Memphis in Dubai

[Fernando Parker]

Hello BP. I'm a native Memphian, currently living and working in Dubai. I'll be home for the holidays, and I want to invest in 2-4 door multi families or a couple of single families. I want to pay cash. I fully understand the power of leverage, and in the future I intend to do just that, but I know that no bank is going to approve a loan for me because I live and work in abroad. Because of this, I won't be able to produce many of the documents that they will require. Those documents and that concept just do not exist here. 

My plan is to buy the properties outright, sit on them while renting them out for a year, and next year I'll go to the bank for a loan using the equity in the properties that I purchase this year as collateral. I'm in no hurry, and as a relative new comer to real-estate investing, I'd rather play it safe and learn on my own dime than potentially have to learn a hard lesson while owing a mortgage. If this is a terrible idea, please feel free to tell me so.

I have also set up an LLC under which I will title the property (hopefully the first of many). My target is B- to C- properties, and my budget is roughly $200k. I'll buy in December of the year. If I need a reality check, please feel free to offer one, and if you have any input that will help me in my quest, please feel free to offer that as well.

I'm looking forward to the feedback. Thanks all