Coming to the US - Where should I start?

Question

Hello BP Community,

I've been following the social media channels closely and decided to hop on here and say hello 👋🏻

I'm Marco, and I'm 29; I was born in Italy, traveled the world with my wife for the last four years, and eventually settled in the Canary Islands for 1.5 years.

I hold a PhD in Electrical Engineering and have worked in tech for the last five years, which eventually granted me an NIW green card.

We (my wife and I) hold a $1.2M+ portfolio of 4 self-managed short-term rental properties (across the Canaries and Italy) and a long-term property in Rome, Italy, that we rent out to students. Thanks to this community, we made the last two deals on 0% interest seller financing.

We're coming to the US over the next few months, and I don't know where to start the RE journey on the other side of the firewall 😅 We targeted LA as a candidate destination.

Do you guys suggest starting with wholesaling?

John Jones · Answer

@Marco Spaziani Brunella I'd nominate getting into the Memphis market. It's mostly renters which lends itself to good cash flow, the cost of entry is low, and if you can navigate the different areas in Memphis, seeing some appreciation isn't out of the question! Our team has helped OOS investors do this. Would love to connect and chat more if you're interested!

Joseph Bui · Answer

Hi Marco, why do are you targeting the LA Market? Whats your goal when investing? Is it cash flow? Appreciation? I, personally, focus on midwest markets, specifically Detroit and Memphis with 7 doors across those cities. Happy to connect if you want to learn more about my investments and why I chose those cities.

Michael H. Cook · Answer

Thanks @Cassidy Burns and I'd be happy to connect @Marco Spaziani Brunella

Cassidy Burns · Answer

@Marco Spaziani Brunella , if you are interested in the Shenandoah Valley, specifically STRs, reach out to

@Michael H. Cook

Good luck!

Kingsley Thomas · Answer

I don't really think Shenandoah area is a good fit.  It is a very difficult area to operate in because of limited service providers, home quality, and the increase in supply, and big drop in demand.  Its a lot of hands on work, and you have to be very very careful with the house you buy.  I own a few STRs there and it is not for the faint of heart. If you are looking for a challenging investment with the best return potential, I would look at Puerto Rico. Since your already from a Spanish island, that actually helps a lot.  My STR in San Juan, Puerto Rico is booked solid.  Check out AirDNA for the stats.  More and more flights are being added from the mainland. The airlines are betting on it big.

Marco Spaziani Brunella · Answer

Thanks everyone for the great advice! Regarding credit score, I already got an AMEX here in Europe a while back. I checked with them, and I can quickly switch to a US one to hit the ground running and build up my credit score.

I looked at the Shenandoah area, and it seemed pretty interesting! Jessie, if you're active in the area, let's connect

Michael Smythe · Answer

@Marco Spaziani Brunella can be a nightmare getting loans on rental properties in your situation.

Easiest, besides seller-financing, would be to get a mortgage on a primary residence to start building credit. For primary home lending, several banks have Foreign National programs that accept a foreign credit report. You may have to go FHA or put 20% down though.

Obviously, get 2-4 USA credit cards and use them at least once every 3 months to start building credit here.

You can also try to piggyback on someone else's credit history, by having them add you to their credit account.

Karen Chow · Answer

I think it takes a while for your credit score to establish. I moved here from Canada to the US in 2003 and bought my first house in 2006. I also had no credit history. I seem to remember having a hard time with basic things like getting a cell phone. I also had a hard time transferring money internationally, so kept most of it in Canada, and saved up for a downpayment while working full time here. For cities, will your jobs have a physical location? Or is it 100% remote? I think it's generally easier to invest where you live.

Julio Gonzalez · Answer

Welcome to the BiggerPockets community, Marco! It's fantastic to hear about your diverse background and impressive real estate portfolio. Starting your journey in the US real estate market sounds like an exciting venture.Best of luck, and we're excited to see your success unfold!-Julio

Jessie Dillon · Answer

i’ve heard it’s pretty difficult to get loans at all if you are not a citizen, but you may be able to do hard money / private money or partner with a citizen?

Coming to the US - Where should I start?

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