03Jun

Buying right now!

18 comments so far

I am sorry that I haven’t been updating my blog lately, however I was busy with getting my business ready. I have been working hard on finding 5 properties and then I spent another few weeks in getting financing for them in USA. As you know, banks are not willing to lend too much, however I have succeeded even as a foreigner – I am getting 70% LTV 30 year fixed loan at 6% rate.

I am now founding a LLC, which will own the properties, since it’s better for tax optimization. I am flying to US in few weeks to close the deals.

If you are interested in finding out more about the financing and finding the properties, please give me a comments so I know that people want to know about this. It will be better motivation for me as well.

Thanks

Wednesday, June 3rd, 2009 at 12:29 pm and is filed under buying property in usa. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

18 Responses to “Buying right now!”

  1. Posted by Stephen M. Taylor 4th June, 2009 at 12:04 pm

    Hey, just wondering something as a fellow foreigner. How did/are you getting your EIN for your LLC? Also, which area did you buy in?

    Thanks!

  2. Posted by admin 9th June, 2009 at 10:30 am

    Hi Stephen,
    I am founding the LLC in Nevada, since there are no state income taxes (just federal ones). I am doing it through a company and they also give you information about how to get EIN. Also my CPA said that it’s not a problem to get EIN even when you are foreigner. Check out this: http://www.incparadise.com/tax-id-ein/

  3. Posted by Gary 12th June, 2009 at 2:00 pm

    Hi, could you please let us know how did you find the mortgage? It appears to be quite difficult to find such mortgage. Thanks.

  4. Posted by Amit 16th June, 2009 at 4:15 am

    Did you open a bank account in the US? Without a SSN?

    Care to share the name of the company that helped you do all this?

  5. Posted by Keith Hannah 22nd June, 2009 at 12:46 am

    Hi, I am an Australian property investor looking to buy five or more properties in Las Vegas in the next month or two. What docs do I need to open a bank account and apply for a housing loan? Do I need an EIN if I am buying in my name only? Thanks very much. Keith

  6. Posted by rob brouwer 19th July, 2009 at 6:11 am

    Hi, I am an Australian also, and have read that vegas is growing well, so seems a good place to buy. What about when you want to sell property? Does the 15% foreign witholding tax kick in for capital gains as well as rental return?

  7. Posted by admin 19th July, 2009 at 7:09 am

    Hi,

    sorry guys for the delay. Unfortunately the financing I had in process in the end didn’t work out. I have called to another 10 – 15 mortgage brokers in different states and it seems that right now the financing for foreign nationals is quite impossible. I have still decided to buy at least one property by Cash and I will give you an updated about that in August – when I will be in Las Vegas.

  8. Posted by amanda 24th August, 2009 at 5:50 pm

    I am very interested in all aras of USA property buying so PLEASE share everything you can. Thanks

  9. Posted by Adam 15th October, 2009 at 3:10 am

    WOW, great site, exactly what I wanted. As far as finance goes, I’ve been emailing a guy and he said that unless I have US status, which I don’t some banks, including theirs will loan dollar for dollar what I have deposited in a savings account. The AU$ is going great guns at the moment, I was over there in may and it was 68c US, today 91! Huge, what a time. I hope I can secure the finance.

  10. Posted by rob 26th November, 2009 at 4:42 am

    how did you go? did you buy some usa properties?

  11. Posted by admin 1st December, 2009 at 9:09 pm

    Hi everybody! Thanks for the comments. I have finally started writing the posts, so come and see how I really did it! ;o) If you have some questions, please post them in the forum so more people can see them and maybe even we can get some different answers.

  12. Posted by mcarthur 9th June, 2010 at 5:40 am

    Hi, This post is great. I just bought a place in florida and looking to buy in New york and DC but would need financing so any help is appriciated.

  13. Posted by Marica 1st October, 2010 at 2:58 pm

    Hi,
    Could you please point me in the direction of banks or lending instiutions in that U.S. that are open and willing to lend foreigners money for purchasing property. I am from the Bahamas and I am starting the process of buying property in South Florida. I saw at the beinning of this blog that you got a 30yr fixed loan @ 6%. Please share. Much appreciated.

  14. Posted by David 4th October, 2010 at 12:05 am

    The properties in Florida are so very cheap. I want to buy there,”Cape Coral”. Is there anything I need to look out for?

  15. Posted by admin 6th October, 2010 at 4:26 pm

    2Marica:
    Unfortunately I wasn’t able to secure that loan in the end. See my latest posts about financing.

    2David: You can ask in the forum and maybe you will get more responses. Anyway what I can think of right away are the high property insurance costs in Florida (due to the hurricanes).

  16. Posted by Daisy, sydney 30th November, 2010 at 3:11 am

    Hi guys
    I have researched well ti invest in the States and ‘am ready to go. I will not invest anywhere and everywhere in the States. It can be risky if there are no ppl to rent your properties. Also avoid rough area …. u dont want your home left bare. I am looking at areas with high population, high employment rate, near good schools / universities. I am going to buy a couple then set up my friends who want me to be guinea pig !!! lol !!! Also have some good prospective financiers who might come on board!!

  17. Posted by admin 3rd December, 2010 at 11:13 am

    Congrats Daisy! Especially the prospective financiers is a good thing for sure. What areas (states or cities) are you considering to start with? I am just purchasing a property in Topeka, Kansas and it is suprisingly much better than Las Vegas and Phoenix, where I invested before. Low property prices, high rents, low vacancy rate..
    It’s always difficult to figure out the rental income, which is important for the calculation of the returns.

  18. Posted by admin 8th January, 2011 at 7:42 am

    Well good luck, tell us how everything goes with your property later!