Hi people,
Just want to know if it is necessary to have a US bank account for investing in the US?
And what are the benefits of having one in the US? Is it simply for the purpose of obtaining loans?Thanks
Mint ManHi mintman
i think it esential.
you will need to make payments into an account (rental income) and from time to time write out checks (not everyone takes credit cards).
why would you not want too ?
it easy to do (but may take a bit of time)
regards westanWe find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]
Mintman,
I agree with Westan, “Essential for finance”
You can do it with a 35% deposit without a bank account . I have done it with a client with World Savings who didnt have an account at the time of his purchase. Also needed for rents etc not to mention it provides you with a financilal history as well which could be of benefit in the long term.It is essential to have an account set up in my opinion! I would’nt do business over there without it.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
E-mail:[email protected]
Originally posted by westan:why would you not want too ?
Not that I wouldnt want to, just didnt know exactly why you need to. people dont know what they dont know.[exhappy]
So I take it that most of you that invest in the US get loans from a US bank. why cant/dont you get them from an Australian bank? what are the current interest rates there?
Also, I was under the impression that you need to earn a countries currency in order to obtain a loan there or is this only the case if you want to buy a house outside of that country?Mint Man[king]
Hi mint man
re the loans- yes they must be based in the country where the property is held, the Aust banks know nothing about US law, us property so for them to hold title is just too big a hastle for them.
Interest rates vary a little form bank to bank and area to area in Texas allow about 6.7%
you can get this on a low doc loan with 30% down or 20% down on a full document loan
We have no problems getting loans in the US even though we are Aussies. So to answer the question no you don’t need to have income.
Oh one other advantage of having a US bank account it means if you ever need to travel to the states you can use the account to withdraw money while you are there.
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]
Plus the fact that to transfer funds from Australia will take 3 days via online transfer..
If you have a US bank acc it is in most cases 24 hours.
Not wanting to correct Westan but
So to answer the question no you don’t need to have income.
Isnt quiet true. As far as i am aware there only 4 institutions that offer lodoc finance to FN’s in Texas and all of them require the income section of the 10 03 to be completed.
Not to say that they verify this income but the S & P section has to be completed so you would need an income
The 1 nodoc lender will not go over 55% and requires proof of deposit, assets and an interest rate loading
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi Guys
Hi Richard i was answering Mint man’s question about the necessity to have US income
Also, I was under the impression that you need to earn a countries currency in order to obtain a loan there So i stand by what i said you don’t need to have income in the USA. None of my loans required me to have US income, obviously there is US rental income but not earnt income.
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]
There are several US based lenders that will do loans with NO INCOME or ASSET info.
So having a US bank account is a great idea for practial reasons, but in terms of qualifying there are banks that can approve a loan without them.
In addition, there are banks that can do this with no credit score and up to 90% financing.
Just remember though that as the lenders risk goes up so will the rate and costs. However, the terms are still very attractive and a well purchased property can still cash flow nicely.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Must admit Ben don’t know too many who will do 90% without income proof for us FN’s.
80% is a breeze full / lodoc.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi guys
i spoke with Ben today, we are going to have a follow up meeting (phone) on Friday morning, i’ll give you all an update then
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auAs mentioned, Westan and I did have an opportunity to speak last week.
Just to clarify for other readers, 90% is available in the US.
No Doc (no employmet, income, assets) loans are available as well.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Ben
But as you mentioned we should point out that the minimum purchase price is $100,000 for a loan > 80% and it is made of up a 1st & 2nd lender. Min Loan $100K Min purchase price $111,000.
Unsure as to the interest rate of the 2nd lender but i assume that is it higher than the first.
As most of the loans we process for our clients are under $100K it might not be of much use at this stage.
I do have 1 lender who will do 100% finance especially for the smaller loans which is where the majority of our market is. Limit is 4 loans per person.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Thank you for clarifying that for those who are targeting lower valued properties. Actually the minimum purchase price would be $100,000. If the majority of the investors on this board are purchasing for under $100,000 then it makes sense to add this in here. Who know’s, now that 90% is availble, maybe the median purchase prices will increase.
Rates on 2nd mortgages are of course higher; as with any loan the risk to the lender will dictate rates. A high ltv (lvr) loan scenario and 2nd mortgage would be considered higher risks.
As you can imagine there are many caviats within loan requirements no matter who the lender is. For simplicity it would be best for those who are interested to contact me directly for additional details.
I should have mentioned also that I do have a private lender who said they would consider doing 100% rehab loans for foreign nationals. The loans are based upon the after repaired value. Normally they will loan up to 70%. This loan can cover the cost, payments, fix up money, and purchase. So 100% of everything if it fits within the 70% (arv -after repaired value). These are short term loans, 6 months, and the terms are generally higher based upon the risk and loan type. $50k is the minimum loan amount. For those that are interested, I can discuss through email. These can also be done on properties that dont need to be rehabbed but are just available for purchase well below market value. Since these are short term loans, I do have several lenders that will do refinances immediately based upon the new value.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
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