US Expat Attempting to Purchase Property in US

[bacchussheila]

I work overseas and make a good income. I want to purchase some multi-family property for income when I retire. I also attempted to purchase a home to retire in. I have attempted to do this for over one year now and been through 4 mortgage companies and numerous brokers - everything starts of great. I send reams of paper. But when it gets close to a contract they bury me in ridiculous requirements. I even had a qualifying letter once but 2 weeks after issue they said they could not lend on overseas income! The last attempt is a refinance of my current house to get some cash for down payment. I really thought we were ready to sign when they started asking for W-2 forms! From my Japanese company no less. Of course this was after they asked for proof that I was not in Egypt ( I work in Qatar - not even the same continent). I had already provided provided 3 years of income tax returns, salary certificates for 3 years, which I use in lieu of W-2s, copies of bank transfers (both slalry deposits and wire transfers to my US account), and my company at their request supplied salary confirmation, employment contract...it goes on an on.

Ok, does anyone out there know who might be willing to take my money? I have 2 properties in the US - single family residences - mortgages are paid on time and I have a excellent credit rating and no revolving credit cards. I want to get into a 6 unit apartment as well as a snother single family residence - in Seattle area. My brother, who is a contractor, would maintain and let it. I have another 8 years of good $200,000 income then it will be time to retire. It is time for me to get ready for my old age. I am incredibily frustrated.

What about private mortgage/hard money loans?

Help...

[Keithw]

Wow, sounds very frustrating.
Obviously lenders are currently extremely cautious.

I dont know the US market, but have you thought of selling your existing properties to a Trust or company, ie the trust/company does the borrowing, then you use the funds that it pays you to buy more.
Or the trust/company buys new properties with you putting up your existing property as collateral.

ie isolate you, as an overseas earner, from the properties, so instead an On Shore entity is doing the buying.

Obviously you need to talk to a lawyer over there that understands how trusts or companies work.

[Dreyaevan]

I may be able to help

I deal with expats moving to the US and I know that there are lenders out there that can help. If you are still looking for help, PM me.

[Dean@Massiveaction]

No problem to get you long term hard money, PM me