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Yankee Buyer | 12 Jun 2013, 03:07 PM Agree 0
US property is looking good, especially if you take into account the probablility that the US dollar will appreciate (If I'd bought a couple of weeks ago I'd have already 'made'10%!:-D) but getting finance over there looks tricky. Does anyone know any lenders/brokers who do lend to foreign nationals? I DON'T want to buy anything through a spruiker, happy to hunt my own deals down - thanks!
  • wiseinvest | 12 Jun 2015, 05:41 PM Agree 0
    Hi Yankee buyer,

    It's difficult to be able to get financing over in US unless you've got at least 30% of the property. It took me a while to find this out after researching for a very long time. That said, you can find deals to be had where the seller will finance the deal for you or part of it for very little (down) outlay or "no money down". If you do want to get financed, you can find what they call a "Hard money lender" or "private lender". Though you'd be expected to pay higher in interest than you would at a local bank.

    It just depends on what you plan to do with your property. Make sure you have an "end mind" in place before you decide to invest in US.

    As a side note, I've purchased several lands from as little as $1 where taxes are around $30/year. You can get yourself started purchasing lands so the taxes won't cost you too much... I've purchased lands in Michigan, Ohio & California and the most I've paid for is around $500 USD. The yearly taxes are from $30/year to $120/year.

    It cost me more to get the papers processed than the land itself. I figured, this is an amount of money I'm willing to lose if it didn't work out or if I didn't receive the title. And I did receive them.

    I'm now ready to move up to apartment blocks and am in talks with sellers willing to sell their properties. I'm trying to make it a "no money down deal".

    Going back to your question, if you can get into commercial - there are plenty of lenders who will be willing to lend you up to 70% LVR on your properties.

    Anyway, hope this helps.

    Cheers,
    wiseinvest
    • Rob | 02 Nov 2015, 05:03 PM Agree 0
      Can Australian citizen purchase land?
      Any tax benefits? Do we need a solicitor to do this
  • nickg198 | 10 Mar 2016, 11:13 PM Agree 0
    We regularly take over management of homes from home-owners who have gotten themselves into a huge mess with their tenants and need us to clean it up. Unfortunately, by the time the owner calls us they've typically already lost thousands of dollars in rent!
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