Home Buying in Beverly Hills>Question Details

Debinator, Home Buyer in Beverly Hills, CA

Which is the best address to have in Beverly Hills? I am a foreign buyer looking to purchase a single family hom

Asked by Debinator, Beverly Hills, CA Wed Mar 9, 2011

Which is the best area to buy in within Beverly Hills? I am a foreign buyer looking to purchase a single family home (4 beds) to rent out in the short term and move into with my young family at a later point. Please also advise what percentage deposit would be required to ensure the rental covers my mortgage and management fees?

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American Plus Bank is currently offering a "Limited Doc" Mortgage Loan, up to $4MM. NO income verification; NO Tax Returns, NO W-2s, NO Paystubs are needed.

Min. requirements are as follow:
1) Max. LTV 60% on all purchases up to 4 units. 60% LTV on refi & cash out for Primary residences and 2nd homes. 50% cash out for investment;

2) Min. FICO Score >680, with no major deliquencies/late pays/collection accounts and BK histories;

3) Min. 2 yrs employment histories;

4) Min. 2 months banking statements to prove source of funds for purchase. Gift fund is acceptable;

5) 6 months interests Pre-Payment Penalty if loan is paid off within 1st 3 yrs.

*This program is also good for all status, including foreigners'

Please call for details if your can not qualify under conventional loans.

Andrew Wing
Vice President
American Plus Bank
17506 Colima Rd., #100
Rowland Hts, CA 91748
(626) 363-8906
(626) 363-8920 Fax
Email: andrew.wing@bankaplus.com
0 votes Thank Flag Link Wed Aug 1, 2012
West end of Beverly Hills, between Wilshire and Pico. But, as others have mentioned get yourself qualified for a loan you will need at least 40% down payment (deposit as you called it).
0 votes Thank Flag Link Wed May 16, 2012
The answer to your questions is complicated. I have sold homes in Beverly Hills for almost 10 years. It's best that you call me so that I can give you better information. Nevertheless, you should be aware that there are 2 areas that are called Beverly Hills 90210 but the difference is that one area is in the city of beverly hills with the famous beverly hills schools, fire and police. The other area is actually in the city of Los Angeles- big difference. Some streets are harder to get to or busy so they are often less desirable. Again, too much to write. If you want me to send you homes in good locations in this area please let me know. I also need to know your price limit as that will narrow the possibilities. Connie De Groot Ph 310 913-1184
0 votes Thank Flag Link Mon Apr 25, 2011
Hi Debinator --
Worldwide Realty Specializes in helping people from other country's buy real estate in California.
Please email us at worldwiderealty1@gmail.com
We can set up a time to speak with you by phone.
Best Wishes,
Worldwide Realty
0 votes Thank Flag Link Mon Mar 14, 2011
As a Foreign National I can offer you a loan program thru BBVA Compass. We require 25% down payment with a loan up to $1,000,000. What is your country of origin?? All documents that we are going to need are from your country of origin. Send me a message with your email address and I can send you a list of requirements.
Hope I can be of assistance.
0 votes Thank Flag Link Thu Mar 10, 2011
You are looking assist, I may assisting you for that. Beverly Hills is great place to buy. I will advise you after we get the home.

Thank you

IRN REALTY
Danny Tran
DRE: 01763825
Realtor/Loan specialist
1298 W. 7th St
Pomona, Ca 91786
818-317-4698 Cell
909-581-6983 Fax
0 votes Thank Flag Link Wed Mar 9, 2011
Just wanted to add to what Emily wrote below regarding the Jumbo Loans (>$729,750.00).

The maximum financing options for my jumbo loans, including piggyback programs, are as follow (assuming that you and the property can qualify);

90% (80/10) Loan-to-Value for a purchase price up to$1,375,000.00

80% Loan-to-value for a purchase price up to of $2,500,000.00

80%(75/5) Loan-to-value for a purchase price up to $4,000,000.00

80% (70/10) Loan-to-value for a purchase price up to $6,250,000.00

PS: A 80/10 piggyback program means a 80% first loan and 10 % second loan

Feel free to call me or to email me with your information for a free analysis.

Thierry

Thierry Abel
Senior Loan Consultant
By Referral Only
All California Mortgage
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - DRE 01380701
0 votes Thank Flag Link Wed Mar 9, 2011
To find the best area of Beverly Hills for buying and also for renting, you want to work with a great agent that knows the area. And if they have a property management division, that would be even better, since they will know what is renting and where.

Regarding the financing, however, it appears no one has addressed your comment that you are a foreign buyer. Unless you have US income and a credit score, you will find it difficult to get a loan to purchase this home. There are very few lenders loaning money to foreign buyers. If you would like a referral to a great loan officer, at a direct lnder, who specializes in loans to foreign nationals, let me know. They do require 40 - 50% down payment, depending on your source of foreign income and other criteria. The only way you would know which applies to you is to speak with the lender directly. Let me know if I can help you get connected with either a great Beverly Hills agent or a lender who specializes in foreign national loans. It would be my pleasure to help you make the right connections. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
0 votes Thank Flag Link Wed Mar 9, 2011
It sounds like you got some good answers about which parts of Beverly Hills are nice to buy in, I think some of the answers you got, didn't really understand your question.

To me, it sounds like you're asking 'How much down payment do I need to make in order to get a renter into the home for a short term, before I move to the US & live there myself & what would my down payment need to be in order for a renter to cover the full mortgage payment?"

If that's what you mean by your question, I would still need to first know, what your budget is. From there I can see the homes that are available & then check on the homes that have recently been rented for the size & location & do some math to see if it would actually cover your entire payment.

If you're buying over $729,750, which in this area, likely the price will be higher for a 4b, you will need to bring in 20% down, because it will be a Jumbo loan.

You can start to search the MLS in Beverly Hills, just like I would by visiting my web link below. Alternatively you can email me directly with any questions or to let me know about your budget & size of home you'd like.

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
0 votes Thank Flag Link Wed Mar 9, 2011
For your purposes, a house in the flats of Beverly Hills should work very well. The area will allow kids to attend the best Beverly Hills schools. Also, this area will be very close to shopping and restaurants in the area.
Let us know if we can help.
Web Reference: http://www.mikehassan.com
0 votes Thank Flag Link Wed Mar 9, 2011
Hi Debinator,

Beverly Hills proper is more desirable than Beverly Hills Post Office, because you get Beverly Hills services and schools.That said, it really depends on your budget. There are currently about 90 listings with 4 bedrooms or more in Beverly Hills ranging in price from $1,389,000 to $68,500,000. So as you can see it's quite a big range of prices. Once you can determine your budget we can look more closely at the what you can realistically expect to get for rent. Let me know if I can be of further assistance.

Best regards,

Jodie
0 votes Thank Flag Link Wed Mar 9, 2011
The primary question you need to answer is "what is your budget" once you determine that the rest falls into place. Reference what per cent should be your deposit, that depends on what your status is and US credit history. Feel free to reach out to me directly either via e-mail or my mobile.
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Wed Mar 9, 2011
Hello Debinator,

That depends on your personal preference. I prefer North of Sunet in Trousadale Estates or near the BH Hotel (Angelo/Tower Road). Management fees are included usually. The security is ususally twice the monthly rent.

If you would like me to send you some options, let me know.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Sunset Strip
(323) 899-2900
mcarrabba@kw.com
0 votes Thank Flag Link Wed Mar 9, 2011
Debinator,

With regard to the financing;

What is your current status in the US (visa, social security, employment, etc).

Do you have an established credit in the US.

Do you need that new property's income to qualify for that loan as you might not need to buy is an investment property?

Which price range are you looking at?...What kind of down payment?

Can your assets and income be paertrailed?

Feel free to call me or to email me with the information for a free analysis.

Thierry

Thierry Abel
Senior Loan Consultant
By Referral Only
All California Mortgage
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - DRE 01380701
0 votes Thank Flag Link Wed Mar 9, 2011
It all depends on your budget. Beverly Hills covers a large area and encompases 3 zip codes. Your budget will dictate what part will fit you best. I live, work and am based in Beverly Hills, so I would be very happy to assist you. Please contact me directly and we can discuss.
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Wed Mar 9, 2011
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