Posted by Joseph Zimny on July 11, 2003 at 01:44:46:
Al,
I live and work in Shanghai, China and have faced some of the same issues. Luckily, we were able to invest in the U.S. rather easily. First, I worked to establish contact with several hard money lenders who were made to understand my position. We reached agreement on the assets I pledged as additional collateral against the additional risk associated with my residency situation and off I went.
Using several of the techniques highlighted on this web site, I was able to source several properties after a bit of time. Eventually, on a trip back to the U.S., I met with several buyers, lined up the funding and closed the deals in very short order.
The key for me and I think for you is to identify a location, prepare contacts in that location and then plan to travel there to investigate a deal or two.
Although some additional cost will occur as a result of your residency status, you will still be able to find sellers receptive to creative techniques, which will make your effort worth it over time.
I’ll be glad to help where I can. Our contacts are mainly in California. Feel free to e-mail me directly. jzimny@jiayide.com
I’m a property investor based in Sydney, Australia. My question is in regards to how to acquire investment properties in the US. Here in Australia, there are a lot of restrictions and strict guidelines that an investor needs to adhere to before he can qualify for a loan.
The creative financing such as seller financing, purchase money mortgage, hard money lenders, private investor funding, the use of multiple loans from non conventional means etc, are not very common here therefore investors here usually rely on conventional means to get loans ie through banks and mortgage brokers.
I feel that the problem with that is an investor is missing out on lots of opportunities because most commonly he/she has to wait for the his/her properties to appreciate in value so that he/she would be able to use the growing equity as a collateral in order to acquire the next properties with 100% financing or come up with hard cold cash to get into deals.
I would like to start investing in the US, any advice please? Just the procedures or steps I need to take to get into the property market in the US would be of great help.
For a non resident investor, how much does a lender there willing to lend? I am referring to loan to value ratio? 80%?90%? and what is the lowest interest rate there at the moment?
There’s always a new way to “skin the cat.” Tell me what you’re
looking for and maybe I can help. I happen to like Sydney. I’m
sure there’s Lots of opportunity there. Let me know.