Home Buying in New York>Question Details

yings68, Home Buyer in New York, NY

Can B1B2 visa holders buy several residential houses and rent them to renters?

Asked by yings68, New York, NY Mon Mar 4, 2013

I'm a Chinese national, I live and work in China. I go to the US once or twice a year on B1B2 visa.

I'd like to buy a few rental houses in the US and rent them to renters. Is it legal to do so?

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Answers

9
Yes it is. As mentioned below, consider consulting an attorney who can help you with the purchases. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
2 votes Thank Flag Link Mon Mar 4, 2013
Consult with an attorney who specializes in real estate beforehand so that an informed can be made...
1 vote Thank Flag Link Tue Mar 5, 2013
The most common non-immigrant visa is the multiple-purpose B-1/B-2 visa, also known as the "visa for temporary visitors for business or pleasure." Your visa will not provide a roadblock to purchasing property. Depending on your planned use of the property and how it will be titled, there are tax considerations to be aware of before you purchase and preliminary planning can save you a bunch.
There are many lenders who specialize in foreign national loans. I can help with referrals to International Business Attorney, Immigration Attorney, International Accountant, and Monetary Intermediary if needed.
There is also a very useful Transnational Referral System in place where we can put you in touch with a Real Estate Professional in your Country who can work with the Realtor you choose to work with in the U.S.
to facilitate a smooth buying process. If I can be of any assistance, please feel free to call me on my cell anytime at 1.917.370.2048; email at aiman@pp-nyc.com; or you can skype me at Anthony.Iman

Right now, the New York market is offerring some of the best returns on investments in the United States. Call me to discuss
1 vote Thank Flag Link Mon Mar 4, 2013
According to some sourcees, yes. Your best bet would be to contact a lawyer or your consulate.

While in the US as a business visitor, an individual may:

- Conduct Negotiations
- Solicit sales or investment
- Discuss planned investment or purchases.
- Make investments or purchases
- Attend Meetings, and participate in them fully.
- Interview and hire staff.
- Conduct research.
1 vote Thank Flag Link Mon Mar 4, 2013
There is no residency or citizenship requirement to own properties and become a landlord in the US. You should consult with an attorney and an accountant to clarify possible tax implications and benefits.
0 votes Thank Flag Link Fri Apr 12, 2013
It absolutely is. If you are financing, you'll be able to as well. I suggest you retain an attorney who is experienced with real estate transactions and can help you with these transactions. You might also want to consider hiring a property management company to help you with the rental o your properties.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Thu Apr 11, 2013
Hello Ying,

I currently have an income producing rental building in Brooklyn. The building has been completely gut renovated and has 8 free market units. The address is 479 4th Avenue. The Trulia link is below. I can send you a set up of the building if you contact me directly. I look forward to hearing from you.

http://www.trulia.com/property/3110451697-479-4th-Ave-Brookl…

--
Yul Park
Senior Vice President
Cell: 917-647-2717
Fax: 646-537-2626

RES Sales and Marketing Corp.
320 West 37th Street, Suite 301
New York, NY 10018
http://www.RESnewyork.com
0 votes Thank Flag Link Tue Mar 5, 2013
Hi Ying, great question! It's really not simple as buying properties and renting them out in today's market. I give you quick example, as an investor like yourself when searching for properties you want to be sure that your investment are producing a return and not just simply buying. I work with foreign buyers so that process of purchasing really isn't difficult as most brokers can work with foreign buyers. However, what makes all the difference is working with the brokers that can guide you and making the right purchase that will produce a return as well as be position to gain equities the markets continue to recover in NYC.

After you purchase, we do manage your property by sending you biweekly updates on the market condition, the feedback for open houses as well as the trends in percentages in the neighborhood that we purchased. By the end of the day, you will not only feel confident in your purchase but educated into this market. For more information, email me at swu@kwnyc.com

Kindest regards,
Stephanie Wu
Real Estate Foreign Market Investment Specialist
0 votes Thank Flag Link Tue Mar 5, 2013
Foreign investors can buy houses and rent them out in US, it doesn't matter what kind of visa they have. I am specialized in working with Chinese investors, most of my buyers are from China who don't live in US, they just come here to buy the property, after I help them find the properties and closed the transaction, they will go back to China and I will be managing the properties and rent them out for them. Please email me if you want to know more details, my email is JLui@citihabitats.com
0 votes Thank Flag Link Mon Mar 4, 2013
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