Foreigner Investing In The US
Hi, I am from Canada, and would like to invest in certain areas of the US, ideally TX, MI or NY (Monroe County). Just wondering what the best route to take would be,
should I set up an LLC or just leave it in my name ?
What are the Tax implications for non US residents ?
I have cash but would like to get some financing. Does anyone know of any brokers/banks who have catered to foreign investors. My credit is good, so how do I get the financing ?.
Any advice would be appreciated. Tks
[ Edited by I-N-VESTOR1 on Date 03/27/2007 ]
[ Edited by I-N-VESTOR1 on Date 03/27/2007 ]
Hi. I do these loan types alot since in south florida we have alot of foreign national buyers.
Basically this is what qualifies you for the different programs:
A. Do you have US credit or not. If you do, then your not a foreign national, and you do a loan as an American.
B. You must have a valid entry VISA or legally able to be in USA when you do the loan.
C. Canadian, Mexican, and English Buyers can take advantage of Best programs - 5%-10% down programs available.
D. If you can put 20% down you can get option Arm programs with 1% rates.
This is a specialty business and not many mortgage brokers do it or understand it. As per your question as using a LLC or yourself, always yourself. Lenders will not lend on a LLC typically. They will want you to sign for the loan anyway. Just Quit claim it to the LLC after closing.
If anyone has questions related to Foreign national Financing, feel free to email me anytime or call me at my office.
Thanks
Quote:
On 2007-03-28 13:08, ericamtrustfunding wrote:
TKS FOR THE REPLY, I SOME OTHER QUESTION AND ANSWERS BASED ON YOUR REPLY
Hi. I do these loan types alot since in south florida we have alot of foreign national buyers.
Basically this is what qualifies you for the different programs:
A. Do you have US credit or not. If you do, then your not a foreign national, and you do a loan as an American.
NO I DO NOT HAVE ‘US CREDIT’, JUST IN CANADA
B. You must have a valid entry VISA or legally able to be in USA when you do the loan.
CANADIANS DO NOT REQUIRE A VISA TO THE US, AS LONG AS THEY CARRY A CANADIAN BIRTH CERTIFICATE AND/OR CANADIAN PASSPORT, I FREQUENTLY VISIT SEATTLE, WASHINGTON
C. Canadian, Mexican, and English Buyers can take advantage of Best programs - 5%-10% down programs available.
SOUNDS INTERESTING, CAN YOU GIVE ME MORE DETAILS PLEASE
D. If you can put 20% down you can get option Arm programs with 1% rates.
SORRY I DON’T’ KNOW WHAT AN ‘OPTION ARM PROGRAM’ IS ?
This is a specialty business and not many mortgage brokers do it or understand it. As per your question as using a LLC or yourself, always yourself. Lenders will not lend on a LLC typically.
I HAVE SEEN LLC GET MORTGAGES/LINES OF CREDIT BUT WITH A ‘PERSONAL GUARANTEE’ FROM THE OWNER/BOARD OF DIRECTORS, ISN’T AN LLC THE PREFERENCE WHEN IT COMES TO LEGAL ISSUES WITH TENANTS?
They will want you to sign for the loan anyway. Just Quit claim it to the LLC after closing.
WHAT IS THE BENEFIT OF ‘QUIT CLAIMING’ TO THE LLC AFTER CLOSING?
NEW QUESTIONS
a) CAN YOU ARRANGE FINANCING FOR THE STATES MI, TX AND NY ?
b) DOES YOUR COMPANY HAVE A WEBSITE, INFORMATION PACKAGE ?
If anyone has questions related to Foreign national Financing, feel free to email me anytime or call me at my office.
Thanks