I’m wanting to buy real estate in the States, preferably a Multifamily style purchase. I have an option to get finance from and “international” British bank, but would prefer to have an option to get finance in the states.
I would be wanting to put down 30% and get finance for the rest, having the tenants pay off my loan over the years.
Does anyone have any suggestions or more importantly contacts to get me heading in the right direction.
I would also appreciate any advice/ opinions of anyone who has done this or knows of a similar situation.
Let me suggest a couple of things. First, determine the region of the US in which you are most interested – e.g. New England, Mid-Atlantic, Southwest, West, West Coast, etc. Second, “multi-family” is a broad term. In New England, where I live, this can be a traditional wooden 3-storey house up to a multi-level 100+ unit apartment rental building. So you need to set a price parameter to better define what you are seeking. Third, once a price and location are defined, a good place to start hunting for properties is the multi-list directory (www.mls.com). Once you’ve found something of interest, work with a real estate broker. Many brokers also perform rental services for a fee (unlike the UK for example, where most of this is done through attorneys. Our attorneys are too busy suing one-another to do anything useful). There are also real estate management firms which perform the service, typically for 6 to 8% of the gross potential rents. The math is relatively simple to determine go/no go. If you’re interested, I can send you a little XL spreadsheet which works for properties both large and small. My e-mail is firstname.lastname@example.org