All Forum Posts by: Account Closed

@Halukcan Baser

I do not have a green card or work visa and I have previously purchased property in the US.

1. Of course you can. All standard sales contracts will require you to declare if you are / are not a US resident.

2. The tax stuff is where it can be complicated. You should get in touch with an American  tax accountant to be fully informed. You will need to get a SSN (social security number) or an ITIN (tax number). If you derive income from your property/ies then you will have to submit a tax return every year. Also, look into FIRPTA if you're looking at flipping. FIRPTA is essentially a tax of 10% on the sale price of any home you sell. There are ways to get an exemption certificate but you should realize that 10% of the sale price of any house you sell will be held in escrow by the buyer until (if) you get your waiver. If you don't get your waiver, your buyer is required to pay this over to the IRS. If you get the waiver (in my case it took 6 months to get) you'll get your 10% back. Again, meet with a CPA that is knowledgeable on these things the next time you are in the US and learn as much as you can by researching online.

3. From what you say, there will be 2 reasons why it is difficult for you to get a mortgage. First, you don't have a credit score. But, secondly, also because you don't have tax returns from previous years. Most banks will ask you for at least two years of filed taxes to verify your income and also to ensure that you are current on your taxes. Look online at the requirements that various banks have in this regard. Another option is to apply for a mortgage in your own country to purchase property in the USA but many banks would not take this kind of risk and it may even be illegal in some instances. You'll have to research the possibilities and maybe speak to your bank in your country to find out if this is at all possible.

I hope this is helpful.

@Kimberly Allen

Has any aspect of real estate investing piqued your interest? Look into some of the different "branches" and explore them to see what would fit with your goals, resources and personality.

I had long term goals for financial growth, I had some cash savings lying around and I'm a very patient person. I've focused on buy and hold investing. The net amount in my bank account will not let me quit my day job any time soon (which I happen to not mind) but my properties are cash flowing and cover some bills. Over time, those properties will appreciate and make me additional profit at the time of sale (many years from now).

But there are many options besides buy and hold investing. Wholesaling, house hacking, flipping, seller financing, etc, etc, etc.

Good luck to you, there is a lot to learn on this site.

I would estimate that the group I attend in New York is not more than 20% female.

I enjoy going to meetups but I do notice that men are less likely to speak to women. I find when I walk up to a group of men and join their conversation that I have to deal with the "what is she doing here" looks on their faces and I find myself having to prove that I am "qualified" to be there. They tend to lose interest pretty quickly and then they see someone they know or excuse themselves to get a drink or something.

On the other hand, the women have been welcoming and more than happy to share their experience and knowledge.

I would challenge men that go to REI meetups to initiate a conversation with at least one women at the event every time and find out what she does. Tell her what you do. Its called networking. At any meetup there will be a diverse group with different levels of experience in all different areas of REI.

@Benjamin Molnar

My favorite quote is "I will be able to rent long-term or do AirBnB and still end up paying less for the mortgage than what I am currently paying in rent."

The negative I can foresee for flipping this property is that it sounds like you (and your girlfriend) need a place to live. One of the things you hear people say is never live in your flip. Already you're asking your gf to live in a house that needs a new kitchen and bathroom. Hopefully you'll be able to move downstairs temporarily while you do that?

Anything is possible but I kind of like your original plan. You're close to the city, you have a downstairs unit paying a chunk of your mortgage, you have the skills to fix up the place over time yourself. If you're in a rush, its probably not the most aggressive plan but it has some elegance to it.

You say you're confident in the analysis you've done. If you're happy with the offer, it doesn't matter who buys your house.

I'd like to hear more about what you mean by "better market"? How is your strategy changing the areas you're choosing?

I like my day job, buy and hold investing suits me. I don't think I'd enjoy flipping as much as my current day job (although I do enjoy watching the flipping shows on HGTV on the weekend with a big mug of tea in my hand).

Hi Kate, I remember that thread. There were some great stories there. Of course you can use my story. I hope its in some way helpful.

@Brian Gibbons

So are you going to give me an apartment??

Just for the record, I'm a non-English speaking tenant from New York City (actually I speak 2 languages besides English fluently) - I wouldn't mind someone giving me a house!

I'm not sure what the euphemism "non-English speaking tenants" means but if the OP is referring to illegal immigrants who would not otherwise be able to buy a home or qualify for financing (maybe they don't have a SSN or they don't have tax and credit history)?

There may be other laws besides Dodd-Frank that need to be taken into consideration when doing a handshake deal like this.

@Phil C.

Welcome to Bigger Pockets as well. Happy to have you hear. Check all the resources in the "Resources" and the "Learn" tabs. Lots of great stuff here.