Getting Started in RE on an F1 visa

Getting Started in RE on an F1 visa

New to Real Estate · Boston, MA · Member since 2020 · 5 posts · 2 votes

I am currently in the US on an f1 visa (student visa) and get my green card within a year. I go to Northeastern University in Boston, MA, and will be graduating in December this year. I have an additional $500k invested into a property as I am currently in the EB5 program, an investment program that allows foreigners to get their green card. This $500k is a gift from my father and will be given back to me within a few years time (3-5) once I get my green card. When I do get it, I want to be prepared to best know how to invest it. I have also secured a job that pays me a base $120k, $132k total per annum, and my first day at work will be 20th Feb, 2023. This job is located in Burlington, MA. This job will be Hybrid as I will only be required to go into the office once per week, I will be working from home the rest of the week.

My question is, what do you think is the best strategy for me to get started right now?

I certainly aim to start with Multi-Family homes, but I am unsure of what types of loans I could qualify for, how much I could qualify for, and how much I could afford, or if I can even qualify for a mortgage on an F1 Visa and if I should just wait for my Greencard to get started? I am also unsure as to which cities in MA are best to purchase rental properties (as I want to househack and rent the other unit(s)), and how do I determine which cities are best for rental properties.

Finally, I am highly motivated to find a partner/mentor who I could learn from and grow. I am able to provide technical services, anything related to websites, social media, etc., and am able to drive to sites at any time and day of the week as I will be working from home at a job remotely 4 times a week. I am quite dedicated and have reading books, listening to podcasts, and networking for the last 3 years, and feel I am confident enough now to really get started.

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  • Flipper · Anna-TX · Member since 2017 · 71 posts · 76 votes
    3y

    Hi, @Khalid Khan great to see that you will join the RE investors Club!  

    First thing: I am pretty sure you can invest with your F1 Visa. I am a foreign (Brazil) and I invest with my B1/B2 Visa (the regular tourism/business Visa). I do it through my LLC (although I could do it in my name with an ITIN, but not recommended).

    Really nice what your Dad did for you (the EB5). It's how you are getting your Green Card, right?!

    Some advice (as a foreign) that you may already be doing: 1) build your credit score (use and pay credit cards and other bills and get your info - SSN or ITIN - linked to it). 2) start/improve relationships with banks, property managers, realtors, etc, this will help a lot. 3) start studying your local market (I would say, Burlington, MA as you mention you will work there), that way when you decide to invest you will be familiar with prices, location, etc and will be able to make a decision faster. 

    I believe multifamily will be expensive and difficult to find in your area, so I would either start with an SFH (that you can house hack depending on the size and how comfortable you are sharing the property with strangers) or get a partner with knowledge/great credit/funds to join forces with you. That way you could build experience to get bigger deals when your EB5 funds become available.

    That´s just my opinion and how I started (and what I should have done earlier).

  • Real Estate Agent · Minneapolis · Member since 2019 · 338 posts · 219 votes
    3y

    Hi Khalid, congrats on getting started in your real estate journey. I work closely with a recent graduate who is now working at Northeastern and in a very similar situation to you. He decided to focus on a 2-4 unit house hack which I think is a great strategy for you as well.

    Happy to talk in more detail if you are interested!

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