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Updated almost 9 years ago,
New multiplex investor in Phoenix starting with house hacking
Hi,
I am a soon to be graduate student in Phoenix, Arizona and real estate has always been one of my passions, more specifically Commercial Real Estate. I won’t bore you with my ultimate goals and such. However, I’ve been browsing and reading Biggerpockets for a couple of weeks now and I am excited to finally start my adventure in real estate investing. But I do have a couple of questions, and I hope to find some answers here. Below are my questions:
- 1.I am not a U.S Citizen or resident but I am looking to invest in real estate in the U.S. Initially in the Phoenix area. As a foreigner can I get a (FHA) loan? I have a good credit score.
- 2.As a student I do not have a steady job yet (student worker position on campus does not count) therefore I have no steady stream of income. However, I do have some money stored away that should cover the down payment and the initial 8 months of rent. I also have no debt. Will I qualify for a loan?
- 3.With the above information, could you tell me if it is able to start a house hack? And use this as proof/source of income for your mortgage? Meaning will the bank accept the house hack as an income stream? Or does it have to come from another job?
- 4.If I cannot get a loan as a foreigner, am I able to start an LLC and use the LLC to get a loan for the quad or triplex? If so what credit history or score will be used to determine the loan?
- 5.If none of the above applies to me, I was wondering if someone has a personal experience story about finding private investors and what sort of contract was set up and if this would be a smart choice in my situation.
Any other information that you can give me in regards to my situation based on the information provided above is welcome.
I appreciate you taking the time to answer these questions and maybe consider chatting with me in private.