Decision to buy a home on H1B

[jahuja]

Hi All,

 

Me and my wife are right now on H1B. I am eligible to get 3 year extensions based on approved I-140

 

We are thinking of buying a home since interest rates are still low and this will enable us to put equity in our home rather than wasting money on rent.

 

We were thinking of fallback options if our visas do not get extended for some reason. We have two options :

 

1. Can we put the home on rent and continue receiving rent money while we are in India? Is that feasible?

2. If we have to sell the home, will USCIS allow us to come on a business visa to sell the home?

 

Please give your opinion on the above two options. I am specifically looking for those guys input who already own a home and are on temp visas in US.

 

Thanks!

[omshiv]

That's why as I've already mentioned in some other topic it's not adviced to buy home on non immigrant visa

[jairichi]

That's why as I've already mentioned in some other topic it's not adviced to buy home on non immigrant visa

I agree with omshiv. Wait for your GC or else it is a risky investment and more of tension in your life.

[ge145]

1. Can we put the home on rent and continue receiving rent money while we are in India? Is that feasible?

Yes. But make sure you file your tax returns, since its considered as income.

 

2. If we have to sell the home, will USCIS allow us to come on a business visa to sell the home?

You can have a property mgmt company take care of this.

[jahuja]

Guys, I understand that is a risky move. However, I am trying to think about options to mitigate that risk. Can you please let me know your opinion on the above two options I have given? Do you think any of these is possible?

[omshiv]

I'm telling this based on friends experience...but Ge145's idea sounds good.

[pontevecchio]

Real estate is a very good investment at this point of time. You are a little late to the party. But interest rates are still reasonable. Your first step is to get Pre-Approved.