Hi,
I'm really glad I have found such an informative website such as BiggerPockets. It really does accelerate your exposure to excellent information. I am currently based in the UAE and relatively new to the us real estate game. I would really appreciate any advice on if I could better improve my investment strategy.
I am a British citizen and would like to invest in the US. My wife however is a US citizen from Ohio. I'm open to all states however I have been considering Florida as a starting point. My objective is to grow a real estate portfolio to generate a monthly income or at least break even as the asset gets paid off or till I move into a unit should that time come.
I live abroad and am able to access a personal loan of upto 130,000us dollars which I would need to pay back in 4 years.
On a 130,000 usd my monthly installments are around 3,500 usd a month
On a 100,000 usd loan my monthly installments would be around 2,500 usd a month.
Rates are 3.8%
I have found a 100,000 usd home in Florida mid way way between Orlando and Tampa that I would like to start with. It seems in excellent condition and it would rent out for around 1,200 usd a month.
I am considering the following options:
1- take out a loan for 20% of the value and use it for a seller financing option of upto 20 years. If this is possible what would be the key points to consider? Could I take a loan out for a 100 k and do this with several properties?
2-take a loan out for the 100,000 usd buy the property in cash and refinance it shorty after to free up 80% liquidity which I could reinvest in another property or partially pay off the loan also drastically reducing the monthly payments allowing me to greatly increase the income. I read about an exception with Fannie Mae on this topic. Does anyone know of any other refinancing options out there?
3- a lease to own model with a sublet to pay off the installments.
4- would I have to pay income tax for any of the above options?
I would be most grateful to hear your thoughts and or any guidance you may offer.
Kindest regards,
Tareq
