In the past year, many people have made more money than ever. In the midst of the pandemic, we saw a boom in several industries one of them being in Real Estate. Many of my documented and undocumented clients have asked how they can get into the real estate mix as either agents, investors or buyers. They have asked can I get a house? Can I get a loan for a house? Can a house be under my name? All of those have the same answer and the answer is yes, though for some it’s easier than for others. Here are the facts:
- Can I Become a Real Estate Agent? Yes! You must be over eighteen, have a high school diploma or GED. If you are an immigrant, you must be a legal permanent resident (green card) so people with DACA or other statuses are not eligible. (You can become one in NYS as long as you have a SS#) So if you want to be an agent and you aren’t eligible to get a green card selling real estate in NY might be the best option for you.
- Can I Own a Home? Yes! There are no requirements requiring you to be legally present in the United States or to have some immigration status to own property. You have all of the same rights as any other property owner.
- Can I get a Home Loan? Yes! Many banks offer solutions for those non-conventional buyers these are usually ITIN mortgages, and they require you to have an ITIN number which many undocumented buyers have. The down payment is 15% and, in some cases, higher but it is possible.
- Can I Lend Money to Home Flippers? Many immigrants are private money lenders. You can have others make you money off real estate. You don’t need a legal status or social security number to be able to do this. You will need a professional mortgage and note drafted by an attorney so that you don’t get swindled out of your investment.
There are also many other ways to get into real estate as an immigrant. You can become a wholesaler, a flipper, a hard money lender, an agent, a buyer or an investor. Feel free to pick your path depending on what fits your lifestyle the best.
Abraham Cepeda, Attorney at Law
Cultura Law
