deal

Michael Erasmus
OP
Investor · Great Falls, MT · Member since 2026 · 9 posts · 1 vote
1mo
Thank you so much for the clear and practical advice — I really appreciate it.
You’re right that with limited capital and my visa status, the first deal is more about learning the process and building credibility than buying a large property on my own. Partnering with an experienced operator or taking a defined role in someone else’s deal makes a lot of sense. I’ll also pay close attention to the underwriting points you mentioned (in-place income, realistic expenses, debt coverage, reserves, deferred maintenance, taxes, and a conservative exit).
One of the next steps I’m focusing on is building the right team early. As a non-US resident on a visa, I want to do this carefully.
What is the best way to start finding and vetting these key people:
• A lender who works with foreign nationals / non-residents
• A local investor-friendly broker
• A reliable property manager
• A CPA familiar with non-resident tax issues (including FIRPTA)
• An attorney who understands real estate, securities, and immigration-related considerations
Any practical tips on where to look, what questions to ask, or common red flags would be really helpful. I’m starting small and want to build the team the right way from the beginning.
Thanks again for sharing your perspective.
0 Reply

Leo SteinBusiness Member

Property Manager · Orange County, CA · Member since 2025 · 319 posts · 78 votes

[email protected]949-391-1019

Michael, the two units you already manage in South Africa are the most useful thing on your resume. I would lead with that when you talk to partners, and I would not lead with a raise.

For a first US multifamily, I would not try to assemble a large capital stack on your own. Fewer options will show up for a non-resident, and a lender will want to see who is actually operating the property day to day. Your underwriting questions are the right ones: in-place rent, realistic expenses, debt coverage, reserves, deferred maintenance, taxes after you buy, and a conservative exit. I would also want a local property manager lined up before you sign, because you will not be in the market to walk a unit.

When you approach a partner, be direct about your experience and your capital. Bring value in the form of underwriting, local research, or operations, and say plainly what you are not bringing yet. Raising money casually from people who are not already in the deal can trigger securities rules, so I would not do that without a lawyer. Not legal advice. Happy to compare notes by message.

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Arman AhmedPro Member

Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 975 votes

[email protected]614-418-6081

Quote from @Michael Erasmus:

Hi everyone,

I’m new to BiggerPockets and excited to learn from this community.

I’m originally from South Africa, where I own two apartment units. I’m currently working in the US on a visa (not a US resident/citizen). I’ve been educating myself on US real estate, focusing on multifamily, and I’ve started underwriting deals that could potentially be my first investment.

My situation:

• Limited capital on my side

• I Would need partners/investors to help me finance

• Very new to US deal structures, financing options for non-residents, and how to properly bring on investors

• Goal is to invest in multifamily properties in the US

I’m trying to figure out if/how this is realistic as a first deal, what common pitfalls non-residents face, and the best ways to structure things or find the right partners.

Specific questions I’m hoping for advice on:

1. Realistic paths for non-US residents (on a visa) to get into multifamily with limited personal capital?

2. What should I focus on while underwriting my first deals (key metrics, red flags, team members I need first)?

3. Any tips on approaching potential partners/investors when you’re still new and have limited skin in the game?

I’m happy to share more details about the types of deals I’m looking at or answer questions. Looking forward to connecting with people who have experience with foreign/non-resident investors or starting small in multifamily.

Thanks in advance!

I’d start by getting clear on your financing options before trying to bring in partners. As a first deal, know your numbers inside and out, especially purchase price, rents, expenses, rehab, reserves, and realistic cash flow. Having a solid local lender, PM, and contractor will also make you much more credible to potential partners. And don’t feel like you have to stay in Montana. Some Midwest markets have lower entry prices and solid multifamily opportunities, which can make a first deal easier to structure.

Leo SteinBusiness Member

Property Manager · Orange County, CA · Member since 2025 · 319 posts · 78 votes

[email protected]949-391-1019

Glad it helped, Michael. A few ways to find each piece: for lenders, search for foreign national DSCR lenders and ask each one up front what they need from a visa holder (down payment, reserves, US bank account, ITIN or SSN), then compare at least three. For an investor-friendly agent and property manager, pick your target market first, then ask local BiggerPockets members and meetups there for names, and interview two or three of each with the same questions about fees, vacancy and reporting. For the CPA and attorney, look for people who already work with foreign investors and ask how many nonresident or FIRPTA clients they handle. A good lender or CPA can often refer the rest of the team. Which market are you leaning toward? That narrows the list fast.

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Michael Erasmus
OP
Investor · Great Falls, MT · Member since 2026 · 9 posts · 1 vote
1mo
Thank you — this is very clear and practical.
I'll start by researching foreign national DSCR lenders and asking each one exactly what they need from a visa holder (down payment, reserves, US bank account, ITIN/SSN), then compare a few options.
For the agent and property manager, I’ll narrow down a target market first and then reach out to local BiggerPockets members and meetups for recommendations, interviewing a few with the same set of questions.
I’ll also look for a CPA and attorney who already work with foreign investors and ask about their experience with non-residents and FIRPTA.
I’m currently based in the Great Falls area of Montana, but I’ve been looking more closely at the Missoula market because it seems to be growing. Would you (or anyone else) have thoughts on Missoula for a first multifamily deal as a non-resident with limited capital? Or are there other Montana markets that tend to work better for someone in my situation?
0 Reply

Isabel Rao

Investor · chicago · Member since 2026 · 18 posts · 22 votes

hi, I am also non resident on visa here! J1 visa, a really ****** one. Closed on my multifam deal this September, even a deal that’s including renovation loans to build a 4th unit. So it’s definitely possible! I am in Chicago. Also not a lot of capital.

There’s definitely up and down to this investment, headaches and such. I would advice you to reach out to different lenders, explain your situation and see what products they can offer you. Based on what you can get you can start fine tuning your buy box. Mine was a Fannie Mae home style reno loan.

I purchased on market 😅 because I want to focus on learning construction for this first deal. I would like to think it’s a good deal because it cash flows and the area is seeing momentum in appreciation.

Michael Erasmus
OP
Investor · Great Falls, MT · Member since 2026 · 9 posts · 1 vote
1mo
Hi Isabel,
Thank you for sharing your experience — it’s really encouraging to hear from someone else who is also a non-resident on a visa and recently closed on a multifamily deal with limited capital.
I’m in a similar position (non-US resident on a visa, limited capital, looking at my first multifamily deal). I’d love to learn from what you went through if you’re open to sharing.
Would you be willing to share a bit about the steps you took to get your first deal done? For example:
• How you found and chose your lender
• How you structured the deal / financing (you mentioned a Fannie Mae HomeStyle reno loan)
• How you found the team (agent, contractor, etc.)
• Any major challenges you faced as a non-resident and how you handled them
No pressure at all if you’re busy — even a few key points would be really helpful. Congrats again on closing the deal!
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Ashish AcharyaBusiness Member

CPA, CFP®, PFS · Sarasota, FL · Member since 2017 · 5k+ posts · 3k+ votes

[email protected]941-914-7779

Michael, you’re asking the right questions, and I’d put the U.S. tax residency determination near the top of the list before choosing the ownership structure.

One thing that often gets confusing is that immigration status and U.S. tax residency are not necessarily the same thing. Being in the U.S. on a visa does not automatically make someone a nonresident for tax purposes. The substantial presence test and, depending on the situation, treaty rules can matter.

Once that is established, I’d have the CPA and attorney map out the ownership structure before bringing investors into the deal. How you hold the property, how investors contribute capital, how income is allocated, and how the investment is eventually sold can all have tax consequences. If the investment is structured as a partnership and there is effectively connected taxable income allocable to a foreign partner, the partnership can also have specific Section 1446 withholding and reporting obligations.

FIRPTA is another issue worth understanding early. It generally applies when a foreign person disposes of a U.S. real property interest, so I’d want the eventual exit considered when structuring the investment rather than discovering the withholding requirements when you are ready to sell.

On the investment side, I agree with the others that your first deal should probably be about building a track record. A smaller multifamily deal with an experienced operator may be more valuable than trying to force a large deal with limited capital.

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Leo SteinBusiness Member

Property Manager · Orange County, CA · Member since 2025 · 319 posts · 78 votes

[email protected]949-391-1019

@Michael Erasmus Montana isn't a market I work in, so I'd lean on local agents and property managers for Missoula specifics. For any first small multifamily as a non-resident with limited capital, I'd check a few things: how rents compare to price after taxes, insurance and a realistic repair budget; how long units sit empty between tenants; what local management costs and whether good managers take on small buildings; and how the state's landlord-tenant rules handle notices and move-outs. Isabel's and Ashish's points on lenders and tax structure are worth settling before you shop. When you interview Missoula managers, ask what a typical turnover costs and how many days a 2-bed usually sits. What size building are you targeting?

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Erik EstradaBusiness Member

Lender · Los Angeles, CA · Member since 2022 · 7k+ posts · 1k+ votes

[email protected]818-269-7983

Hi Michael,

It sounds like a U.S.-based partner would help in your scenario.

The main issue I am seeing here is what exactly would you contribute to the partnership? Will you be finding the deals?

If you are planning to venture out alone, it will be very challenging to obtain financing without any experience, credit, and large cash reserves.

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Michael Erasmus
OP
Investor · Great Falls, MT · Member since 2026 · 9 posts · 1 vote
1mo
Hi, Erik
Good point - that's exactly why I'm looking for a US-based partner vs going solo.
Solo with no US credit/history would be tough on financing. I'm looking for a partner who brings experience + balance sheet for the bank, I bring the front-end work.
What I'm doing on my end:
Deal Flow: I'm based in Montana, focused on Missoula small multis (2-8 units). I'm sourcing 5-10 deals/week direct from brokers (ERA Lambros, Eagen, etc.) - mostly 2 bed / 1.5 bath type that qualify for 30-year residential loans. I'm filtering for mom-and-pop owned where owner pays utilities + rents 10-15% under market - classic expense play.
Underwriting: I'm pulling T12s, rent comps, and underwriting to actuals - vacancy 8%, PM 8%, maint $75/door, 5% capex, plus utility bill-back upside. I don't send anything to partners unless it hits 6.5%+ cap at market rents.
Execution: Once under contract, I handle the asset management side - turnover coordination, rent increase execution, utility bill-back setup, lease updates. I'm 2hrs from my target market so I can be on-site when needed. Partner doesn't need to self-manage.
Capital: Putting $10k of my own into first deal plus sweat equity for sourcing + managing the value-add. Looking for a 70/30 or 75/25 structure where partner brings the bulk of down payment + credit for financing, I bring deal flow, underwriting, and on-the-ground management.
Financing-wise, I'm targeting 4-plexes specifically to start because they get 30-year residential financing vs 5-year commercial balloon - easier for first JV with partner's W2/credit as borrowing entity, me as non-borrowing JV member. Plan is 24-month refi after forcing NOI via bill-back + market rents.
Would love feedback if my expense assumptions are conservative enough.
What's your typical structure when partnering with someone bringing deal flow vs capital?
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Michael Erasmus
OP
Investor · Great Falls, MT · Member since 2026 · 9 posts · 1 vote
1mo
@Erik - thanks for flagging financing - adding one detail on my end
For visa compliance (I'm non us resident) I'm passive member / K-1, not active manager. PM does 100% day-to-day. I do deal flow + underwriting + oversee value-add (bill-back) from laptop/phone through PM. Partner = Managing Member/borrower.
Structure stays 70/30, refi returns capital first.
My original post stands, just clarifying execution so it's 100% clean.
0 Reply

Dan Duenas

Lender · Irvine, Orange County · Member since 2026 · 82 posts · 47 votes

Michael — you're looking at the right product, and one clarification makes it click.

The reason DSCR fits foreign nationals isn't that it's "investor-friendly" — it's that a DSCR loan never qualifies you on personal income documents. No W-2s, no US tax returns, no pay stubs. The property's rent has to cover the payment; your personal income never enters the math. That's the mechanism that makes it work on a visa.

What foreign-national DSCR typically looks like: bigger down payment than a domestic borrower (plan on 25–30%+), passport and visa docs, a US bank account for the transaction, and a rate premium over domestic pricing. A 4-plex is still residential (1–4 units), so you're in the right box — this isn't a commercial-loan situation.

The 70/30 JV structure you described works fine as an alternative — just get the waterfall in writing before money moves: capital returned first on refi, then the split. Handshake JV math is where partnerships go to die.

If I were in your seat I'd price both lanes — foreign-national DSCR in your own name vs. the JV — and pick the one with the lower all-in cost of the money. Happy to talk through the DSCR math on a 4-plex — Dan

Michael Erasmus
OP
Investor · Great Falls, MT · Member since 2026 · 9 posts · 1 vote
4w
Hi Dan - thank you, that makes DSCR click. So foreign-national DSCR qualifies on property rent, not personal income - that's why visa works.
For first deal I'm targeting JV lane because I have $10k, not $70k for 25% down solo. So 70/30 JV with US partner as borrower + Managing Member, me as passive Member with $10k in.
Plan is 4-plex Missoula, 30-yr DSCR in JV name, 24-month refi after bill-back + market rents, waterfall = capital back first, then 70/30 split. PM does 100% day-to-day, I do deal flow/underwriting/asset mgmt from laptop.
Thanks - Michael
0 Reply

Nyisha Walton

Lender · Houston, TX · Member since 2026 · 138 posts · 42 votes

4w

Hi Michael, there are foreign national and visa holder loan programs built for exactly this, and some let partners come in through an LLC. We work with investors in your situation in 30+ states. Happy to walk you through what down payment and documents to plan for.

[email protected]737-773-3717

Michael Erasmus
OP
Investor · Great Falls, MT · Member since 2026 · 9 posts · 1 vote
4w
Hi Nyisha - thanks. I'm H2A returning Feb 2027, looking at Missoula 2-4 units. For first deal, looking at 70/30 JV - US partner as Managing Member/borrower, me as passive Member with K-1, PM handles ops. So loan would be in JV/partner's name, not mine solo.
Do your foreign national programs allow that JV structure in MT? And what down/rate delta vs domestic DSCR?
Michael
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Noah WrightBusiness Member

USA, Nationwide · Member since 2024 · 486 posts · 152 votes

4w

Doing the deal flow and underwriting yourself while a US partner signs for the loan is a realistic way in, and you've already worked through more of the structure than most people do on a first deal. What decides how good the financing gets is experience. On most DSCR and small multifamily programs, the borrowing partner's track record is what counts, not yours. The programs I see often allow less leverage for a first time investor, so a partner with a couple of years of US rentals can mean a smaller down payment. A partner's history moves the loan as much as their cash does. Most DSCR lenders also want anyone holding roughly 20 to 25 percent or more of the LLC on the application, so at 30 percent you'd probably be pulled in too. Has your partner owned US rentals before?

Michael Erasmus
OP
Investor · Great Falls, MT · Member since 2026 · 9 posts · 1 vote
3w
Thanks Noah, that helps a lot. My partner has owned US rentals before, couple years in Montana. I'm on H2A so I can't work, can only be passive. So if I stay under 20% as a passive LP, would most DSCR lenders not pull me onto the application? Appreciate the insight.
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Marc MoraPro Member

Investor · Fort Lauderdale, FL · Member since 2026 · 303 posts · 47 votes

2h

@Michael Erasmus, with limited capital and a visa, I'd aim smaller than multifamily for the first US deal. Although, with the right partners, you can go larger. Partners tend to back someone who has closed something here, so a smaller property you can close with your one partner may get you to multifamily sooner. Raising capital is something I've done, and I'm open to sharing how I'd approach partners in your position. Would your partner be on the loan? What strategy would you use to build that first track record?