US property finance?
Discussion
I'm busy enjoying the world of real estate foreclosures in Florida right now - eye watering prices and resulting rental yields are most attractive. Anyway, the whole thing would be even better if there was US$ funding available. I've had a good scout around and can't find any. The irony is you could easily borrow 100% of the purchase price of a property when it was $250,000, but now it's $25,000 you can't borrow any!
So, long shot I know, but does anyone know of companies offering reasonably priced US property finance (for UK citizens)?
So, long shot I know, but does anyone know of companies offering reasonably priced US property finance (for UK citizens)?
The Real Estate agents should be able to hook you up with finance.
This thing of "no financing available" is crap, I get calls all the time from poeple wanting to lend me money.
Also, if it is held by a bank as a NPA, I'm sure they will be more than happy to unload it.
Expect a loan in 4 - 5% range with 25% down.
Watch out for buyer needs CO.
Excessive escrow on Real Estate Taxes.
Visit property morning noon and night to get a feel for the neighbourhood.
Floods/Water history.
This thing of "no financing available" is crap, I get calls all the time from poeple wanting to lend me money.
Also, if it is held by a bank as a NPA, I'm sure they will be more than happy to unload it.
Expect a loan in 4 - 5% range with 25% down.
Watch out for buyer needs CO.
Excessive escrow on Real Estate Taxes.
Visit property morning noon and night to get a feel for the neighbourhood.
Floods/Water history.
Jeff, you're in the US so it's easier. For us foreigners, it is difficult / impossible.
I've had to pay cash for the ones I've bought in 2011 thus far. Would love 5% with half down.
As for Arizona, no comment as I'm only focussing on the Disney area right now as it meets my criteria of 80+% fall from high value combined with decent long term occupancy rates and resulting yields of 15+%.
I've had to pay cash for the ones I've bought in 2011 thus far. Would love 5% with half down.
As for Arizona, no comment as I'm only focussing on the Disney area right now as it meets my criteria of 80+% fall from high value combined with decent long term occupancy rates and resulting yields of 15+%.
influential said:
Jeff, you're in the US so it's easier. For us foreigners, it is difficult / impossible.
I've had to pay cash for the ones I've bought in 2011 thus far. Would love 5% with half down.
I'm a foreigner too, you missed the spelling of neighbourhoodI've had to pay cash for the ones I've bought in 2011 thus far. Would love 5% with half down.
Social security number ? (or Tax ID)
US bank account ?
What about establishing a line of credit secured on existing property/ies
Very easy to get, mine was 10 minutes on the phone, pop in sometime to sign.
I have 4.25% variable, although it has not variabled down to 3.85% which I have seen offered elsewhere. That bank may have higher set up costs. My set up was $90.
No interset until you write a cheque.
Try TD bank, although your current bank would be a better bet.
influential said:
I'm busy enjoying the world of real estate foreclosures in Florida right now - eye watering prices and resulting rental yields are most attractive. Anyway, the whole thing would be even better if there was US$ funding available. I've had a good scout around and can't find any. The irony is you could easily borrow 100% of the purchase price of a property when it was $250,000, but now it's $25,000 you can't borrow any!
So, long shot I know, but does anyone know of companies offering reasonably priced US property finance (for UK citizens)?
If there was an active finance market they wouldn't be selling for $25k.....that's why they're selling for $25k!So, long shot I know, but does anyone know of companies offering reasonably priced US property finance (for UK citizens)?
it's definitely a market to look at but it's important to recognise that assets are priced by the market and in the UK we are very much outsiders to this market and so it is very hard to get a low risk perspective as to whether the particular property is priced due to lack of finance amongst the local group who would typically buy it or because it is genuinely screwed.
NY state and California are safer bets in my eyes as they aren't over stocked and massively dependent on tourism which may struggle for some time, or reliant on the Snow Birds whose incomes and savings have been hit very hard.
NY state and California are safer bets in my eyes as they aren't over stocked and massively dependent on tourism which may struggle for some time, or reliant on the Snow Birds whose incomes and savings have been hit very hard.
influential said:
Agree on NY and CA but am enjoying such high yields with long term tenants, can't complain.
There can be no doubt that within our lifetime there has never been a better time to pick up resi property in what is and will remain for some time the best economy in the world. It's just a matter of how well you understand the particular area and its risks etc. I know bugger all about Florida so would probably only look at opportunities in established places like Siesta Key or as you mentioned golfing properties near Disney etc.dvs_dave said:
Trying to get finance in the US without a social security number and/or a domestic credit history is virtually impossible.
I'm speaking from recent first hand experience as a new permanent resident of the US.
It also help maasively having a credit history over there. When my sister moved to the US she ended up taking out a HP loan on something like a TV that she didn't really need just to build up a credit history. I'm speaking from recent first hand experience as a new permanent resident of the US.
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