All Forum Posts by: JP Larcheveque

Hi all,

After browsing a bit in the forum I figured I might as well just ask my question here.

I am looking to buy a very old brownstone in Phili, it has an oil tanker in the basement and half of the house is powered by it. I will be getting rid of this and replacing it with a power aired furnace. My question is: Can there be a second oil tanker buried somewhere on the property I am unaware of? 

Any info on this is much appreciated. There is a lot of sh.t I have to worry about in London, but dead tankers was not of them.

Hey all,

Just moved to Phili from London to do an MBA. I get rental income on my UK properties but as I am a student I have zero income in the US. I will be approaching the landlord of my current property with an offer, but I want to have finance sorted first.
I am looking at taking a 30 year mortgage and will be putting at 20% deposit.

Any banks or brokers that would work with some foreign rental income? I have a perfect credit history (I kept my US credit cards for 10 years even while living abroad :)), I will also be using my wife's rental income (she is a green card holder with an almost non-existing credit).

I am looking to buy this house and sell after I have lived in it for 2 years for tax reasons.

Thank you for any tips!

@Bill Exeter THANK YOU! I did not realise you could do a 1031 on foreign properties. 

@Trevor Ewen , thank you very much for this. That was my thought initially, until I saw a lot of spam coming from the biggerpockets sponsored posts "no deposit, 100K passive income, no problem!"...

It's interesting what you have to say about partnering with somebody else who would be taking the loan. My view was to always limit as much as possible the equity part of the transaction, and your plan would essentially do the trick. 

I still have a few options to explore before finding partners - I am thinking mainly to take out 200K of student loans, I just need to see if the 7% interest would still make sense. I'll be studying 2 years in Phili which is exactly the time it takes for a tax free saving on a main home, partnering up with someone as a pure investment play would remove a bit of the juice from such a play am afraid.

Hi all, 

I am moving back to the US from London to go do an MBA. I'll have no salary and my credit history is just good (it was perfect 7 years ago, but haven't used credit as living in the UK). 

I want to buy a flat in the Phili area, do it up and sell it right after 2 years. I can put 100K in deposit, how much leverage can i get knowing i have NO salary and I will be a student? I have flats in Europe, but all mortgaged so quasi impossible to use as collateral.

Any information or pointers to resources would be greatly appreciated

Cheers,

- JP

Good afternoon all,

So I am just doing a bit of research here (well starting). I live in London and will go to Phili to do an MBA. I am no longer employed and I am about to volunteer for Habitat for Humanity until the start of the MBA in August.

I will be tenanting my home as well as keep my other properties (all in London) tenanted and will have a small income as a result when I move to Phili in August (we are not talking much here $5K of revenues, netting $1K of profit after mortgage + everything else). 

I will borrow $200K at 7-8% as I don't want to take the equity from my flats given the rubbish GBP/USD rate at the moment.

Now I also want to do some RE investing while studying, what would you recommend I do in terms of financing, bearing in mind I will have $200K of student loans, and how relaxed are brokers with lending to someone with no job and no real income (remember all my small income is from abroad). I am happy to put down 20% (i'll take the GBP to USD hit on my savings for this, as I intend to hold only for 2 years and don't expect the GBP to come back versus the USD in that time. I was thinking of picking up an absolute run down house, live there, fix it up and sell at the end of the MBA not to pay taxes on the capital gain (main residence). If the above is impossible - how relaxed would they be if my investment is for a rental property where I do not intend on living in?

How feasible is that project? I know I should talk to a broker etc... I will do it at some point, but this is all very early stage for me. I am a US citizen.

Thank you all in advance,

- JP

(PS: I know $200k for an MBA seems outrageous, but I am pretty set on this. I used to head a small team at an investment bank, but I am still young at 29 and I want to reconvert into real estate private equity - the MBA is the only way to do this it seems)

 @Mark Robertson where do you get the demographic split? I am a bit surprised at that demographic type. Is that strictly speaking for real estate debt crowdfunding deals?