Home Buying in Houston>Question Details

Eren Dennis, Home Buyer in Outside U.S.

International buyer with cash looking for a house

Asked by Eren Dennis, Outside U.S. Fri Dec 7, 2012

Hello, I'm a newbie foreign buyer with some cash. Looking for houses with 4 bedrooms.
1. Is there a limit on what I can buy? Single family homes / multi family? size of transaction?
2. How long is the whole process? Could you please list a few steps.
3. I want to rent it if possible. What are possible high ROI areas in Houston?
4. Given that house prices in like Florida halved or decreased even more, is some other state would be wiser?
Thank you

Help the community by answering this question:

Answers

14
BEST ANSWER
In most cases no limit as to what you can buy.
If your cash is here on hand at the title company process could take potentially as short as a few days after we contract.
In most cases on a house, I would expect 3-4 weeks.....this is average...can go much shorter, can go much faster.
Steps:
Contract on House
Inspect
Negotiate Repairs
Title company does title search and insures clean title.
You sign and pay.
You can rent......one strategy is to buy homes that are rented already. We don't see a lot of those, but we do see some....you might gain 2-3% on the purchase this way.....#1. You don't pay a leasing fee for that tenant, #2. you have no vacancy from day of purchase. Maybe you also lower your risk is you know 100% what the rent will be day one. Otherwise we are guessing and while we should be close it could be off some on rents.
While we cannot promise specific returns, we typically see rents cover purchase price by about 1% in the DFW area....sometimes if we're lucky 1.1% and probably on the top end 1.3%
We're one of the few markets where we have not seen the big corporate money pouring in....so places like FL may be tough due to focus by other investors.
Some stats you might want to look at before you decide where.......
Housing Affordability Index (but don't be fooled by small cities)
Case Shiller Price Index...
9 Reasons to Invest in Texas.... http://recenter.tamu.edu/pdf/1976.pdf

If we can help you in Texas, just let us know.
0 votes Thank Flag Link Fri Dec 7, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
I would be interested in maybe talking to you about funding deals for local investors. Low risk and high ROI. Minimal work for you and someone else does all the work (Due Diligence).
Frak Marta
President
NuHome Group, LLC
E: loans@nuhomegroup.com
Web Reference: http://Nuhomegroup.com
0 votes Thank Flag Link Fri Apr 10, 2015
Erin, I have 12-15% cap rate homes available without maintenance. Let me know if you need help. Joe 210 865 0742
0 votes Thank Flag Link Tue Mar 24, 2015
Watch out the guy named Ricard - EI Bey.
He is a fraud. He cannot get you any loan at all. What he does is cheat your money for appraisal which he will never done. Once if he got the money, he will not answer your phone or email anymore. You can search at Georgia License website, he does not have license at all. Just a fraud.
0 votes Thank Flag Link Wed Feb 4, 2015
Foreign National Loans

Borrowers using TIN Okay
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Foreign Nationals {Expatriate}- NO PASSPORT {Must have valid work visa or 30% Down}
70% LTV Purchases
65% LTV Rate & Term Refinance
50% LTV Cash Out {Possible higher if financials are up to par}
Multiple properties OKAY
Corporation purchasing and refinancing OKAY

Richard- El Bey
Avarice Investments
(706) 399-7813 cell
(678) 752-8062 Office
thegocp@gmail.com
0 votes Thank Flag Link Mon Oct 14, 2013
Eren,

We offer financing for investment properties. Our program is open to foreign nationals. Please let me know if you're looking to leverage your cash and pick up a few properties. We offer a NO DOC loan that's Fast and Easy. We require 35% down and the home has to appraise for the sales price on the contract. If you have a need for something like that, please let me know.

Best regards,

Ted Esquibel –Account Executive
o: 512-334-1481| f: 512-692-1961
1905 Kramer Lane, Ste B-700 Austin, TX 78758 | http://www.econohomes.com
Connect with us on Facebook, Twitter, LinkedIn, or Google+!
0 votes Thank Flag Link Fri Feb 8, 2013
Eren,

I work at an investment real estate firm in Houston. We specialize in acquiring distressed homes for investors. We do about 30 deals per month as this is all we do. We have a team of acquisitions agents that goes and finds the properties and we pass on the opportunity to you the investor. We also have connections with contractors and property managers if you need help in those areas. If this is something you are interested in give me a call and I'd be happy to talk to you more in depth. (832) 422-6044
Web Reference: http://newwestern.com
0 votes Thank Flag Link Wed Feb 6, 2013
Hi Eren,
You can certainly purchase real estate in USA with cash. Sellers will require proof of funds, like a statement from a bank, brokerage, etc. The limit is the amount that you have at hand. The process depends on the type of property, single family homes usually require less paperwork than multi family properties, where there are tenants. Prices in Florida have recovered greatly, specially in areas like Miami, Sarasota, etc. There were opportunities there 3 years ago. Texas Real Estate fared better than other startes during the crisis.
I will need more specific information on what your plans are, in order to help you better.
Regards,
C. Zubizarreta, CIPS
Realtor
B.H.&G. Real Estate Gary Greene
Sugar Land, TX
Cell. 713-569-0180
0 votes Thank Flag Link Fri Dec 7, 2012
Hi Eren,

You’re getting a lot of good advice from my fellow realtors. I recommend you interview a few agents to find one that's a good fit. Before advising you I would certainly have some questions for you regarding your interest in investing in US properties, whether you plan to relocate to the US and be a hands on investor/landlord or will you take the roll of investor only and require a property management company to service your investment properties. What your short term, midterm and long term goals are. Are you interested in purchasing a few properties or like many international investors that have recently come into the lease market; do you foresee building a large portfolio of properties? These and many other factors will play a part in the location and type of properties you decide to invest in.

The lease market has grown dramatically in the past few years due to a number of factors. I would love to have a conversation with you and bounce some ideas around. I can be reached at 281-798-4100.
0 votes Thank Flag Link Fri Dec 7, 2012
I am a lender in Dallas.

I do a lot of deals in Houston.... Rents seem to be good... But I would have to refer you to a realtor there I work with and she can explain that market better than myself.

Contact Patricia (Trish) Rockaway at (281) 344-7363
She grew up in that market and can give you some guidance.

Good luck!


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Fri Dec 7, 2012
HOUSTON, HOUSTON, HOUSTON....our housing is very predictable, very good, and there is a lot of development.

Joe Cano - Realtor/Locator
(281) 785-5132
0 votes Thank Flag Link Fri Dec 7, 2012
Florida is a great place to buy, especially now. Prices are on the way back up. Joe is right about new homes being good deals. With a cash purchase, you can close almost immediately. The new home developments also have nice amenities like pool, tennis, fitness centers, etc that make them attractive to tenants. The rents tend to be higher too.
That said, you can may get a better return on investment buying several lower prices units. That way when 1 is empty, the others will still give you income. Older units would need more maintenance which would be an expense.
There is no limit on what you can buy. Funds are converted to US Dollars and wired to the title company for closing.
If you plan to rent the home, you need to talk with a good tax man to make sure you take possession in the right manner. You will need a tax ID number and pay taxes on your profit from rents received.
Steps, I Identify the area desired
Step 2 Set a budget
Step 3 Find a good Realtor to work with - I would suggest finding one who has the Certified International Property Specialist (CIPS) designation like I do.
Step 4 Find a property,
Step 5 Negotiate the deal, write a contract, and close.
Step 6 Ask your Realtor for a referral to a good property management compay.

If you would consider SW Florida, I would be happy to help you and answer any questions you may have.
Marge Bennett
RE/MAX Realty Group
239-560-4159
Marge@MargeBennett.com
http://www.SouthFortMyersDreamHomes.com
0 votes Thank Flag Link Fri Dec 7, 2012
Purchase new. Better resale, energy efficient, recent finishes and great layouts. Homes will have a fabulous neighborhood setting with wonderful amenities in the subdivision. Please, call me when you have an opportunity.


Joe Cano - Realtor/Locator
(281) 785-5132
Web Reference: http://joelocator.com
0 votes Thank Flag Link Fri Dec 7, 2012
Hello Eren, Houston has a solid rental market on investment homes. If this is your first one there is no limits on a cash buy or the amount in which you can purchase. Cash deals can take 2 weeks to close. We locate, inspect, order survey and then close. You will have typically a 7-10 day window for an option period to inspect and or terminate for any reason and get your Earnest money back which is usually 1% or 1,000. There are a few deals that I know of that where already owned by an investor with tenants in place for at least one more year that may work for you.

Contact me:
D'Evereaux Baum-Moore
INTERO Real Estate Services
281-705-2698
devereaux@interowestave.com
0 votes Thank Flag Link Fri Dec 7, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer