All Forum Posts by: Leo Furest

 Hello, welcome to BP! I feel identified with what you say. I am a foreign investor, based in South America and travel very often to Detroit to monitor my investments. We share the same goals: a long term buy and hold strategy. I have been focused on building this portfolio during this year having developed my own team of realtors, handymen, property manager, title house, inspection companies, attorney and all the expense list of etceteras that might bore you. You are on the path! we have a nice cashflowing portfolio and focused on getting bigger! anything you need, please don't hesitate to contact me. Leo.

 Sure! please feel free to do it. Best, Leo.

Nancy, how are you? I will be in Detroit in 10 days. Can you please send me a private message with contact details of the person you are dealing with at Street Bank? I am also willing to further analyze the possibilities of getting some loans for foreign investors. Thanks in advance and have a great weekend. Leo.

Lindsay thank you for your message! We all foreign investors face this challenges daily! 

Hi Ryan, thanks for your message.

I started 6 years ago when Miami was a cash machine...nowadays have to constantly look for nicer IRRs. All my new investments or markets approached is doing it personally. I don't know where you live, but for me is a $1,000 flight ticket + 1 week @$200/night + $150 food + $345 rental car. I prefer investing that money in a "prospection" trip rather than following some Guru's advice that never put at risk 1 hard earned dime. I don't know...thats my opinion. I didi it with Miami, also with Detroit. Also true that once that you Start you don't stop, must have a top local team but also have to be monitoring everything. I travel 10 days per month to U.S. to monitor everything. If you are interested in starting but don't want to do it this way, please feel free to contact me I can send you couple options in RE for you to analyze.

take care,

Leo  

Hi Erin, I have never approached Orlando area as investment market, but essentially South Florida (Hollywood and down till Brickell). Actually focused on Detroit, but maybe one of these days when FL is worth investing again will re consider it. Nowadays is way too hot....and IRRs are one digit :(

 Wish you the best possible experience! Good luck.

Sure! Just let me know, I will be happy to try to help each other. I invested for 5 years in Florida, till market got really hot and IRRs went down. Also appreciate in the future to have contact with Main Street Bank in Detroit if you have success. What %LTV the lend? Or you are planning on buy 100% cash and then refinance with them.

Leo.

Nancy, I face the same challenge being from Uruguay. DeWitt proposed a solution to me that you could give a try (I have not done it). If one of these days you consider buying in Florida I can put you in contact with a local bank that lends to foreign national up to 50%-60% LTV with reasonable rates. Please let me know if you find a good lending option in Detroit for foreign nationals.

Best,

Leo.

Hi Cliff, first things first: consult your attorney or CPA regarding this. I am just going to provide my personal opinion based on my experience. I am not a CPA nor an attorney, just a RE investor sharing and learning in BP.

1-No matter where you are based. I have purchased Michigan based properties with FL LLCs for some clients.

2- I would pay attention if you are buying through a mortgage. Banks don't like to lend to LLCs, many people buys on its own name, and then transfers the deed to the LLC. Can the bank detect it?? Well, they can and this could result in the execution of the mortgage. Don't remember the name of that clause (maybe some attorney can help us).

3- Checking accounts for LLCs shouldn't be a problem to open in any bank. 

Feel free to PM me if you need further details and always remember that CPAs and attorneys have studied to answer these things, we help from the experience.