Buying property on h1B

Blue apron MKdy16
Feb 1 33 Comments

Is it fine to buy property while on a h1 visa? Or would the banks not give a loan because of immigration status?

Second question- if you can buy property, can you be a landlord on a h1 visa?

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TOP 33 Comments
  • Microsoft molen
    Bank won't give mortgage with 5% down
    Feb 1 3
    • Salesforce Heimer
      Where did op say anything about 5%
      Feb 1
    • New / Consultant
      weep

      New Consultant

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      Accenture
      weepmore
      Well fuck that. I bought two with just 3% down. They just add the PMI to the principal+interest.
      Feb 1
    • RackWare Dreamlight
      For residential or rental?
      Feb 2
  • Microsoft ok47
    You can get loan on H1B but you are only allowed to make passive income. Being a landlord means that you need spend time to find tenants and do maintenance, which are considered active work. If you want to be landlord on H1B, you must hire property manager to rent out your property.
    Feb 1 6
    • Facebook public2
      Not legally
      Feb 1
    • New / Consultant
      weep

      New Consultant

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      Accenture
      weepmore
      There is nothing legally that stops you from renting your house. Finding a tenant is not a full time job. You just schedule a open house and tell your prospective tenants to come at that time. If you have a shitty house with repairs then it is a full time job as for some reason shit starts to break when you rent your house. Keeping it in good shape and knowing a trust worthy handyman is all you need.
      Feb 1
    • Facebook public2
      The definition is set by irs ;)
      Feb 2
    • It’s legal. I do it. Validated by my tax consultant.
      Feb 3
    • Facebook public2
      Yikes, be careful!
      Feb 3
  • Apple Bfdxgjjv
    Prices will go down further. Not right time to buy now.
    Feb 1 5
    • Pandora Ben.D.Knee
      The question asked was “Can you” and not “Should you”
      Feb 1
    • Apple Bfdxgjjv
      I am helping him/her with bigger problem. If he doesn’t buy property h1b status don’t care.
      Feb 1
    • Pandora Ben.D.Knee
      Doesn’t*
      Feb 1
    • Apple Bfdxgjjv
      Fuck off if you don’t understand.
      Feb 2
    • Pandora Ben.D.Knee
      Why so salty bro
      Feb 2
  • Facebook kdpl86
    USCIS can take this as a reason to believe that you are going to stay after the visa expiration illegally. H1 is a temporary permit to stay.
    Feb 1 1
    • Microsoft ok47
      H1B is dual intent visa. You can tell visa officer loud and clear that you plan to apply for green card and stay in the US forever during the visa stamping interview and still get H1B visa approved.
      Feb 1
  • LinkedIn bored🐷
    Yes you can buy properties. And yes you can get a mortgage if you have good credit history and income.

    Yes you can be a landlord as long as you use a property manager.
    Feb 1 0
  • Optum MMai55
    You totally can. You could even get a 3.5% down FHA loan for first time home buyers. But I would recommend you putting down 5%. It has better interest rates. If you actually have 20% to put down, even better.
    You can rent out your house or if you want even rent out a room in your house. Both are totally fine since the income that you earn would be passive income.
    Feb 1 7
    • AMD / Eng LEtV72
      Both renting a house(to long term tenants) or room(short term Airbnb) without any property manager are immigration gray areas while on H1B and depends on how you intepret the "passive income" portion. Do it if you want and accept the risk involved. Everyone has their own opinion of it and blind is definitely not the place where you get a full proof legal opinion..
      Feb 1
    • New / Consultant
      weep

      New Consultant

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      Accenture
      weepmore
      If the house is in an in demand area , it is not an issue as there isn't much time spent on finding a tenant. It takes 10 mins to put an ad. And you pretty much filter who you think are good candidates for your house by talking over the phone. This isn't going to be an hour long call. My townhouse in an in demand area gets tenants within 1 week of posting. I have a maid who does the Cleaning and a good handyman.
      Feb 1
    • AMD / Eng LEtV72
      The question is not about how much time you spend. This area of immigration falls under gray area. Technically you are not supposed to get any active income on H1B apart from your employer. You spend 10min or 10days to find a tenant , it's still considered working isn't it? Again I personallt know many folks on H1B doing this and also buying homes n renting out rooms individually..are they committing immigration fraud? May be..would they be convicted? Highly unlikely..they have accepted the risk n are doing it..depends on your risk appetite..
      Feb 1
    • New / Consultant
      weep

      New Consultant

      PRE
      Accenture
      weepmore
      If IRS asks this question, then it would be looking for answers as in how much time you put in your actual h1 b work and how much time you are spending outside of it to find tenants. I can't be a full time property manager, but if of the ~1900 work hours in a year if I spent 10 hours to find a tenant how would that be active income. In the same logic wouldn't profits from stock and dividends also constitute active income as it is still income ?. Heck I spend more time researching on stocks than I spend on finding tenants, technically my dividends should me active income if we classify rental income as active going by this logic.
      Feb 1
    • AMD / Eng LEtV72
      You can probably use the same logic. I'm not for or against..I was just saying its not well defined what is active and what is passive income..

      But you are supposed to have only passive income on H1B, that's well defined.
      Feb 2
  • Tesla 100thieves
    What about income you get from outside the US? Like property back in India. Is that active income?
    Feb 1 1
    • Microsoft ok47
      Yes, technically it is. But there is no way US government can track you to enforce it.
      Feb 2
  • Dish Network / Eng
    C.Ergan

    Dish Network Eng

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    EchoStar
    BIO
    Code monkey
    C.Erganmore
    I bought a townhouse 4 years into H1B... I wish I had done it earlier. Wasted a lot of money renting for those first 4 years on H1B.
    Feb 1 0
  • Uber / Eng coskra
    There are no issues buying property with H1 visa! When people who are not in US can buy properties there are no issues! Just make sure that you are buying a reasonable one just for your personal safety! Just go for it!
    Feb 1 0
  • Microsoft
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    Microsoft

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    Amazon
    temp_more
    Yes and yes
    Feb 1 0