Looking to buy house in bay area. Green card queue is 60 yrs (or so, doesn't even matter anymore) long for Indian citizens! Any caveats before buying a house, say around $1 - 1.5 mil, in bay area? What are the risk factors of getting mortgage and owning a property, without PR certainty. We can NOT be on path to citizenship, being Indian nationals. TC 320k
I bought a house in Seattle and regret it at this point. I am concerned that if I get Rfe in some renewal, I will have to sell at a loss. Buying also reduces mobility. Current immigration policies do jot favor h1 holders. Better invest in foreign property.
Yes, my concern exactly. But also want to save on high bay area rents and live in bigger space. Wife and I have 650k in savings currently. Can do 350k down payment. And we are keen to invest future income. That's the conundrum. So looking to discuss pro and cons
If both of you are on independent H1b’s then the risk is negligible as visa going south for both of you has .1 % chances and let’s say both of you get RFE even then you can sell it off or rent it out.just make sure that your rent == mortgage
Yes both on independent h1b. Another point is, if someone loses h1b and L1A does not work out with that time's employer, i don't think it's easy to get tourist visas with past i140. Because we expressed immigration intent through i140. Risky to not be able to visit the place where you have so much money invested
Go and buy don’t think much !! You will be fine. Visa rejection for google is impossible
You can always rent the house if you need to leave. I would say buy a house in good school district which can be rented easily.
Why would you want to own property in a country you can’t enter?
Are property management companies so reliable and cost effective that one can leave the country worry free?
Have you thought about EB5? Since you have cash in hand.
🍿
On visa you pay at least 20% down or pay PMI.. if you have approved I140 you will get same rates as any other PR /citizen. Otherwise you will get worse rates. PR/Citizen generally get better treatment in mortgage. If your visa is expiring soon, you will not get mortgage even if you have approved i140. Be upfront with your lender if they ask.
While every case is different, here is one which feels scary. https://www.ndtv.com/opinion/indian-american-family-visited-delhi-for-h1b-work-now-theyre-stuck-here-2111608
What’s your priority date I wonder
With that TC, $1 to 1.5 is way out of your price range
I feel 1M is pretty safe for that total comp. 1.5M might be a stretch but definitely doable.
There is a big difference between 1 and 1.5. Even at 1mil, the likelihood of having enough for 6 months of all expenses left after paying the down payment is slim to none.