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What can I do to get more (or better) quotes for my loan request ZR-PGKTNQP?

I am an investor based in Australia. I am targetting houses in the 50,000 range and I would place 30% deposit on the property. I wish to rent out the properties post purchase and improvement if required.

I would appreciate any information you can provide to an overseas investor
  • August 19 2013 - Atlanta
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Answers (1)

Hello,

First, regarding getting a loan. You will most likely need to get a loan here in the states. If that is possible ( not all lenders will do this). I have had many over seas investors ask if they are able to get a loan from a bank in their country and use it over in the United States to purchase property. Most sellers will not be okay with this. Mainly because when the market started to crash there were a lot of scams going on where there was an over seas investor purchasing (but there really wasn't, etc.).

Second, keep in mind that if you want to purchase a property to rent you will either need to stay away from town homes and condo's with rental restrictions or look specifically for properties that you know don't have restrictions. Here in Atlanta many home owner associations have rental restrictions whether they be caps/waiting lists etc.

Third, you should consider trying to purchase cash. Again many sellers will be skeptical of an over seas investor that is needing financing. Since we have a lot of multiple offer situations here you will need to be competitive especially since the (50,000$ price point is extremely competitive). If you don't have the funds consider trying to borrow the money from a family member or business partner. This way when you make a cash offer and your funds can be certified you are in the best situation any buyer could be. 

Good luck!
  • August 20 2013
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