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I would be interested in this too.
Yes, just makes you wonder what their property management would be like after you bought? As Ive said, nice properties but…
I received this email from HSBC in response to an enquiry for finance. It might be of interest to some people.
Thank you for your interest in mortgage financing with HSBC Mortgage Corporation (USA).
Premier HSBC customers that do not reside permanently in the US may purchase property within the continental US for their own personal use. Namely, these properties may not be rented out or sublet for the first 12 months of ownership. The title must ben held in your name, and cannot be in the name of an LLC or Corporation.
- Nonpermanent Resident Aliens, must maintain a valid, unexpired US Visa unless citizenship is from a country that participates in the US Visa Waiver Program. The Visa Waiver Program (VWP) enables individuals of certain countries to travel to the United States for tourism or business for stays of 90 days or less without obtaining a visa. (http://travel.state.gov/visa/tempvisitors_novisa_waiver.html)
- Valid Visa's include B-1, B-2, H-3, I, J-1, J-2 and R-1. Foreign National borrowers are only eligible for second homes. The maximum LTV/TLTV/HTLTV is 70%.
- Unacceptable visas are all other H and L series, all A, B, C, D, F, I, J, K, Q and R series, and all borrowers with diplomatic immunity. Any visa classifications not identified above will be considered on an exception basis. A work authorization card is not evidence of residency and is not acceptable documentation to satisfy the visa requirement.
- The Maximum LTV is 70% for second homes with loan amounts up to $417,000. The Maximum LTV is 60% for Primary Residences with loan amounts of between $418,00 up to $1,500,000. This assumes full documentation of income and assets.
- Premier status in the US also requires that you have US$100,000 in combined deposits with HSBC anywhere worldwide. This money cannot be used for the purchase costs.
- If you do not currently reside in the US, you may not have 2 years of established US credit. In which case, we will need 4 credit reference letters from current or previous creditors indicating at least a two year credit history with no adverse or derogatory credit. They may come from the same or multiple institutions. Your relationship manager will help if you have any credit with HSBC. It is preferred that 2 credit reference letters come from creditors other than HSBC.
Once you have the above items, I can take your application over the phone.Looks like cash for a while longer yet.
Moggiee wrote:Great thanks for your feedback! Looking forward to the trip. Can I ask how much you paid for your Atlanta property?
Hi M
From memory we paid $38k for one and $48k for the other.
I agree with Postpirate that the main problem is securing the property… we tried to get several before we got ours. You literally have to be at your computer at the exact time the videos get released, and fill the contract in and scan it in at super-speed.
As someone already stated on this forum, I think they are victims of their own sucess and so communication can be a bit frustrating.
I think a lot of people keep quiet about TRR just to not create additional competition over properties!
Stone Mountain is great to visit… forget about Coca Cola World…………Happy to send you photos if you want.
Cheers
M
They did appear to have help at one time but not sure what happened there. All the emails stopped.
Trying to buy from Top Rental Returns is the hardest part. No replies to emails or Skype. They did call once using Voip I think but got cut off and didnt call back. They have lovely properties but what has everone elses experience been?
Hi Speedy Gonzales,
yes, the one stop was the main reason. And the properties they promote seem to be a bit better than some others. I have also been talking to Housebuyersusa, Lux and a few others with varying degrees of communication. I have emailed a few agents in the US but not much interest there.
I see you are concentrating on DFW area, not a bad idea as I believe finance is easier to come by there although prices are somewhat higher. I have been looking mainly in the Atlanta area but still not set in concrete. I can buy 1, maybe 2 cash, but would love more.I have been trying to buy from Top rental returns USA for weeks. They say, skype, email or call. Calling is not really an option because of the time difference, skype is not answered at all and emails, if you get a reply are so lat that the property is sold before you have a chance. They have lovely properties for sale but the website photos and videos only work sometimes.
Probably better in the long run to buy property already tenanted as I believe it can take a while for the Rehab and tenant applications to process.
