Hi everyone.
My girlfriend and I are looking to buy in Colorado.
I am a New Zealander and she a US citizen, we are in our early twenties. She has been living in NZ for a year now and is about to obtain residency.
The average house prices in the cities down this end of the world are $450-700k with 3 year fixed rates at 6.85% and lending restrictions requiring one to have a deposit of 20%......... In summary its tough...
We plan to live back in Colorado in the next 10-15 years, and have been looking to invest. From what i can see we can lock in for 30 years at 4% which is fantastic.
Additionally, looking at sites such as coloproperty.com we see we can buy an income property which would pay for the mortgages and expenses itself! This all sounds great however i am thinking it may be too good to be true?
We are looking at buying something around the $200k mark. On our salaries we can afford to fund the mortgage given the property is vacant for a period of time.
All the best!
My girlfriend and I are looking to buy in Colorado.
I am a New Zealander and she a US citizen, we are in our early twenties. She has been living in NZ for a year now and is about to obtain residency.
The average house prices in the cities down this end of the world are $450-700k with 3 year fixed rates at 6.85% and lending restrictions requiring one to have a deposit of 20%......... In summary its tough...
We plan to live back in Colorado in the next 10-15 years, and have been looking to invest. From what i can see we can lock in for 30 years at 4% which is fantastic.
Additionally, looking at sites such as coloproperty.com we see we can buy an income property which would pay for the mortgages and expenses itself! This all sounds great however i am thinking it may be too good to be true?
We are looking at buying something around the $200k mark. On our salaries we can afford to fund the mortgage given the property is vacant for a period of time.
- What am i missing here? Can she or the both of us obtain a mortgage from offshore?
- Could we buy the property through a LLC or a trust with her parents?
- What level of deposit would we need for something around $200k?
- What are the tax implications of this? NZ and the USA has a tax treaty agreeing that one cannot be double taxed on income between the two countries.
- What is the likely cost of full insurance and a property manager?
- Can anyone see why this would not be a smart move?
All the best!
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