Forums / Property Investing / Overseas Deals / First Financed Property in the US

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Viewing 20 posts - 21 through 40 (of 63 total)
  • Profile photo of jayhinrichsjayhinrichs
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    @jayhinrichs
    Join Date: 2011
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    Nigel will be interesting to see if banks step into doing financing on SFR's for out of country,, I still think it will be regional and very limited.

    But time will tell..

    I have closed deals here in Oregon with clients from Denmark and Germany they had no problems getting a loan for owner occuppied. No tougher than doing one for a us citizen.

    Man the new construction is red hot in most markets… I need to go buy some more standing timber….

    Profile photo of streamlineinvestingstreamlineinvesting
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    @streamlineinvesting
    Join Date: 2010
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    Finally able to meet up with a Notary Public and have the final form "Notarized", difficult to find one seeing as I spend most of my time out in Rural QLD where I work. But I was able to duck into Toowoomba and meet up with a great bloke who did the job for me, and then I was able to scan and email it through to my US Agent and she was able to have her end notarized as well.

    So as of this morning I have sent it off to the bank, should be the final form to submit. Now I will have to play the waiting game and see how it all pans out.

    Hoping by this time next week to have a new property under my belt and a nice small loan to start paying off

    Profile photo of streamlineinvestingstreamlineinvesting
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    @streamlineinvesting
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    Sigh….I thought I had all my forms sent off and everything was going well, then this morning I received a letter from Capital Bank with about 12 more requests from me, more things I have to provide. A lot of it really makes no sense – 

    * Please provide proof of funds in your Commonwealth Bank account for closing…..even though I have more than adequate funds in my Capital Bank account to close! That is what the money is there for in the first place.

    * Please provide tax and insurance for your place of residence – I told them this at the start that I do not own where I live, I asked to have it removed from my loan application when they had it there as part of my assets but they never did. Very frustrating.

    And there is another 10 more requests which are mostly just clerical errors on their behalf, oh well. Hopefully soon I can close…..fingers crossed

    Profile photo of RedwoodRedwood
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    @redwood
    Join Date: 2013
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    Sorry to hear that mate…..wish it was that tough in 2006-2008 hey. 

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of streamlineinvestingstreamlineinvesting
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    @streamlineinvesting
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    It is obvious now the banks were ridiculously greedy in 2006-2008 with outrageous loans to people who could obviously not afford them. But what they have done now is just taken a massive backwards step and have now just become too conservative it is no doubt hurting their own hip pocket. Last time I checked a bank makes a bit of money out of having a home loan, so they should be happy to give them out, providing they give it to someone who can reliably pay off the loan.

    Now not saying I am a good candidate for a loan, but seeing as I already have 2 houses in the US which they can use for collateral if they wanted, not to mention my bank account has enough money to actually buy out the loan should it need to, and also considering my annual salary is 3 times the loan amount, you think they would be pretty confident that I should have no problem paying off the loan. Oh and did I forget to mention the rent the house will receive will be double the loan repayment? 

    Anyway….fingers crossed I will get there soon, maybe the next one will be easier.

    Profile photo of JarrodJuiceJarrodJuice
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    A little more persistence, a little more effort, and what seemed hopeless failure may turn to glorious success ~ Elbert Hubbard

    Stick at it streamline!! 

    Profile photo of EngeloRumoraEngeloRumora
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    @engelorumora
    Join Date: 2010
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    We are all cheering for you hehe

    All the best

    EngeloRumora | Ohio Cashflow
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    "Make a PASSION an OBSESSION and you'll never work a day in your life"

    Profile photo of JpcashflowJpcashflow
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    Join Date: 2007
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    Why not borrow funds from oz?

    Jpcashflow | JP Financial Group
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    Your first port of call in finance :)

    Profile photo of streamlineinvestingstreamlineinvesting
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    To answer your questions regarding borrowing funds in Australia to purchase property in the US, I had 2 main reasons for choosing not to do this – 

    * Interest rates are a lot lower in the US and I wanted to take advantage of this, with me being able to get an interest rate of 3.75% that is a lot more beneficial then in Australia where I do not think I would get much below 6% for a loan of this size (it is only for $55,000)

    * I also wanted to make sure I got the loan in US Dollars, I am not positive how an Australian loan would work, but I just want to be able to have it all in the same currency, with the rent paying off the loan. If I had to transfer the rent back to Australia every month to pay off the loan it would be annoying.

    * I also think going through the pain now to get a US Loan is worth it in the long run, it has been difficult and frustrating but I think I am almost there, and hopefully now that I have one under my belt it will be a lot easier the subsequent loans I do get. That is the plan anyway.

    Profile photo of EngeloRumoraEngeloRumora
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    @engelorumora
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    * I also think going through the pain now to get a US Loan is worth it in the long run, it has been difficult and frustrating but I think I am almost there, and hopefully now that I have one under my belt it will be a lot easier the subsequent loans I do get. That is the plan anyway.

    It sure will. Many banks treat existing customers differently and have a "in house" credit score. They will bend the rules a bit for long term customers that can show a great repayment history.

    Thanks

    EngeloRumora | Ohio Cashflow
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    "Make a PASSION an OBSESSION and you'll never work a day in your life"

    Profile photo of Nigel KibelNigel Kibel
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    As mentioned if you buy commercial property in the US you can borrow 60-70% non-recourse so it means that the loan is only based on the asset. 

    That means is that if you have the deposit it may well be easier to buy a property in the US than it is in Australia

    Nigel Kibel | Property Know How
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    Profile photo of RedwoodRedwood
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    Join Date: 2013
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    Hey Nigel, your a fan of commercial, don't mind that. Are you obtaining finance in the states in a SMSF? if yes, shoot me an email please.

    Funny story, client rings me today (actually an experienced accountant), says Ivan, a firm called XXX Pty Ltd, I met them and they told me about the cheap property in Detroit and the amazing returns. Firstly I spat out my drink, then had an honest chat with the old fella. Please please don't anyone advertise Detroit, there is just nothing to advertise.

    Engelo buddy, sorry we missed each other, make it next week!

    Cheers, Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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    Profile photo of EngeloRumoraEngeloRumora
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    Redwood wrote:
    Hey Nigel, your a fan of commercial, don't mind that. Are you obtaining finance in the states in a SMSF? if yes, shoot me an email please.

    Funny story, client rings me today (actually an experienced accountant), says Ivan, a firm called XXX Pty Ltd, I met them and they told me about the cheap property in Detroit and the amazing returns. Firstly I spat out my drink, then had an honest chat with the old fella. Please please don't anyone advertise Detroit, there is just nothing to advertise.

    Engelo buddy, sorry we missed each other, make it next week!

    Cheers, Ivan

    No problems bro.

    Ill shoot you an email and we can arrange a time.

    haha

    Don't completely ignore the surrounding of Detroit. I am eager to look into the area once I move to Ohio.

    Thanks and speak soon

    EngeloRumora | Ohio Cashflow
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    "Make a PASSION an OBSESSION and you'll never work a day in your life"

    Profile photo of RedwoodRedwood
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    Do you have a license to carry a concealed weapon? you will need it as everyone else carry's one.

    I spent as week in Detroit, there is a couple of good areas, however, please don't sell me that idea mate.

    Maybe can chat today if you like.

    Cheers, Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of jayhinrichsjayhinrichs
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    @jayhinrichs
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    Streamline,,sounds like your still in  underwriting  ( loan approval mode)… once they verify everythng to meet thier guidelines then you will have a true approved loan up until then your still just moving through the process.. I would be shocked if you got a 3.75% fix rate loaned on a non owner occ property… You may get an adjustable though.

    fixed rates are about 5 to 6 % nowa days.

    Profile photo of EngeloRumoraEngeloRumora
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    @engelorumora
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    Ivan

    SOLD haha

    Detroit haha

    I am calling you today at 4pm AEST.

    Thanks

    EngeloRumora | Ohio Cashflow
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    "Make a PASSION an OBSESSION and you'll never work a day in your life"

    Profile photo of Nigel KibelNigel Kibel
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    Join Date: 2005
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    hi redwood

    i have sent you an email

    by the way love Detroit  NOT

    With the number of good markets why risk  Detroit

    Nigel Kibel | Property Know How
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    Profile photo of streamlineinvestingstreamlineinvesting
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    @streamlineinvesting
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    Just an update –

    Still awaiting finance to be approved…sigh.

    Bank is requesting a credit report to be provided, I tried to send them one from Veda (seem to be one of only 3 companies in Australia that provide credit reports) but it did not suit their needs. They basically want proof of 3 trade lines where I have maintained good credit for the past 24 months.

    I have sent them in 24 months worth of credit card statements (only 2 credit cards as that is all I have) as well as 24 months worth of statements for my Internet Service Provider, hoping this would confirm that I do not have any bad debts under my name (which I don't). They have not come back to me and now that it is weekend I do not think I will hear anything until at least Tuesday. 

    They also requested a letter from my company confirming how long I have been with the company and my earnings, I did not understand this requirement given I had provided them with every one of my payslips for the past 2 years (approximately 100 since I get paid weekly) and all with the letterhead of the company and signed off from the finance department. Still trying to convince them on this one as well.

    Getting quite frustrating as I am eager to close, and also do have a tenant waiting around to move in as well. If they make me wait any longer I will almost have saved up enough money again to just buy the property outright instead…..

    Profile photo of KimberlyKimberly
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    @kimberly
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    Streamline – are you offsetting the loan against one of your already existing USA properties?

    Profile photo of jayhinrichsjayhinrichs
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    @jayhinrichs
    Join Date: 2011
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    Streamline your just now finally going through the underwriting process. your loan will NOT be approved until all of the conditions or Stips have been met. Your in pre approval limbo right now… forge on everyone is waiting for you to land this financing.

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