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Investing in US property?
Nottoobadyet
Posts: 1,754 Forumite
Hello there,
A long shot, but does anyone know about investing in US property while not living there?
I am a US citizen but haven't lived there since I was a teenager (so no credit history so far as I can tell). I have been living overseas, mainly in the UK and Israel and now in Uganda. I expect to be overseas for the foreseeable future, probably mostly in Africa.
In a year or so I should have enough saved for a reasonable deposit on a property, and I'd like to buy some place in the newly fashionable bits of Brooklyn or Queens. My family live in the area, and my pipe dream is that I could get a reliable tenant through one of their friends or my sister, who could move in herself if she wanted. The rents in the area should cover the mortgage + taxes / building fees / repairs. I'd not look to make a profit on the rent but instead see the equity build up over time.
So - is this remotely possible? Is it massively unlikely that I'd secure a mortgage, even if my parents acted as guarantors? I have a more or less perfect UK credit history (all my accounts and my employer are in the UK), steady employment and good earning potential but don't know if that matters to US banks since its all off their shores.
Thoughts?
A long shot, but does anyone know about investing in US property while not living there?
I am a US citizen but haven't lived there since I was a teenager (so no credit history so far as I can tell). I have been living overseas, mainly in the UK and Israel and now in Uganda. I expect to be overseas for the foreseeable future, probably mostly in Africa.
In a year or so I should have enough saved for a reasonable deposit on a property, and I'd like to buy some place in the newly fashionable bits of Brooklyn or Queens. My family live in the area, and my pipe dream is that I could get a reliable tenant through one of their friends or my sister, who could move in herself if she wanted. The rents in the area should cover the mortgage + taxes / building fees / repairs. I'd not look to make a profit on the rent but instead see the equity build up over time.
So - is this remotely possible? Is it massively unlikely that I'd secure a mortgage, even if my parents acted as guarantors? I have a more or less perfect UK credit history (all my accounts and my employer are in the UK), steady employment and good earning potential but don't know if that matters to US banks since its all off their shores.
Thoughts?
Mortgage free by 30:eek:: £28,000/£100,000
Debt free as of 1 October, 2010
Taking my frugal life on the road!
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