Starting out in Europe - local or overseas?

[Z L.]

Hi everyone!

I'm a total newbie to real estate investment, so I have a lot of questions. I've been reading the site and the forum and I really appreciate the experience and wisdom of all the members here.

My main questions:

1. How to start off with little to no cash?

2. Is it possible to get a loan with a good credit score (around 720) but without a record of a steady income because I've been in school and currently live abroad?

3. Does a record of paying regular rents (ranging from $1000-1800/month) for the past few years for rental contracts under my name help?

4. If I haven't filed my W-2's from abroad for the past few years (because my income is low, sporadic and cash-based and wouldn't result in having to pay taxes anyway) is it better to backfile before I apply for loans?

AND

5. Since I live abroad (in Europe, the Czech Republic), would you recommend that I start off by investing in properties here rather than starting in the U.S.? From living here and moving from flat to flat over the years I've a pretty good grasp of the different neighborhoods and what the rental market is like. However, I'm not planning to stay here permanently, and was thinking of investing in property in the U.S., most likely in Chicago, because I've lived there before and know the city quite well. Does anyone have any insight about real estate investments in Europe vs. the U.S.? And local vs. remote?

Thanks everyone for your help!