All Forum Posts by: Ryan DeLange

I have also shifted away from turnkey providers. not entirely, but I feel after reading David Greene's book out of state investing I have lots of options and don't just need turnkey. Which opens a lot of doors for me. I'm currently looking at a duplex in my home town and found a PM who could help handle the operation.

That's great you found a lender. I'm in the same boat and I'm having a lot of trouble. Would you mind pointing me toward your lender?

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Originally posted by @Matthew McNeil:

Originally posted by @David Choe:

Hi, I'm a US citizen currently living in London. I have a stable job working at a British company, but have not had any US income in the past 9 years. Looking to invest in the US real estate market again, and have enough for a down payment, but curious how feasible it will be to get a mortgage. Anybody have any experience getting a mortgage while living abroad? Thanks!

Hi David. I have experience getting a mortgage while living overseas. Although you don't have any "US" income, you have "income" and your worldwide income is subject to tax according to the IRS which I'm assuming you've been reporting on Tax Form 2555 each year. In addition, any bank accounts you have where you're depositing your non-US income is supposed to be reported by your foreign bank (in London I assume) according to the Foreign Account Tax Compliance Act (FATCA) where you also need to comply by filing a FBAR FinCEN Report 114.

All this to say, your compliance to these will certainly allow you to qualify for a mortgage (not that its a requirement, but supports your claimed income) - which is what I've done many times while living overseas.

The only problem I've encountered is that lenders are not familiar with the the figure that Form 2555 generates and drops into your 1040 because its listed as a credit - currently $103,900. So, it just takes a little explaining for them to understand what's going on. I've always been successful clearing that up with the lender and get approved. Hope that helps.

Have you done this recently? If so could you point me to your lender? I've been having no luck. 3 lenders now have told me my foreign address makes it impossible.

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Bryce,

Did you ever manage to get a loan? I've been rejected three times now because I have an overseas address.

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A lamp caught fire, damaging the outlet and causing $400 damage to the flooring. The electrician says the circuit is fine so the tenant's lamp must have been faulty.

Any advice on whether I should just pay for repairs, try to get the tenant to pay for it, or claim it on my insurance?

Thanks!

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@Mark Payne Are you still using Advantage Property Management? Are things still going okay? I am currently with them and wondering if you had similar experiences to me when it came time for vacancy and tenant transition. Thanks.

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That's so strange. I wonder why they do that. Anyways so the best thing to do to be fair to the seller is find out what the imputed interest is and make that the lowest interest rate offer. Maybe

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Well, that's true but it seems like a good way to give a seller who is stuck on price something close to what they want . You could give them a balloon payment after 5 years, after which you've already paid off a quarter of the principal.

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Hi, I've heard some gurus, Matt Terio to be specific, talk about a three option letter of intent. The final option is a principal only loan, where you divide up the payments over 20 years and simply pay off the house that way - with no interest.

A simple example, would be - lets say I agreed to buy a house for 30,000 dollars with a 20% down payment and a 20 year principal only loan for the rest (24,000). I would divide the 24,000 into monthly payments (24,000/20 years/12 months = $100 per month. You could do a balloon payment after a specified time.

Somebody told me that this type of loan is illegal. Can someone help put me straight, because I'd love to make an offer like this.

Thanks

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Hey Thomas, I can't find a Brian Harris on Bigger Pockets who is in Memphis. Which Brian Harris are you referring to? I really appreciate your help.

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All Forum Posts by: Ryan DeLange

Ryan DeLange has started 10 posts and replied 26 times.

Post: Global Mortgage Group Asia (GMG Asia) Reviews?

Post: Private Financing for Expat living overseas.

Post: Getting a mortgage as an expat living abroad

Post: US Expat in South Korea Receiving Mortgage Loan in the USA

Post: Electrical fire ~ paying for damage

Post: Property Manager in Memphis?

Post: Principal payment only loans - legal?

Post: Principal payment only loans - legal?

Post: Principal payment only loans - legal?

Post: Urgent: Virtual wholesaling, how to show the property