All Forum Posts by: Account Closed

Where can US citizen own property outside the United States?

I've googled it. It doesn't seem to be an easy question to answer. Is there a complied list somewhere? I know Belize is a hot item right now. I just want to know my options.

Thanks,

Jeri

I've also read Ali Boone's blog

http://www.biggerpockets.com/renewsblog/2013/05/11/overseas-investing-for-real/

What was the result?
Scam or not? I'm curious......

So you are saying with a bad DTI (over 36%?), I could *possibly* still do seller financing since the seller will more than likely only look at my credit report (w/other seller financed houses reported) and won't really care/calculate my DTI?

Thanks J Scott

I'm trying to think ahead. I'm approved now for at least $150,000 (my mortgage broker said he could probably go higher) I'm about to buy my first investment house, but I want to keep buying and not held up by my debt to income ratio. I'm not sure whether to buy a cheap house in an okay area or a expensive house in a really nice area. I'm not sure to max out my loan amount or stay conservative in preparation for my next buy. That's when I started thinking about seller financing....which I guess doesn't make a difference.

Do have any advice on this?

J

Hello,

So, I believe these are the three things looked at by a lender.
[1] credit score
[2] debt to income ratio
[3] how much money I make a year

I can control my credit score, but I can't control my job income (to some degree...that's why I'm beginning investing.)

But what about debt to income ratio?. My thought was I could buy more property without it effecting my debt to income ratio if it was seller financed. Is this the wrong way to think about this? Are there some really good resources you could point me to?

**And sorry about the title deb = debt (The editor wouldn't let me edit the title after I submitted the post)

Thanks,
J

@Paul Cordero

I'm currently looking at an older house and was approved for $150,000 conventional, but the seller told me he wouldn't do the deal unless I got FHA 203K. Which seemed a little strange to me....almost like he's warning me there is something wrong with the house that he's not disclosing. (When I say 'he', I mean the bank's attorney....the house is a foreclosure.) Any how I'm working with a mortgage broker from Keller Williams whose awesome. He got me the pre-approval I needed. Thanks everyone!

In addition to what I wrote above. I have read this. http://www.biggerpockets.com/mortgage/fha-loans/. How can I find an FHA lender?

I went to this site http://www.hud.gov/ll/code/llslcrit.cfm, but my criteria found nothing.

I search a 60 mile radius from Richmond, VA and selected Title II, Multi-family servicer originator (I don't know what that means), and multifamily originator only.

Where do I prequalify for a FHA loan?

I went to this site http://www.fha.com/prequalify.cfm and clicked "Start Now". Then I answered all the questions. At the end of the process they told me that they would email me when they find someone to help me see if I pre-qualify for and FHA loan. It's been a week and no one has contacted me.

Can't I just go to a bank to see if I qualify? Isn't this suppose to be easy? Where can I do this?

Thanks Biggerpockets!
Jeri

Thanks Ali Boone and Ryan S. (Sorry it's taken me so long to respond)

Everyone has given great advice!
I won't bank on appreciation. I've decided against the $30,000 duplexes. (That area is dead.)

I'm learning so much every week about real estate. From reading and podcasts, it's a lot to taken at once.

See you on the forums!
Jeri

Thanks everyone.

Greg B. if "appreciation and valuations dropped. What would happen to you if this happened?"

Even if the worth dropped, if I had the renters pay off the property and the initial amount I put down, wouldn't I still be making money? Am I thinking about that the right way?

I agree with you both. I don't want to rely on appreciation.

The root of my question is....Is it okay to buy decent property in average or below average neighborhoods? Should I never buy property in bad neighborhoods as an investor? Even bad neighborhoods need renters right? The properties there probably won't appreciate that much if at all, but are really cheap.