Here goes…We have 1 property in BC Canada that we intend to sell in a few weeks. We have contacted the IRS and the state of Texas to confirm that yes in fact we can legally start a Real Estate Investment LLC in the state of Texas as long as we first get a ITIN, then the EIN for the company (no US status as of yet). We are allowed to stay for 6 months but then must return to Canada for at least 1 day before returning.
My questions are as follows…
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Does anyone know what a Canadian citizen would be looking at as far as a downpayment and rates for a no doc loan for a place where we will be residing for most of the time (less the required time the IRS requires us to leave temporarly for.)
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What about qualifications/rates for rehab loans?
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On the whole “principle residence” designation I’m not sure if I can own personal residence property in the states if we will no longer own property here in Canada. Anyone know??
Some of our history
Fico:630
Experience: We bought 1 property at a decent price here in BC to fix up and flip.
Our tax returns show $88 000 but once again that’s Canadian tax returns.
I am self employed (operate a very small corp) have done so for 6 years (with plans on letting an employee take over)
My husband has alot of contruction experience but after his first marriage ended he got a rat race job and now wants a life, I mean, he’d like to become a REI.
We have equity in our house but would prefer to use OMP
We are well read in REI with some experience and knowledgable enough to know it will take a team. We are in the process of establishing a reputable team that can help bring us and help us to confirm “reading the numbers to know the story” before we move forward.
Thanks in advance,
knowing valuations…