I just moved here in San Antonio, Tx last May 2010, got my green card the same month. Can I do real estate investing even though I am not a U.S citizen? I would love to do rental properties. Thank you all in advance.
You bet you can. There is no law that states you have to be a citizen to buy property in the US…helloooo…look at all the Japanese that own buildings here! HA!
The hurdle you will find is if you need to get a loan for a property. Not saying you couldn’t, but lenders like Banco Popular going to dust makes it hard to get conventional loans without a SS. #. More hard Money lenders are looking at more than the property to make loan decisions, so here is my suggestion…again…just my two cents…
You are in San ANtonio…a HUGE market…I would say the best thing to do is get started with lease options which will allow you to get into the game, and allows you time to get your SS# as well. You will also learn the market in SA very well doing lease options. PLUS, SA is a huge market for Spanish speaking people.
I had actually looked heavily at two markets to expand to, Houston and SA.
In regards to lease options, I’d suggest the naked investor as the best site for info.
As a legal resident, you get full constitutional rights, except you can’t run for president and there is a difference in the way your children can inherit citizenship outside the USA.
THANKS TO PILOT76180 AND TATERTOT FOR YOU ADVICE.
Congrats on moving to San Antonio. That is a great city.
You will find:
- Property values are relatively cheap in Texas, compared to most of the USA. You can get great returns on properties here, especially in older and lower income parts of town.
- There are lots of hispanics/latinos in San Antonio, of course. They make great tenants!! You will want to rent to anyone of any race who is qualified, but I have found those guys (latinos - especially the ones who were not born in the United States, but in Mexico) tend to almost always pay their rent on time or ahead of time even! Why? I don’t know, but I like it. I have come to really respect Mexicans…they will work 7-days a week to feed their families, tend to have good Christian values and are very family oriented. You rarely see a homeless Mexican in Dallas … they are almost always white or black. Again, I am a white guy and not racist, but I am just telling the truth!! LOL
- Your city is just beautiful. I love the Riverwalk area and the Alamo.
I would also avoid descriminating on the basis of race, or making statements that seem like they could be or be mis-interpreted as such.
Those comments certainly fall into that last category in my mind.
I’m not a lawyer, but saying that hispanics make good tenants could get you sued if you turn down a black applicant and later accept a hispanic tennant, even if you had good reason.
Might be true, but never ever say anything like that (in writing).
Just my two cents.
if someone says “don’t rent to xyz group, they aren’t good tenants” etc, that could be considered a discriminating statement,saying you have had great results from one group,nothing wrong with that,if someone said "sr. citizens make great tenants’,would that be wrong?
I sat on a jury in federal court for a descrimnation lawsuit, you can descriminate against someone because they have a bad attitude, or hard to work with, etc etc,just so the reason your decision is NOT based on them being in a protected class
Your right. Nothing is wrong with that, especially if it discussed in a private or semi-private manner like this forum. There is nothing racist about it - its just a fact. On another note, if someone is dumb enough to say “I don’t rent to white folks” to a white guy who was applying for his/her rental, well, then he deserves to get sued. LOL. The key thing is … being in San Antonio where the city itself (not as much in the suburbs) is primarily hispanic, you WILL more than likely have a higher percentage of hispanic applicants. That is good for him.
You can get in the game with some cash, or you can look for owner financing deals, sub 2, wholesale etc…