As an Australian investor I am looking to purchase a few properties in the US this year and am trying to find out whether a foreign national can assume a loan via sub2.
Does anyone that is knowledgable with sub2 know if this is possible? There are quite a number of hoops to jump through as a foreign national so perhaps this could be a good option. Owner finance is something I would look at as well.
Cheers,
Matt.
on a sub 2 u assume the payments (i.e. take over making them) u don’t assume the loan. i’d imagine that u can invest in any country without problems, as long as u abide by the laws. i’d advise u to contact an attorney in the state u r looking to sub 2 in, and one that is familiar with this type of CRE investing to make sure there is not anything extra u need to do
Thanks Tony, I plan to contact an attorney soon regarding a couple of other things so I will bring it up then.
Matt.
Also be sure to consult an accountant as well, it will be an odd situation taxwise and you’d be best to know how to proceed before you start making money. At least with his advice you’ll be not only paying what you should to keep you out of trouble but you’ll also be hanging on to as much as you can thanks to deductions.
FYI, Aussie, from a mortgage lending standpoint, several major lenders are now offering loan programs specifically targeted at foreign nationals. Does nothing for you on the sub2’s but figured you might want to investigate further for some of your long term holds.
Regards,
Dave.