All Forum Posts by: Clinton Bolton

 what kind of neighborhood would that price range be? surely it can't be a B or A neighborhood im guessing more c and lower which won't that be giving you more headaches in the long run and definitely won't get any appreciation later down the line.

good day everyone

Im a foreign property investor and have been looking into tapping into the US market for quiet some time now. I came across this guy Kris Krohn on instagram and have been going through all is social media and websites. He states that he can help if you partner with him, you both go 50/50. 

You pay a once off membership cheapest one is $18k, and then after his team will find you deals, you put down the down payment and his team will do the financing and if there is any work that needs to be done they get the contractors and over look the whole project from start to finish and manage it also. So Was wondering if anyone has some insight to him or has dealt with him before? sounds interesting to partner with him as I don't live in the states and can't get a mortgage as I am not a citizen so would be nice to have someone that has knowledge of the US market and that already has a team in place.

Any insight to this guy or even your opinions about this  would be much appreciated. Yea quickly is there any way of finding out whether he and his company are legit and are doing what they say they do and not just scamming people.

Anyways thank you again and look forward to hearing from you guys on your thoughts..

Sincerely 

Clinton

@Scott Sklare sure thing but im out of the country at the moment. you able to FaceTime?

Hi Bigger pockets family.

Would love to get your insight and one anothers perspective to exactly this topic. Its on a property that I can go about two ways with it. with a purchase price of $120k so below are two options to go about it. option one is going the loan route and option 2 is going the cash route.

1st option is

Take out a loan:

purchase price: $120k

LTV: $90k @ 4.29%

down payment 25%: $30k

rehab: $5k

closing costs:$15310

total all in (out of pocket) :$50310

Rental: $750pm
monthly mortgage :$322

monthly expenses: $133

total monthly expenses: $455

$740-$455 =

Net monthly profit: $295

$295x12=

yearly net profit after all expenses: $3540 ÷$50130  giving me a COC ROI 7%

Option 2 ( I have the cash to purchase it plus rehab costs and closing costs in full in CASH)

Buy it in cash and use that leverage to reduce the price by $10k SOOOOO:

Purchase price: $110k CASH

Rehab: $ 5K

Closing costs:$13500

Total costs (out of pocket) $128500 CASH

After rehab I refinance and take the money out from the property value $128500 which I get to borrow $96k,  25% of $128500 = $96k leaving $32125 in the property.

Rent is: $750

mortgage: $344

expenses: $133

Total monthly expenses: $477

Net monthly profit: $273

yearly net profit after all expenses: $3276  

3276 ÷ $32125

giving me a COC ROI : 10%

What are your thoughts on either option which one would you go for and why?

option 1:

-youre purchase price is $10k more, 

-you have a higher monthly income 

-lower COC ROI and a 

-lower mortgage payment 

-but a higher out of pocket with $50310 (closing costs, rehab etc)

option 2:

-you have a lower purchase price of $10K, 

-you have a higher COC ROI 

-but a lower monthly income, 

-your initial investment you are $128k out of pocket 

-but when you refinance you only have $32125 out of pocket compared to option 1 of $50125

Thank you for your time and your insight look forward to hearing your opinions.

Just a note I have done both options already on multiple properties but would just like to get insight from other property investors and get different opinions on which one you would pick and why you would pick one option over the other.

Thank you again and hope you all have a great weekend.

Regards

Clinton

Hey @Scott Sklare

To be getting 15-20% ROI what price range are we looking at and also what kind of neighborhood to be getting that kind of return. Would love to get more insight.

Have a great day

Hi everyone

Wondering if anyone can recommend a trustworthy and reliable wholesale companies that they have possibly worked with before.

Ive come across some companies such as Rootstock which was suggested on the bigger pockets members perks

http://roofstock.com  has anyone worked with this company? I've heard of horror stories and almost became one of those horror stories thankfully I did my due-diligence. 

Hope you guys can shed some light on this and have some recommendations.

Thanks for your time and help in advance.

Clinton

Is it even possible to buy a property in cash as a foreigner under your own name without having to register an LLC due to taxes purposes because you won't have a SSN?

Can anyone recommend a good wholesaler company, that's reliable?

Thank you.

Hi Everyone

Been a long time follower on everything bigger pockets, but first time posting on here. Sorry for the long post but thought I'd put it all out there to save the time in having to ask me questions, but I sure ill forget something so ask away if you do have any questions.

little info about me:

I'm British Citizen but born in South Africa.

I have a few investment properties in countries that I'm citizen of just single family homes and apartments. So have somewhat of an understanding in property investing but not as professional like you guys on here. Especially with all the strategies you can go about as there are so many strategies you can do in the United States which a lot of countries you can't do because they do not allow it, there's a lot of restriction on what you can do in other countries.

That is why I have my interests in investing in the United States.

I am not a US citizen nor a green card holder and do not have a SSN.

I do have a bank account in the United States.

I have an incredible paying job, zero debt and zero expenses, medical, accommodation, food, transport and travel is all covered by my employer, so I'm very fortunate to be completely debt free. 

I've looked a lot in Florida as I have lived there on and off for many years so know the area pretty well, but I've looked into Texas and Michigan also. As I have traveled extensively to these states before, so kinda know the areas too but it has been some years since I have been back. I'm open to investing in any other states which anyone can recommend that they know is good to invest in.

Im interested in the house hacking idea with buying duplexes/ triplexes and also in single family homes. After years of searching and then giving up and then finding some motivation to try again, getting back onto google search and researching for lenders that would lend to foreigners. I finally found a company in Florida that would lend to me, only in Florida but there's a catch I can only purchase in certain counties in Florida which is annoying but I'm just glad I found someone finally. Im still wanting thought to purchase in other states like I mentioned before such as Texas and Michigan and any other states that professionals recommend. Obviously I need to find a bank that would lend to me, if anyone knows of banks or companies that will lend to foreigners at reasonable interest rates I say this because I have found some companies that would lend but want to charge 11% interest or more.

Another question I have is that is there any strategy to negotiating the purchase price even when its a sellers market right now. I have been looking into properties in Florida which is booming as we all know its crazy to see. But when coming to negotiating there's no negotiating, buyers are purchasing homes above the asking price it is crazy to watch. Is this now how it's going to have to be till the housing bubble pops? am I going to have to pay more for the property than what the seller is asking for to seal the deal before someone else takes it away from me? or is there a strategy to getting it below market value what the seller is asking for?

Hope you have a wonderful week and thank you for your time in reading this post. Look forward to hearing from you guys.

Kind regards

Clinton