I want to buy a foreclosed condo and rent it. Is this permitted on H1B Visa ?
Purchasing a cond and using it as rental property is equivalent to buying stock and waiting for dividens. Such a purchase is not in violation of your H-1B.
I would say yes, since investing in U.S. real estate property is not an considered an activity "inconsistent" with your H-1B Professional Worker status, provided you continue to maintain valid H-1B status.
Behar Intl. Counsel 619.234.5962 Kindly be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
The challenge with any investment is that there are risks. If you lose your H1b position and must leave the U. S., then the investment may prove questionable.
In addition, foreigners often don't qualify for mortgages unless they are lawful permanent residents or naturalized U. S. Citizens.
A false representation on a mortgage form that you are either may indefinitely affect your right to a greencard or visa. It will be important that you carefully read all forms. Perhaps, this may not be such a good idea unless you can pay the entire purchase price.
This is general information, not legal advice, and does not create an attorney client relationship.
I agree with my colleagues.
J Charles Ferrari Eng & Nishimura 213.622.2255 The statement above is general in nature and does not constitute legal advice, as not all the facts are known. You should retain an attorney to review all the facts specific to your case in order to receive advise specific to your case. The statement above does not create an attorney/client relationship. Answers on Avvo can only be general ones, as specific answers would require knowledge of all the facts. As such, they may or may not apply to the question.