All Forum Posts by: Ephraim Lett

Hey @Nicholas L. first off, I apologise for the late reply. I recently contacted several banks in Florida to open an account and they informed me that It is not possible to open the account without a US address and an ITIN number. Additionally, when I inquired about a mortgage they told me that it is also not possible to get a mortgage because I am not a US citizen. However, I was advised to create an LLC and visit the branch in Florida in-person to make the account for the LLC to conduct bank transactions online.

The downside to that is, recently I found out that my country (Trinidad and Tobago) is on a blacklist and several banks aren't allowed to conduct transactions with my country. So, I am not sure what I should do at this point.

Does anyone have recommendations as to what steps I should consider? I am organising to acquire about 28000 USD but as I cant get a mortgage, should I buy a house for that price?

@Lior Reich thank you Sooooo much for your advice. I'm going to check out the banks and work from there. 

As for the our purchasing of properties cash...I will try to work on that as well. I gave my self a realistic goal to work with and I'm going to work at it.

Thanks a million.

Have a blessed day.

Good day everyone. I am new to the industry of real estate and I have been reading and educating myself on some steps and procedures of purchasing real estate in America; particularly Florida.
Being a foreign national, I realise that there is some red tape that I need to overcome;
1) Such as creating a bank account (which I read only two banks offer to create accounts for foreign nationals and I must come to America to create it).
1.1) I've also read that I should open a business account to pay less taxes. I'm not sure how that works though.
2) Downpayment for foreign nationals are set between 35%-40%... nothing lower!
3) Lenders only offer to purchase properties for a minimum of $150,000.

Basically I would like to know if these obstacles are accurate and if so how do I overcome them. Personally I have no problem with coming to America to open the account, however if I can do it eletronically it would be a big help.
Also, is 35%-40% the best offer available for me?
Finally, why can't I purchase a cheaper properties through lenders?

Thank you guys for your help in advance

Good day everyone. I am new to the industry of real estate and I have been reading and educating myself on some steps and procedures of purchasing real estate in America; particularly Florida.
Being a foreign national, I realise that there is some red tape that I need to overcome; 
1) Such as creating a bank account (which I read only two banks offer to create accounts for foreign nationals and I must come to America to create it).
     1.1) I've also read that I should open a business account to pay less taxes. I'm not sure how that works though.
2) Downpayment for foreign nationals are set between 35%-40%... nothing lower!
3) Lenders only offer to purchase properties for a minimum of $150,000.

Basically I would like to know if these obstacles are accurate and if so how do I overcome them. Personally I have no problem with coming to America to open the account, however if I can do it eletronically it would be a big help.
Also, is 35%-40% the best offer available for me?
Finally, why can't I purchase a cheaper properties through lenders?

Thank you guys for your help in advance.