Non-Resident Credit Building for Property Investment Mortgage?
May 9th 2014, 12:19 pm
#1
Just Joined
Thread Starter
Joined: May 2014
Posts: 2
Non-Resident Credit Building for Property Investment Mortgage?
I was wondering if anyone could help me in working out whether it's worth it to try and build up a credit history in the US as a non-resident, I ask as I'm looking at buying properties in LA in the near future with the intention of renting them out however I'm quite realistic in that I know I'll struggle at getting finance without some kind of credit history in the US and that's what I'm stuck on.
At the moment I have an ITIN (I have US income from shares) and that's that, no US bank account, mobile, nothing, nor do I really have an address (aside from a virtual address or my friend's address). Banking wise that can be fixed easily as I'm a Citi Gold customer in the UK I should be able to open an account in the US which isn't a problem, I also hold Gold and Platinum American Express cards which I can do a global transfer of but they don't exactly help me in my quest, or do they?
Is there anything else I can do to build up a history, I considered taking out a T-Mobile contract when I next go to LA although the cheapest plan looks to be $40/mo and I have also considered asking about secured credit cards when I pop into a US Citi branch rather than phone the UK reps.
My aim is to build up a credit history for not only myself but for an LLC so I can raise the finance that I require to purchase properties, while I could go out and buy one now I don't consider that a good idea as I could get four or five properties if I used the money as a downpayment for each rather than blowing it all on one
All comments welcome
At the moment I have an ITIN (I have US income from shares) and that's that, no US bank account, mobile, nothing, nor do I really have an address (aside from a virtual address or my friend's address). Banking wise that can be fixed easily as I'm a Citi Gold customer in the UK I should be able to open an account in the US which isn't a problem, I also hold Gold and Platinum American Express cards which I can do a global transfer of but they don't exactly help me in my quest, or do they?
Is there anything else I can do to build up a history, I considered taking out a T-Mobile contract when I next go to LA although the cheapest plan looks to be $40/mo and I have also considered asking about secured credit cards when I pop into a US Citi branch rather than phone the UK reps.
My aim is to build up a credit history for not only myself but for an LLC so I can raise the finance that I require to purchase properties, while I could go out and buy one now I don't consider that a good idea as I could get four or five properties if I used the money as a downpayment for each rather than blowing it all on one
All comments welcome
May 9th 2014, 2:08 pm
#2
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Non-Resident Credit Building for Property Investment Mortgage?
It's not the lack of credit history that will be your primary problem, it's that you aren't a resident, nor do you even have a visa. Would be owner-occupiers on "temporary" L-1/ H-1 visas are finding it challenging to find a mortgage to buy a house to live in. Finding a lender who will even consider your proposal is likely to be very difficult.
May 12th 2014, 2:25 pm
#3
Just Joined
Thread Starter
Joined: May 2014
Posts: 2
Re: Non-Resident Credit Building for Property Investment Mortgage?
It's not the lack of credit history that will be your primary problem, it's that you aren't a resident, nor do you even have a visa. Would be owner-occupiers on "temporary" L-1/ H-1 visas are finding it challenging to find a mortgage to buy a house to live in. Finding a lender who will even consider your proposal is likely to be very difficult.
Thank you
