Lux Investing
My cousin from Israel wants to invest money in residential real estate in South Florida, what does he need?
He wants to invest in multiple condos putting as little money down as possible. Since he is not a resident of the US what paperwork does he need to bring with him? How much percent down will it be safe to assume for him to ensure a mortgage? I told him 30-40% but I may be off. Thanks in advance for your answers.
Public Comments
- He needs to have his head examined. But, if he's hell-bent on losing his shirt, he will likely need to place 50% down per condo -- that has nothing to do with him being an Israeli citizen. It has everything to do with the fact he wants to be a real estate investor.
- He just needs money to buy the real estate. He may have a problem getting a loan. His credit history will be hard to check.
