Financing in Las Vegas>Question Details

Ncchong1, Other/Just Looking in Las Vegas, Las Vegas,...

I am a foreigner (Canadian) and looking to buy a few properties in Las Vegas for investment. Can I get financing?

Asked by Ncchong1, Las Vegas, Las Vegas, NV Fri Jun 10, 2011

I already have a few properties in my portfolio and want to add another 5-10 homes. I plan to incorporate a company in Nevada to hold these properties. These properties will have a good source of rental income. Can I get a lender to finance my properties at 50% loan to value ratio? The rents from these properties are more than sufficient to cover any mortgage payments. Can any lenders help?

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23
I have access to 2nd home loans for Canadian nationals. Unlike the one loan available in the states, this one ORIGINATES IN CANADA. And only 30% down payment. It's a conventional loan product. See http://canadalasvegas.com/us-mortgages-for-canadians/ . For pure investment properties, that gets more difficult. However, if you don't mind short-term financing, we can talk about some options.
1 vote Thank Flag Link Tue Jul 5, 2011
Do keep in mind that many potential investment properties do not allow any financing, for a variety of reasons.

Also, somewhere around 90+% of properties under $100k are purchased with 100% cash, in Las Vegas.
1 vote Thank Flag Link Fri Jun 10, 2011
Since you have a few properties already, you must have established credit with your current lenders. They are the one's who already have a pretty good idea how credit worthy you are, and they know your track record. Any new lender will be verifying your information with your current loenders, I would give them a call first.

David Cooper Foreclosure Specialist with 35 Years Investing Experiene. Receive a FREE List of Low-Priced, Bargain Homes with Great Cash Flow for Investors, GO TO website or Call +1-702-499-7037
0 votes Thank Flag Link Sun Aug 14, 2011
Hello Ncchong1, feel free to give me a call at 702-622-0601, I would love to meet with you and go over your current goals and we can come up with a strategy to accomplish those goals. I do have several great lenders on my team that I work real closely with that are amazing and they will give us the right information to put us on the right path so that we can move forward with the least amount of stress. I look forward to hearing from you and working with you in your venture.

Robin Fraser
Realtor. Broker-Sales
Epro SFR, CDPE
Keller Williams Realty, The Market Place 1
1333 N. Buffalo Dr. #270
Las Vegas, NV 89128
Email FraserProperties@aol.com
http://FraserPropertiesLV.com
0 votes Thank Flag Link Sun Aug 14, 2011
One of the considerations is that properties will need insurance if you are planning to finance them. The rates can vary from $15 a month, to $100 a month on each property. You are likely to have issues with obtaining insurance from just anyone for a host of reasons that most investors would not presume to have thought about. Some companies don't insure homes built before the 1950's, other don't like swimming pools, some companies will only write a rental if you've also insure your primary home. Other companies can insure the same property at different rates depending on whether the property is owned by an individual or purchased by a corporation, the number of properties also play a factor in Rental insurance. I know the rules like the back of my hand. I work with Nationwide Insurance agents like the Jeff Grech Agency. Good Luck to you! Jen K.
0 votes Thank Flag Link Thu Jul 14, 2011
The problem is the amount of investment properties. You would be over the limits for a bank that wants to sell your mortgage. Most banks that portfolio their loans only do on owner occupied. Your best bet is a private lender. If you need help, let me know.
0 votes Thank Flag Link Thu Jul 7, 2011
Not sure if you can get all 10 as lenders have tightened their belts but the best way to find out is to speak with a couple of local lenders in Vegas. Once you are pre-approved and know what to expect, then find yourself a local agent or Realtor. You can look on here, also consider trying Zillow.com as they have past clients write reviews of agents/Realtors. Nice way to see how they actually perform. Best of luck.
Spirit
0 votes Thank Flag Link Thu Jul 7, 2011
Your citizenship is not an issue; your LTV is . @ 50% LTV, you should be able to obtain financing a very good rates.
0 votes Thank Flag Link Thu Jul 7, 2011
My name is Kellie Saari with imortgage and we offer financing to foreign nationals for a second home purchase. We are a direct lender and I personally have 23 years in the industry. Please call me at 702-575-9995.
0 votes Thank Flag Link Wed Jun 29, 2011
FInancing will be tough. The best lender referral I can give youis Tim Deibert - All Western Mortgage - 702 369-0905. TIm is also a Canadian Citizen and he will sahre the real scoop with you and adise you as to the best ways to proeed with your investment objectives.
0 votes Thank Flag Link Tue Jun 28, 2011
Hello,

Yes, you can get financing as long as you fit all the lenders criteria. It's tricky tho.

Penny O'Brien
Simply Vegas
3042 S. Durango
Las Vegas, NV
Penny@PennysProperties.com
702.321.9383
http://www.PennysProperties.com
0 votes Thank Flag Link Mon Jun 13, 2011
There is only one lender I know of that has a Canadian program but its only for a second home and requires a 35% down payment, a Canadian credit report and a U.S. Bank account.
0 votes Thank Flag Link Mon Jun 13, 2011
I am also a Canadian investor with a LLC in Vegas .When I first started seaching around I was told that it would be easy to finance an Allien however once I searched it out (about Christmas time).I found that Washington Mutual was the only one willing to do this & would only do it on second homes ,they cannot be used for rental & were going to send someone out to check in 3-6 months ,also had to sign an affidavid stating that you would not rent it out. I found it much easier & cheaper to borrow at home on either a line of credit,or equity takeout (way cheaper money too) Also most Canadian have RRSPs (similar to a 401k) that money can be taken out of & paid back.
If anyone knows of lenders that are loaning money to CAnadians for rental houses(not vacation homes) for sure let me know
I am also always looking for discounted deals SFH in Vegas or Henderson that will rent out well.
0 votes Thank Flag Link Sun Jun 12, 2011
Hi Mr. Canadian Investor ,

There are a few banks in the US that will finance your real estate investments in the US , however , most require a higher dowpayment . I have attached a link that may be useful to you and help educate you on the many details of your upcomingh investment. i always think it is a good idea to learn about all of the issues you may ace before making your decision to purchase here in las Vegas . Financing is just one part of the equation , there is much mor eto the process . I can send more info about the market if you like and some links to further educate yourself before moving forward. Good luck to you ! My daughter lives in BC and it is just lovely there .
0 votes Thank Flag Link Sat Jun 11, 2011
For foreign investor, your down are expect to be more then 20% (35%) and your interest also slightly higher.
We have our in house lender, you prefer our lender to contact you, Please contact me for more info.

Ryan Dimang
Prudential Americana Group
Cell: (702) 353-5035
http://WWW.RyanLasVegasHomes.com
0 votes Thank Flag Link Fri Jun 10, 2011
Yes you can get financing, plan to put down 20% for an investment property. Email me and I will send you a few lenders you can call. I'll also send you homes to view in some of my favorite parts of Las Vegas. My partner is a property manager and we have a special going on this month for new buyers.
Beth Mitro
Web Reference: http://www.agentmitro.com
0 votes Thank Flag Link Fri Jun 10, 2011
Hi, looking at the amount of homes you wish to purchase would it not be possible to use your own lender rather than one here, also maybe starting out with one or two houses, getting themn rented and then buy the next 2-4 with cash would make the plan easier for you.
I would love to help you with your purchases, put you in touch with our in-house lender as well as our in-house management company so you are free to pursue your plan to incorporate a company.

Heidi, Realty One 702-596-9843 hlatours@cox.net
0 votes Thank Flag Link Fri Jun 10, 2011
I forgot something. I have two portfolios of houses, one is bigger and one smaller all rented and very well maintained by a manager on the premisses. Send me your e-mail and I will be glad to send these to you.
Ivana
0 votes Thank Flag Link Fri Jun 10, 2011
Hello Ncchong,
I would be very glad to assist you in your real estate needs including financing. I can qualify you with 30% down with fixed low rate. Then I will help you to rent the properties as no charge if you purchase the properties with me. I sold one commercial and two condos to Canadians since January of this year and all went very well and fast. Please, contact me at alexanderivana@yahoo.com and I can send available listings. I specialize in investment properties and can help you in obtaining some very lucrative investments.
Kind Regards,
Ivana
0 votes Thank Flag Link Fri Jun 10, 2011
Hi Ncchong1,

here is the following lender contact info (local inhouse lender);

Robert B. Coomer
Vice President of Retail Lending
NMLS ID 179395

JFK Financial Inc.
NMLS # 6540
8985 S. Eastern Ave. Ste. 325
Las Vegas, NV‎ 89123
O: (800) 409-5085 C: 702-375-1317 F: 702.938-8646
Coomerteam@Gmail.com

I have great experiences with this lender . . feel free to contact Robert directly and
I'd appreciate if i can be of any assistance in your real estate needs . .

Sincerely,

Denny

DENNY HEBIBOVICH - REALTOR
REALTY ONE GROUP, INC.
6475 S. RAINBOW BLVD.
LAS VEGAS, NV 89118

CELL: 702-241-6110
EFAX: 702-920-8775
EMAIL: Denny@PropertiesofLasVegas.com
WEB: http://www.PropertiesofLasVegas.com
WEB: http://www.IMMOBEL.com/LasVegasNevadaUSA/
WEB: http://awp208099.las.mlxchange.com/?Page=6734724
0 votes Thank Flag Link Fri Jun 10, 2011
Hello Ncchong1,
The big question regarding financing is the differences in the credit reporting agencies in our two countries. If you have credit rated by our three agencies (Experian, Trans Union and Equifax) you should be able to purchase a property here with financing. This will be most likely with at a minimum of 20% down as an investment basis. I would consult a lawyer here and see if it would be a good idea to form an LLC or corporate entity and also consult a CPA to discuss tax ramifications to purchasing property in a foreign country. Then you can make an educated decision and proceed well informed! I am happy to help any way I can so drop me a line if you have any questions!

Cordially,
Joseph Ruggeroli
0 votes Thank Flag Link Fri Jun 10, 2011
Yes you can. I have at least two lenders that will be happy to help you out. Contact me if you would like for me to help you.

Tom
0 votes Thank Flag Link Fri Jun 10, 2011
Hello Ncchong1,

I am not a lender and can not truly answering this question.

However, from my experience, you really can't finance multiple rental properties; you may get away with 1, that's over $100k, but not multiple properties.

Another route is to purchase one for cash, then to purchase one by taking out a loan of equity... not sure, speak with a lender.

Anthony at Nevada Federal Credit Union is a great mortgage specialist:

Anthony Tuason
Mortgage Loan Officer
Phone (702) 948-5498



Please, feel free to contact me direct with any questions. Here's a recent blog of some great investment properties available and recommended:

http://www.trulia.com/blog/mfleysher/2011/05/available_recom…


Cheers.
0 votes Thank Flag Link Fri Jun 10, 2011
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