I-751 waiting and buy real estate

[roberto gasta]

Hello members,

I hope you dont get mad at me if i go a bit out of topic,,

but I woukd like to ask if anyone have thought
of buy an investment property while waiting for the approval of the 751
application

the reason I am asking is that i found an investment oportunity
on sale at bargain price but,,,as my current status as
WAITING TO BE A PERM RESIDENT stops me psycologically.....

should i stop worry and buy anyway? has anyone invested while
waiting (i filed my 751 on sept 2007, should be approved in few weeks)

thank you

 

[TheRealCanadian]

the reason I am asking is that i found an investment oportunity
on sale at bargain price but,,,as my current status as WAITING TO BE A PERM RESIDENT stops me psycologically.....

You are a permanent resident, just a conditional one, right?

Anyways, I bought my house several years before getting a GC.

 

[Triple Citizen]

My wife and I bought our house 6 months after I got my conditional GC. Look at it this way, having joint ownership of real estate will do wonders for your I-751

should i stop worry and buy anyway?

 

[twopac3]

You do not have to have Permanent Residence to invest in the US. Actually you need no status at all to invest in the US. That's why the whole world invests in the US.

I would not worry too much about it. It's not like you will be deported or anything. You are already a permanent resident so you can go ahead and buy your property. If you miss this opportunity you might not get it again.

 

[roberto gasta]

hi

thank you 4 yr reply twopac3,

on another post in this forum they advised me
to be careful;

if i put only my name in the mortgage and ownership of the apartment,
like i would like to, it may raise questions how come
my wife name is not there with mine.................

do u advise me to do it anyway or for ex, apply for joint ownership and
pay and apply for the mortgage on my name only?

thanks

You do not have to have Permanent Residence to invest in the US. Actually you need no status at all to invest in the US. That's why the whole world invests in the US.

I would not worry too much about it. It's not like you will be deported or anything. You are already a permanent resident so you can go ahead and buy your property. If you miss this opportunity you might not get it again.

 

[PraetorianXI]

why exactly don't you want joint ownership of this property?

 

[austriacus]

Do you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin)? It might make individual ownership of the property quite a bit more complicated.

I doubt anyone (except you and your wife) will care about ownership form of your investment property. In my mind it's not much different than holding stock in an individual brokerage account or opening individual CDs.

Here's some (non-immigration related) advice, only buy the property if you can afford it. Don't count on the value to rise. Only buy it if you can afford a substantial loss. Are you getting a mortgage on the investment property because you're investing money elsewhere or because you don't have the assets to buy it outright?

 

[roberto gasta]

Hello austriacus,

I am applying for a mortgage because we live in NYC,
here the prices for a coop are outragious, even in a down trend

I know to you buy real estate might look just like buying a stock,
I wish I could think of it like that....

The reality is after 2 inteviews ( i had to pass the stoke interview!...) and 3 and half years of waiting for my green card....i just want to play safe.

I would love to buy that property, me and my wife we found it at below
the market price and im sure the value will go up;

but

I may just wait until my card arrive and be psycologically free and ready.

thanks
I dont want to make a mistake

Do you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin)? It might make individual ownership of the property quite a bit more complicated.

I doubt anyone (except you and your wife) will care about ownership form of your investment property. In my mind it's not much different than holding stock in an individual brokerage account or opening individual CDs.

Here's some (non-immigration related) advice, only buy the property if you can afford it. Don't count on the value to rise. Only buy it if you can afford a substantial loss. Are you getting a mortgage on the investment property because you're investing money elsewhere or because you don't have the assets to buy it outright?

 

[austriacus]

roberto,

good luck with your investment decision and your GC too! I was sure too that my international stock would go up, just before the global meltdown of May 2006 when international stocks tanked 20% in a couple of weeks.

Anyway, I'm not a finance professional so I'll leave you to make your own decision. Just be sure you're well informed about your risk, especially investment with borrowed money. Google "value at risk" (VAR), it's a calculation of your worst-case (typ. 2-5% probability) scenario and make sure you could ride it out.