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JZer
Joined: 13 Jan 2005
Location: South Korea
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 Posted: Sat Jan 15, 2005 1:52 am Post subject: Purchasing a rental property while in Korea |
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I am thinking about buying a rental property in the United States while I am in Korea. Can anyone tell me how you might go about getting a loan and finalizing the papers while one is in Korea? I will definitely have to travel to the US once to check out some properties but I cannot stay in the US too long. I need to work to pay the bills and if I have no job I am sure that they will not loan me the money. If anyone could give me some advice I would greatly appreciate it. 
P.S. When I start the process I will have $25,000 for a downpayment. |
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funplanet
Joined: 20 Jun 2003
Location: The new Bucheon!
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| Posted: Sat Jan 15, 2005 5:11 pm Post subject: |
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get a realtor and a good banker, preferably one who is familiar with you or a family banker
but most of all, get a great realtor...they'll walk you through everything and some can even arrange the financing for you
good luck! now is the time to get low rates and good deals!!! |
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JZer
Joined: 13 Jan 2005
Location: South Korea
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| Posted: Sun Jan 16, 2005 2:37 am Post subject: Thanks |
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| I appreciate your feedback. Does anyone know how hard it is to get credit if you have never borrowed money before? |
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chiaa
Joined: 23 Aug 2003
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| Posted: Sun Jan 16, 2005 4:18 am Post subject: Re: Thanks |
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| JZer wrote: |
| I appreciate your feedback. Does anyone know how hard it is to get credit if you have never borrowed money before? |
A loan is always doable depending on how much you want to put down. The more you put down, the less of a credit rating you will need.
As someone said, contact a realtor. All realtors have mortgage brokers they are connected with. Before you ever look at anything (or look at pictures in your case) the realtor will have the mortgage broker "pre-approve" you. Basically that is him/her looking at a brief application and telling you if he can get a loan someplace for you.
Also, when you apply for the actual loan, the mortgage broker MUST give you a GFE "Good Faith Estimate" within three days of your application. There days before you close on the deal, they must give you a TIL "Truth in Lending", which is basically almost the exact numbers of your loan. If they do not freely offer these to you, consider it a warning sign that you are not getting a good deal.
I have a used copy of Home Buying for Dummies at the store. It goes over all of this and how to pick out a home. If you want it, PM me and I will hold it until next weekend for you. |
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JZer
Joined: 13 Jan 2005
Location: South Korea
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| Posted: Sat Jan 22, 2005 4:22 am Post subject: |
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| Does anyone have any more comments? Does anyone own a rental property? Have they found it to be profitable? |
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yazin60
Joined: 28 Jul 2003
Location: Seoul, Daegu, or Somewhere Else
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| Posted: Sat Jan 22, 2005 7:52 pm Post subject: rental property |
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Hello,
Getting into rental property is a great idea. It will obviously be more complicated for you to do so from where you are, but it should still be doable.
I would be careful before committing to anything, and also careful about listening to too much of what other people say. Most people have good intentions but they are thinking of it as just buying a house. I wouldn't waste your money on that house-buying for dummies book. The owner of that shop is a great guy, but that's not the book you need. Ask him if he's got anything more related to investment property. I know he can order stuff too, so I'm sure he can hook you up with something good.
I know you said you have about $25,000, which is great. But you want to leverage that as much as you can and be sure to get as high of an ROI as possible. The idea of putting more money down to get better credit is nice and all, but it doesn't make sense if you are trying to make money. Before I say too much more, let me know where you are at in your real estate education. I don't want to waste your time telling you stuff you know, nor do I want to confuse you.
To let you know, I spent five years in Korea, now I'm back home and we have two 4 plexes, a 7 plex, a duplex, and are working on other stuff. Oh, and I haven't put more than $2000 into all of this.
Jason |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Sat Mar 12, 2005 7:20 am Post subject: Re: rental property |
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| yazin60 wrote: |
| To let you know, I spent five years in Korea, now I'm back home and we have two 4 plexes, a 7 plex, a duplex, and are working on other stuff. Oh, and I haven't put more than $2000 into all of this. |
Nice work! This is something of my own interest. I'd like to be putting my money from Korea into some kind of real estate investments back home in the U.S.
Can I ask you what city you chose?
I've been thinking of looking into the market perhaps in Oregon. Start with some kind of apartment unit complex.. have you had good luck with renters and such? |
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