All Forum Posts by: Mark Csongradi

We found a place which was poorly advertised, and has been sitting on Zillow for over a month. After taking a close look at it, we recognized the opportunity. We scheduled a showing and we realized that seller (or agent) only took pictures of one unit of the discussed duplex. The other side as completely outdated and needed to be remodeled. Having said that, the listing attracted people who were looking for move-in ready properties yet didn't grab the attention of an investor wo wanted a value-add. This explained why the property gained interest from people at first but never got any offers. We negotiated and put our hands on it quickly.

Now, we are under contract of another duplex that was in a similar situation. Not many pictures were posted and there were emotions involved towards the tenant on the seller's side.

I think during these times it is worth it to look for properties that have been sitting on the market for a while. In some cases there is a legitimate reason, but I was able to make two great deals by examining such properties closely and not just scroll through. It also allows you to negotiate more aggressively and reduces the amount of competing offers you have to battle.

1 Vote

Quote from @Luther Wilson III:

Hey @Mark Csongradi, you may need to talk to some other lenders or perhaps utilize a different strategy. Depending on the type of financing you're planning on using - you can still get a deal done. Even then, if you go at it solo, as a non-citizen the rate & terms may not be as favorable. I have a partner in Canada who's had to maneuver through this as well. He now has an ITIN now which helps but the LTV's he can get are lower the the interest rates would be higher. The BRRR strategy has worked pretty well. You may need to look into owner financing or creative financing as well.

Luther, thank you so much for the input! It definitely seems like even giving up ownership is a better option than having the super-high rates as a non-citizen. Thank you!

0 Votes

Kansas City, Missouri

Quote from @Nathan Murith:

@Mark Csongradi congratulations on the first deal, joining BP, and doing the work.

Have you looked at non-qualified mortgage lenders? Another option is to create an entity (LLC) which I think you can do without being a citizen, then get a loan in the LLC and purchase the property that way.

And of course, another option is to keep partnering where your partner(s) bring the money or loan sponsorship.

Happy to discuss these options more if your ant to chat, do not hesitate to reach out, connect, and DM me

Thank you for the response Nathan. I'll definitely look into that. My latest update is that it seems like as an F-1 student, I have to options: have an ongoing internship (CPT) that doesn't expire within 6 months or have an OPT (post-grad work authorization for international students) that doesn't expire in 6 months. I am working on the paperwork with my current employer. Your point is still great though because I'm planning to create separate LLCs for each properties.

0 Votes

Kansas City, Missouri

Hi everybody,

I am a beginner real estate investor, originally from Hungary, now located in Kansas City, and we are just about to to close on our first small multi-family with my partner. We were able to get a loan with amazing conditions, however, I still have capital to utilize. I would like to put my hands on on another property on my own, but I was told by my lender that a US citizen must co-sign on the loan to make it work. I was wondering if there is a way to avoid that (thus securing 100% ownership instead of offering a percentage for co-signing). Thanks in advance!

0 Votes

Kansas City, Missouri

All Forum Posts by: Mark Csongradi

Mark Csongradi has started 4 posts and replied 14 times.

Post: QOTW: If you've bought a property in 2022, how did you find it?

Post: How to get a loan as a non-citizen?

Post: How to get a loan as a non-citizen?

Post: How to get a loan as a non-citizen?