In general, for those interested, here is some NON-LEGAL (ie. I am not a legal professional.) suggestions:
1) Make sure there are no restrictions in your home country for buying real estate in the US.
2) Make sure you are working with a trusted real estate professional and/or attorney.
3) Consider other expenses you may incur when considering your budget such as property taxes, maintenance, HOA fees, insurance and utilities.
4) Before purchasing real estate, you should consult with an immigration attorney in the United States. Owning real estate does not guarantee any type of visa or citizenship in the US.
5) Make sure you work with someone who knows the entire city of Los Angeles quite well. Understanding the different neighborhoods in relation to your needs will help alleviate the overwhelming feeling of deciding where to buy in Los Angeles.
A loan would be difficult and if they have more than one offer on the property in question you may lose on getting the deal. You would also have much less carrying costs...You then possibly could get a construction loan??? Not quite sure....
I am an expert in Flips.. You can count on me to give you my honest opinion on land or tear down...
I know the West Side and Los Angeles, I was born here!
I work with many foreign investors and assisting them with the proces.
If you like to share your phone # I'll be more than happy do go over the details with you on a phone.
If you are looking to finance the purchase, we have loans for non US Citizens.
Otherwise, if it is all cash - there should be no impediments to the ownership.
Mario Pinedo, CCIM
BRE Broker 01118365