All Forum Posts by: Matthew Aubert

Hi Matthew. 

My wife and I live in Dubai as well. In the past, we've set up an appointment with the US embassy to sign certain pages of the closing documents called out by the closing attorney, and then mailed it overnight via FedEx. The rest could be done via docusign. Be aware the embassy charges $50 per page so make sure you know exactly which pages need to be notarized. For a single-family home with a mortgage, it's usually been about 6-7 pages for me. You could get a power of attorney to sign everything for you but some mortgage brokers and closing attorneys want a particular power of attorney document which would also need to be notarized. 

Philip you wouldnt happen to have a current US Embassy number for scheduling appointments? 

So I can print the documents here (so there's no FedEx to get documents) and then sign/notarize everything here and FedEx back everything? Definitely beats flying home and cheaper. 

@Matthew Aubert you have 2 options:

1. Purchase each property SEPARATELY using a Conventional or Jumbo loan for each one, as applicable depending on your loan amount.  You can do these transactions simultaneously.

2. Purchase both properties TOGETHER using a Blanket loan, which does not exist in the residential Conventional and Jumbo world.  This would be either a commercial loan or a portfolio loan from a small bank or credit union.

It's really that simple.  Best of luck!

Matthew, I am a lender in FL and Jumbo loans and blanket loans are two different things. The Jumbo loan is any loan amount above $510,400 for a one single unit home. Note- that loan amount changes with the amount of units. For example, a 2-unit loan limit is $653,550. So anything above those numbers per the number of units is considered a Jumbo loan. Jumbo loans usually require a manual underwrite and may require 10% down (this may vary lender to lender). Jumbo loans typically also have a higher interest rate because they are more risk and not purchased by FNMA/FHLMC. If you're going to purchase both properties at the same time, make sure your lender knows your goals so they can watch your debt to income ratio. A Blanket loan would cover multiple properties but I don't know of any residential lenders that do blanket loans.

Thanks Elise for the info. 

@Matthew Aubert No you don’t need to be there. Docusign and notaries can be used for anything requiring a signature. I bought my first sight unseen property in September.

@Matthew Aubert, I'm assuming theses are separate properties on separate lots, right? What you really want to look for is a blanket loan, which can cover multiple properties. Make sure the mortgage has a "release clause." That allows you to sell them off individually in the future.

I highly suggest reading David Greene's book below. Its a non-rhetoric meat and bones bundle of info.

If you're referring to legally....I would think you wouldn't have an issue. Either remote closing, or a local representative to sign for you.

Best of luck!

Got the book and the audio. Thanks.

https://www.biggerpockets.com/store/long-distance-real-estate-investing-ultimate

I highly suggest reading David Greene's book below. Its a non-rhetoric meat and bones bundle of info.

If you're referring to legally....I would think you wouldn't have an issue. Either remote closing, or a local representative to sign for you.

Best of luck!

Thanks Justin. I know I could just fly back and close but it's such a hassle and pretty long flight. I'll definitely check out David Greene's book. 

https://www.biggerpockets.com/store/long-distance-real-estate-investing-ultimate

you might just consider getting an umbrella policy instead of using an LLC.... for folks with a few properties LLCs can be over rated. I would suggest talking with you CPA and your Ins broker.

Thanks Mary, I'll check with my CPA.