hi nina i'm thinking to buy a house but there is a big problem for me what's the problem
i am an immigrant well nina that's not really a problem
do you have a social security card oh yes i do and yes you can buy a house let me show you how
hello and welcome to entrepreneur extraordinary this is my favorite topic
real estate and immigration so nina and other folks like her are wondering
when can they buy a house in this country even though they are a legal immigrant
and this is the norm everywhere folks why because a lot of immigrants don't know their rights
and in this video we're gonna make sure you know your rights you know how to purchase a
house you know that you're eligible to purchase a house i have structured this
video in a manner that we're going to talk first about the types of visas the types of immigrants
some of the challenges you might have we're going to talk about the workarounds for those challenges
we're going to talk about some resources that you can go to to get help and much much more after
watching this video you should have no questions remaining on how to buy a house in this country
so let's begin did you know that over 33 of americans who own households are immigrants
so what does that mean in terms of numbers over 79 million people total in the united
states own a house out of which almost 33 are immigrants so that's about 24 or so million people
who are immigrants just like you and me own a house in the united states does that surprise you
because it did surprise me i was not aware there are so many immigrants out there who own houses
and who love owning houses who love paying taxes and so on so forth now let's talk a little
bit about different types of visas so there's h-1b visa which is a worker visa there's also
a j1 visa which is mostly for physicians because there is a shortage of physicians in this country
so a lot of physicians come here to work there's also a eb5 visa for people who want to invest in
united states and they have over half a million dollars worth and they want to invest that money
here and create jobs and so on so forth there are also f1 visas for student which is what i
used to come in this country i came here on a student visa guess what i ended up buying my
first property when i was 23 years old and i was not exactly in status i was actually out of status
and when i think about that today it just surprised me how i was able to pull that up
i not only bought a property but bought multiple properties in the same neighborhood and was able
to become an investor and buy multiple numerous properties dozens of properties over the years
flip them cash out burst strategies buy and hold even did some development and so on so forth so
you too can do that and i'm an example of that folks the reason i'm the most qualified person
for this subject is because i too was an immigrant just like you i came here about 20 25 years ago
and if i can manage to do that guess what you too can do that so make no mistake you have
some rights and you have some chances it's up to you how you want to avail those chances folks
so now let's talk about the qualifying criteria let's say you are here in this country legal on
any of these visas j1 h1b f1 you know eb5 doesn't really matter which visa you're on
but you're here and you're here legally okay you could be a refugee as well doesn't matter
some of the documents you might need you know to qualify for a loan especially if you're not paying
cash now if you are paying cash that's okay then you don't need all this stuff that i'm telling you
can skip to the next chapter but if you're not paying cash which i would suggest you do not do
don't pay cash folks try to get a loan okay use someone else's money as leverage to then leverage
yourself and grow your portfolio okay this is not the first property i hope you're buying i hope
like me you can buy many many properties enrich yourself and create generational wealth so some of
the documents you might need is social security number you must have a social security number
whether you are a refugee or an asylum seeker or your green card isn't processing that's okay you
still can get a social security number okay and if your green card is pending that's okay it's
not a big deal that was the same case with me but i still was able to get a property because lenders
only look for two things your driver's license and your legal status okay in fact they don't even ask
you their legal status they will just ask you do you have a driver's license well yes i do sign
here at the closing and and here's the keys so it's a simple process folks as far as fannie man
freddie mac goes they don't have any obligations they leave it to the lender for example the bank
that you're dealing with the credit union wells fargo bank of america whatever bank you're getting
loan from fannie mae and freddie mac have left it up to them to work with you to establish all
the legal documents that they need to submit to have you on the house now keep in mind that
you're putting down at least 10 20 down payment for the loan which is good money for the economy
so you're contributing to the economy don't think that you're getting a favor from someone
you're actually giving them some money and pouring money in the economy without be paying the taxes
because of it buying a property in addition to social security number and your driver's license
i'm assuming most of you have a driver's license if you don't please try to get one you will also
need to establish some credit history and credit history is very very important for getting a loan
and it takes a few months i would say six to nine months establish decent credit history
when you're new in the country you will not have any credit history and for those of you from
foreign countries a lot of my friends are from georgia and iran and spain and other countries
who came here had no credit so i had to explain to them how to actually apply for a credit card you
know or get a secure credit card through a bank and so on so forth so once you have the credit a
card established you have to wait five to six to nine months for your credit to go from 650 or so
to all the way up to 700 and once your score is at that level then you can almost go and apply for
any loan now but that's one factor credit scoring is very important that's one factor there's more
to it if you want to know how to boost your credit score please check out my video and i'll put the
link below about how to boost your credit it's an excellent video goes in a lot of detail on how to
boost your credit okay which you guys can learn from but we're not going to go into this video
over that so once you have your credit score you have your social security card you have a driver's
license you know the next thing you need is tax returns okay if you've been in the country for a
few years you possibly have some tax returns if you don't have any tax returns that's fine too
you can always do a no doc loan which means you're not disclosing your income now for most
government-backed loans like in fha loans and va loans and so on so forth you're gonna need
to have some sort of work history or work permit and so on so forth if you don't have that that's
okay work with your lender ask them i want to do a no doc loan which means no documentation you don't
disclose your income but for that to happen you have to have substantial amount of money
in the bank account nonetheless there are ways around that folks so i'm just giving you an idea
some idea on how you can go around the system and be able to still get a loan
you don't need tax returns you don't need all of that if you don't have them okay uh so credit
history social security you know social security card there's also for some refugees who don't have
social security card they may have something called tin tin is tax identification number
okay it's actually called itin which is you know individual tax identification number so you might
have that if you don't check with your lawyer they can explain it to you now that you know that you
know if you have all the documents and everything else folks that's this process of buying a house
is very very simple and i also have a video on step by step on how the house purchase happens
you have to talk to a realtor you know make an offer and so on so forth so check out the
video in my link below now let's talk a little bit about some of the challenges you might face
as an immigrant as all of us have faced number one challenge folks is language barrier
you may be from a different country you don't speak english as well as everybody else
and you might run into some issues because you won't understand all the oh i know all the fine
print in a document to remedy that you can have a friend or ask your uncle or aunt or someone
to be able to go with you who speaks fluent english explain to you how much money you have
in the bank what are they trying to do what kind of house and so on so forth what kind of
loan do you need and they can help you with that oftentimes you will face discrimination because
there are some people not a lot of people america is a beautiful country folks there's
a lot of accepting people who would love you and accept you and take care of you but there are some
people who don't like foreigners who don't like immigrants they don't want your money they don't
want you to be in this country so you might face some discrimination if you do please report it
please work with your local officials and and understand your rights just like anybody else
you have a right to be in this country legally and to pay your taxes and to buy a property just
like myself and anybody else out there another challenge that you might face is not understanding
the laws of the country or some of the you know legal matters for that you can always talk to an
attorney talk to a friend who might know an attorney and they can hook you up with them
so this way you can find out you know all the rights that you have all the laws some if somebody
tells you that you're an immigrant and you can't qualify for a loan or you can't get a loan or you
can't buy a house please don't listen to them okay listen to what i'm telling you i'm an example of
a person who's been there done that i have been an immigrant i've been legal i've been illegal
and then i applied for my visa and i got my visa this may happen to you folks it's not the end of
the world you will survive trust me on that i have survived and you can see i'm doing fairly
well it's only one life to live folks be assertive apply multiple places you may get rejected one
place but then try another another another until you figure out the process if i can help you in
any way i feel if you drop me a comment and i can guide you point in the right direction
okay if you like the content please don't forget to subscribe to my channel once again i appreciate
all of you who've been watching my channel is growing slowly but surely and i can certainly
use more help so thank you for that so you might ask fannie mae and freddie mac what is their deal
with this well fannie mae and freddie mac are the ones who secure all the loans and most of
the loans comes from them they they basically have underwriters who review your case and then provide
a government-backed loan so they're very important entities so my suggestion to you is to go to
fannie mae or freddie mac website read up on them you know figure out you know what are some
of their laws and requirements so on so forth and whether or not do you meet them they do not
care like i said they do not care if you are a permanent resident or not they leave it to the
lender as in the bank the middleman the bank uh to determine all the documentation and submit all
the documentation to fannie mae and freddie mac to get you a loan now there's also investor visa that
i want to talk about if you're an investor and if you have more than half a million dollars you
can invest that money in this country and also get a green card become a permanent resident by
creating at least 10 jobs and that's very easy to do if you have half a million dollars in the bank
there are many ways to do it but it's called an eb5 visa the way you get it is basically you can
invest money as part of a building or some other project a construction project in your community
in your city there and thereby creating jobs for that city or community and that's how you get that
visa there's also a petition that you can file for that i won't get into it but if you look up eb5
visa there's multiple articles out there that will talk about how to apply for that but for investors
who have money it's easy it's walk in the park folks they can buy a house on cash and so on so
forth now you might also ask well if i don't have any of these options what do i do there's always
an option folks and here's an option for for you folks who don't have you know green card or
permanent residency and are confused about all of this guess what if you don't have a credit
score you don't have tax returns and all that you can still partner with somebody you can partner
ask your local aunt or uncle or friend or whomever to buy a house okay you can make the down payment
put the house on their name and then add your name back in the title you can do that okay the title
of the house uh is a legal document that you could put yourself on and become the owner now once you
build your credit over time you make payments with the bank then you can take over the entire
title but somebody can help you put you in that path where you can then go and build off your own
credit history or payment history or loan history and so on so forth so again my point is folks
there are many ways to skim the cat and you must learn that and i hope you can you can see from
this video there are many different ways to do the same thing to achieve the results that you
want to achieve which is really to get a house and own a property there are many benefits to owning
a property folks and if you own a property you know you can save on tax returns you can you know
file expenses you can open a home office you can you know rent your basement and make more money
the benefits are just enormous so i would say if you're paying rent out there you're an immigrant
jump on the bandwagon try to get a loan try to try to you know save up some money and buy a house for
yourself it's the one of the best things you'll do for yourself it doesn't have to be the biggest
badass house it could just be a small house or a condo or a town home whatever that may be but try
to get on you know with the program of buying a house lastly i want to thank all of you this has
been a wonderful time spending with you i hope you like the new setup i want to make sure that
you guys engage with me and leave me a comment let me know what you like what you don't like
i always want to improve i always want to get better i want to give you better content so and
if i can answer any question you know how to reach me thank you very much have a nice day