Venezuelan eager to invest in the USA.

Foreigners Buying in the USA
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Venezuelan eager to invest in the USA.

Jose Godoy
VALENCIA, CARABOBO · Member since 2017 · 5 posts · 3 votes

Hello BP Community!

Mi name is Jose Godoy and I am a Venezuelan citizen eager to invest in Buy/Hold properties in the USA. I have some cash save to invest (between 50-60k) and one of my options is Turnkey Investment Company.

According to some research I've made, the best places to invest in order to acquire good ROI are in the next few cities: Indianapolis, Memphis, Cincinnati..

My short term plan is to move to any of this cities to start a General Contractor Business and my real estate investments by applying for an EB2 Visa (my wife is an Spaniard Citizen). As a General Contractor in my hometown buying Fixer-Upper houses to increase their value is something I pretty much can do with ease.

Like any foreigner seeking to invest in RE in the USA, my main concern is to get in touch with professionals that could help me with this endeavor, like a CPA, RE lawyer, Real Estate Agents, Title and Escrow companies, General Contractors (to begin with), etc. 

I have found in BiggerPockets the chance to read many forums and discussions which have been very helpful and it comforts me to know that many people is willing to help as little as they can.

If you read this let me know what you think about my beginner plan to invest into Turnkey? what do you think about the cities I mentioned  to invest? 

Wish me Luck!

2Reply
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Crystal SmithPro Member
Moderator
Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
9y
Originally posted by @Jose Godoy:

Hello BP Community!

Mi name is Jose Godoy and I am a Venezuelan citizen eager to invest in Buy/Hold properties in the USA. I have some cash save to invest (between 50-60k) and one of my options is Turnkey Investment Company.

According to some research I've made, the best places to invest in order to acquire good ROI are in the next few cities: Indianapolis, Memphis, Cincinnati..

My short term plan is to move to any of this cities to start a General Contractor Business and my real estate investments by applying for an EB2 Visa (my wife is an Spaniard Citizen). As a General Contractor in my hometown buying Fixer-Upper houses to increase their value is something I pretty much can do with ease.

Like any foreigner seeking to invest in RE in the USA, my main concern is to get in touch with professionals that could help me with this endeavor, like a CPA, RE lawyer, Real Estate Agents, Title and Escrow companies, General Contractors (to begin with), etc. 

I have found in BiggerPockets the chance to read many forums and discussions which have been very helpful and it comforts me to know that many people is willing to help as little as they can.

If you read this let me know what you think about my beginner plan to invest into Turnkey? what do you think about the cities I mentioned  to invest? 

Wish me Luck!

  •  I recommend you review @Brie Schmidt website on Turnkey companies so you can evaluate the turnkey investors you're considering.  
  • Regarding your plan, I'm unsure how much a turnkey property would cost in purchase in Indy, Memphis or Cincinnati but w/ $60K you could probably only purchase one property for cash & then you'll be tapped out.  I recommend you do some research on companies that will underwrite foreign Nationals.  Your $60K would go a lot further if you're able to get financing.
312-681-7487
2Reply
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  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    9y

    @Jose Godoy Welcome to Bigger Pockets! You might as well bookmark this website now. Its really good. It seems like you have a great strategy in place. The cities you mentioned seem to be fairly popular among out of state and foreign investors. Best of luck!

    My Online Accountant572 Reviews
    WebsiteView Page
    0Reply
  • Jose Godoy
    OP
    VALENCIA, CARABOBO · Member since 2017 · 5 posts · 3 votes
    9y

    Thank You @Daniel Hyman I'll keep that website in mind!

    0Reply
  • Elizabeth Wilson
    Real Estate Investor · Memphis, TN · Member since 2016 · 940 posts · 695 votes
    9y

    @Jose Godoy -  if you decide to head to Memphis,  let me know!

    Curious why you'd do turnkey if you are a GC and planning on living where you invest?  

    0Reply
  • Jose Godoy
    OP
    VALENCIA, CARABOBO · Member since 2017 · 5 posts · 3 votes
    9y

    Hello @Elizabeth Wilson! Thank you for  your help.. honestly, I guess that I dont want to make mistakes with my first propertie. New country, new job estructure.. I am probably being too conservative or just carefull. 

    0Reply
  • Tom Ott
    Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
    9y
    Originally posted by @Jose Godoy:

    Hello BP Community!

    Mi name is Jose Godoy and I am a Venezuelan citizen eager to invest in Buy/Hold properties in the USA. I have some cash save to invest (between 50-60k) and one of my options is Turnkey Investment Company.

    According to some research I've made, the best places to invest in order to acquire good ROI are in the next few cities: Indianapolis, Memphis, Cincinnati..

    My short term plan is to move to any of this cities to start a General Contractor Business and my real estate investments by applying for an EB2 Visa (my wife is an Spaniard Citizen). As a General Contractor in my hometown buying Fixer-Upper houses to increase their value is something I pretty much can do with ease.

    Like any foreigner seeking to invest in RE in the USA, my main concern is to get in touch with professionals that could help me with this endeavor, like a CPA, RE lawyer, Real Estate Agents, Title and Escrow companies, General Contractors (to begin with), etc. 

    I have found in BiggerPockets the chance to read many forums and discussions which have been very helpful and it comforts me to know that many people is willing to help as little as they can.

    If you read this let me know what you think about my beginner plan to invest into Turnkey? what do you think about the cities I mentioned  to invest? 

    Wish me Luck!

    Hello and welcome to BP! This is a great place to start investing. Investing in the United States is great from out of the country when you use a turnkey company.

    I always suggest you do your research and make sure they are a good company before you invest. 

    Try looking at:

    What to Ask When Working With a Turnkey Provider

    and

    How to Find the Right Turnkey Real Estate Investment Company for You

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    9y

    Welcome to the site @Jose Godoy

    0Reply
  • Vinay H.
    Cambridge, MA · Member since 2017 · 268 posts · 247 votes
    9y
    The steps mentioned will take a long time. Migrant visa, starting a business, identifying a property etc all take time. Plus 50k is not a lot of start up capital and you will have no credit history in the USA. Best to partner with an established person that you already know who is active in the USA.
    0Reply
  • Jose Godoy
    OP
    VALENCIA, CARABOBO · Member since 2017 · 5 posts · 3 votes
    9y

    Yes @Vinay H. you are right, that is why I an considering a Turnkey company for my first investment. Thanks for your advice!

    1Reply
  • Mark HartPro Member
    Developer · Memphis, TN · Member since 2017 · 352 posts · 148 votes
    9y

    @Jose Godoy Welcome to BP! The key is to find a great team! Ideally you would find a company that has everything under one roof. Acquisitions team, renovation crews (fully licensed and insured), Property Management, and a Real Estate Investment Brokerage in case you ever decide to sell.

    By teaming up with a solid firm you can mitigate your risk and have some "boots on the ground" that have your best interest in mind. 

    0Reply
  • Jay Bhatt
    Tarrytown, NY · Member since 2016 · 79 posts · 43 votes
    9y

    Welcome  to BP@Jose Godoy . I would say you can read this article which should help you determine your stand on which way to go.

    https://www.biggerpockets.com/renewsblog/2016/07/2...

    I would say don't rush into anything.  Use Biggerpockets resources, read and don't invest until you visit the market you want to invest.

    I started out looking into turnkey model and visited several areas including Memphis before decided to go on my own route in NWI market.

    If you decide to enter in NWI market in future, I will be glad to help. I can refer to a great turnkey provider in that market who is very active on BP and  has a solid reputation. Just to be clear, I don't have any financial incentives involved.

    Wish you the success and request you to stay patient before you jump in.

    1Reply
  • Crystal SmithPro Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
    9y
    Originally posted by @Jose Godoy:

    Hello BP Community!

    Mi name is Jose Godoy and I am a Venezuelan citizen eager to invest in Buy/Hold properties in the USA. I have some cash save to invest (between 50-60k) and one of my options is Turnkey Investment Company.

    According to some research I've made, the best places to invest in order to acquire good ROI are in the next few cities: Indianapolis, Memphis, Cincinnati..

    My short term plan is to move to any of this cities to start a General Contractor Business and my real estate investments by applying for an EB2 Visa (my wife is an Spaniard Citizen). As a General Contractor in my hometown buying Fixer-Upper houses to increase their value is something I pretty much can do with ease.

    Like any foreigner seeking to invest in RE in the USA, my main concern is to get in touch with professionals that could help me with this endeavor, like a CPA, RE lawyer, Real Estate Agents, Title and Escrow companies, General Contractors (to begin with), etc. 

    I have found in BiggerPockets the chance to read many forums and discussions which have been very helpful and it comforts me to know that many people is willing to help as little as they can.

    If you read this let me know what you think about my beginner plan to invest into Turnkey? what do you think about the cities I mentioned  to invest? 

    Wish me Luck!

    •  I recommend you review @Brie Schmidt website on Turnkey companies so you can evaluate the turnkey investors you're considering.  
    • Regarding your plan, I'm unsure how much a turnkey property would cost in purchase in Indy, Memphis or Cincinnati but w/ $60K you could probably only purchase one property for cash & then you'll be tapped out.  I recommend you do some research on companies that will underwrite foreign Nationals.  Your $60K would go a lot further if you're able to get financing.
    312-681-7487
    2Reply
  • Steve B.
    Engineer · Portland, OR · Member since 2014 · 1k+ posts · 1k+ votes
    9y
    You shouldn't even think about investing while out of country if you plan on coming here anyway. You are going to be working on perniciously incomplete information if your operating remotely
    0Reply
  • Jose Godoy
    OP
    VALENCIA, CARABOBO · Member since 2017 · 5 posts · 3 votes
    9y

    Hello @Steve B. I am doing a lot of research and thanks to the advice of everybody in this forum I am not plannig to do anything while outside the US

    0Reply
  • Alejandro Riera
    Contractor · Texas, IN · Member since 2016 · 29 posts · 12 votes
    8y
    @Jose Godoy, how is it going with your RE plans? Have you made your first aquisition? I am interested in hearing your experiences, as I am in the very same path.
    0Reply
  • Alejandro Riera
    Contractor · Texas, IN · Member since 2016 · 29 posts · 12 votes
    8y
    @Jose Godoy, how is it going with your RE plans? Have you made your first aquisition? I am interested in hearing your experiences, as I am in the very same path.
    0Reply
  • Gary Trapeo
    Real Estate Investor · Port Richey, FL · Member since 2015 · 4 posts · 1 vote
    8y

    Hey Jose .

    I see you posted this 5 months ago and just want to follow up to see how your investment program is going

    0Reply
  • Sourabh Bora
    Bronx, NY · Member since 2016 · 58 posts · 60 votes
    8y

    Hey Jose,

    I think the visa you are looking at is EB5 ( 500k investment + 10 jobs created for 2 years) , not EB2 (masters or Phd degree with 100k salary , winning the H1b lottery and working under it for 2 years etc) 

    Keep in mind that if you invest 50k, that's 50k less from the 500k . Lot of real estate projects are being funded through (mostly chinese ) EB5 investors these days.  Just search for EB5 real estate.

    Good luck!

    0Reply
  • Anderson Schulle
    Turnkey Service Provider · Fort Worth, TX · Member since 2013 · 135 posts · 41 votes
    8y
    Welcome to BP Jose Godoy My suggestion would be to focus on getting the E2 Visa first, since you will need around 100k to get it approved. Unless your 60k is additional funds you have. In which case I would still focus on building your contracting business first and use that maybe to buy a house to rehab yourself. Somewhat of a tuition you pay for hands on learning. There are many markets in the similar price range of those you mentioned. The three you mentioned would all work in my opinion. Best of luck!
    0Reply
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