Can a non-US resident buy an apartment in New York?

Asked by Alex, 10012 Wed May 25, 2011

Are bank loans available to non-US resident? If the property is intended to be rented away, is there property management company that can help to manage it?

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11
Ruth and Per…, Agent, Los Gatos, CA
Thu May 26, 2011
Hi Alex

Right you should be able to buy one, with a good show of funds.
While there will be more paper work involved and more regulated
It can be done.

Good luck you should be just fine. Get yourself a good Realtor

Best regards
Perry
1 vote
Chris L. Chr…, , New York
Thu May 26, 2011
Several international banks will finance these condos. We catagorize them as investment properties. Based on your banking relationship, be prepared to put down 40-50% if you wish to rent it. The variables are if we can obtain a good credit report showing succesful property ownership, your income and employment history and your cash reserves after you buy the condo.
1 vote
Jenet Levy, Agent, New York, NY
Wed May 25, 2011
Alex,
Yes, you can purchase a US property if you are a non-US resident. There are loan products available, but they will be a little costlier and you will have to put down a bigger down-payment. As your goal is to rent it out, you will need to buy a condo rather than a co-op. You do not necessarily need a management company to manage the apt. You can work out an agreement of how rent funds are transferred, and in the event repairs are needed, your tenant can get estimates for you if it is work beyond what the building staff can do. That is less costly than having just one unit professionally managed.
I suggest you use a skilled, experienced agent who has dealt with these situations before, as we know how to handle the intricacies of the situation and can guide you through the process. To find an agent, I would suggest you type in New York, NY in the search bar above and click "Find a Pro." Interview a couple of agents, make sure they have dealt with foreign investors before, and see who you click with.

Hope this helps.

Jenet Levy
Halstead Property, LLC
212 381-4268
jlevy@halstead.com
http://jenetlevy.halstead.com
1 vote
John Speaks, Agent, New York, NY
Wed May 25, 2011
Definitely. I am working with a non-US resident now. I agree that purchasing a condo would be a better way to go. It easier to rent the property, and you don't have to go through the often unpredictable board approval process. I can recommend a good mortgage broker for you, but generally you will have to put down a higher downpayment.

John Speaks
Bond New York
917-697-6035
1 vote
Kvny Expert, Agent, New York, NY
Wed May 23, 2012
Dear Alex,

If you need a good management company then let us know. We manage over 800 in Manhattan and rent them out short term furnished for a nice ROI. Check out our short term furnished website, http://www.kvnyrelocation.com.

Please let us know if we can help.

Have a great day,

KVNY
0 votes
Brian Moore, Agent, New York, NY
Thu Jun 2, 2011
You definitely can purchase in NYC being a non-US resident. Our team has handled many purchases of this nature & our broker has been doing business in NYC for over 28 years. Please contact me if I can help in any regards.

Thanks,
Brian Moore
1.917.215.5300
bmoore@manapts.com
0 votes
Lovell Braud, , Queens, NY
Wed Jun 1, 2011
yes you can call me you dont need no green card or nothing i can help you contact me at 9173704312
0 votes
Lt8300, , Queens, NY
Mon May 30, 2011
we can help you.
call me 718-530-2048
Tony
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed May 25, 2011
Yes you can buy; consider working with an agent of your own, he/she will be your best guide...
0 votes
Jennifer Chi…, Agent, New York, NY
Wed May 25, 2011
Yes, a foreigner can purchase in NY. I suggest that you purchase in a condo ownership because they have liberal renting laws, unlike co-ops which are notoriously hard to rent.

If you have an account and good working reltaionship with a global bank such as Citibank, or HSBC they should be able to help you secure a loan. If you do not, I suggest obtaining financing from your country of origin.

I specialize in foreign buyers. You can watch my 2 informational videos on how to buy in Manhattan as a foreign person.

http://buyandsellmanhattan.com/videos/

If I can be of help to you, please feel free to reach out to me.

Jennifer A. Chiongbian
SVP/ Asociate Broker
Rutenberg Realty
0 votes
Klara Madlin, Agent, NY,
Wed May 25, 2011
yes it is a bit more complicated and you will have to put in more of a downpayment but my firm has sold to many non-us residents and we work closely with mortgage brokers who can help. Also we can manage the property for you. We work in Manhattan Please let me know what you are looking for.

klara madlin
klara madlin real estate
klaramadlin@yahoo.com
212 580 3180 x 200
Web Reference:  http://www.klaramadlin.com
0 votes
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