I speak six languages, Portuguese being one I am very fluent. I get approached by undocumented Brazilians all the time trying to find a way to invest. What’s your take on it? Is it possible? Are they simply processed as foreigners? What about income verification and documentation if they have been gone from their homeland for years?
I am from Brazil and invest in US (living in Brazil). As far as I know the undocumented have 2 options: Buy cash or buy as a foreign using a brasilian address and having access to the foreign conditions (25-30% down, higher interest rates, etc).
I speak six languages, Portuguese being one I am very fluent. I get approached by undocumented Brazilians all the time trying to find a way to invest. What’s your take on it? Is it possible? Are they simply processed as foreigners? What about income verification and documentation if they have been gone from their homeland for years?
Thank you!
Bad idea. My suggestion is that they invest their money in a good immigration attorney and focus on getting legal status.
It is best to find a CPA that is experienced with foreigners and will be able to setup the LLC. I would not recommend doing it yourself. I have a CPA that can do this if you PM me.
Lender · Grand Rapids, MI · Member since 2018 · 703 posts · 446 votes
7y
I have completed a couple of these loans for clients. The big hurdle is always US bank account. They require the funds to be in a US account for a period of at least 6 months, they also require the payment to be auto pay.
Its easier if they have a US credit score but you can also use 12 months of mortgage history to get around the credit score thing. They wanted cancel checks and bank statements so hopefully they pay mortgage with same account every month and on time.
They also need US company docs, so LLC documents.
They really hit them on rate is like mid 7"s and 65% LTV so the client needs to have some liquid and understand its going to take 60 days to close.
They also do lexus background check on them, and the client needs to pay for that and they run about $1250.
Overall they are easy to close if the client has good clean docs just takes some time to do them.