Case Study
H1B Engineer Builds a 3-Property Portfolio Out of the Bay Area
How a senior software engineer used Total Quality Lending’s Foreign National DSCR program to start his U.S. real estate portfolio less than a year after arriving on an H1B visa.
The borrower (anonymized)
- Profile
- Senior Software Engineer
- Visa status
- H1B (4 months in U.S.)
- U.S. credit history
- Limited (8-month FICO ~700)
- Location
- San Jose, CA
- Liquid assets
- ~$180K (U.S. + India accounts)
- Goal
- U.S. real estate equity
The problem
Eight months into his Bay Area role, our borrower had W-2 income, growing savings, and a clear plan: build U.S. real estate equity while he was here on the H1B. He tried three retail banks. All three declined: not enough U.S. tax-return history, no 2-year employment record, and the conventional investment-property guidelines weren’t built for his profile.
His agent recommended Total Quality Lending after closing a similar deal for another H1B engineer the prior quarter.
Deal 1: The starter — Austin, TX
- Property: 3-bed / 2-bath SFR in Round Rock, Austin metro
- Purchase price: $345,000
- Down payment: $86,250 (25%)
- Loan: Foreign National DSCR, 75% LTV, 30-year fixed
- Monthly rent: $2,250
- DSCR ratio: 1.18
- Time to close: 21 days
- Vested in: Wyoming single-member LLC
Closed remotely from the Bay Area. Property manager placed a tenant within 14 days of close.
Deal 2: Scaling — Phoenix, AZ (Month 8)
Eight months after closing the Austin property, our borrower added a 4-bed Phoenix SFR using the same Foreign National DSCR program. Down payment from continued savings (no cash-out refi yet — the Austin property hadn’t seasoned for 6 months). Purchase: $385K, 25% down, DSCR 1.22, close in 18 days.
Deal 3: BRRRR-style refi (Month 18)
With both rentals seasoned and appreciating, the borrower cash-out refinanced Austin (now appraised at $395K) to pull $40K equity. Combined with savings, that funded a third acquisition — a 2-unit duplex in Tampa, FL. Down payment 30%, DSCR 1.31, close in 19 days.
18 months later
- 3 cash-flowing rental properties across TX, AZ, FL
- Combined monthly net cash flow: ~$1,400
- Combined equity (after appreciation): ~$210K
- Still on H1B, still in the Bay Area, still has not bought primary residence
Why it worked
Conventional underwriting would have blocked every one of these deals. Foreign National DSCR underwriting at Total Quality Lending didn’t care about his W-2 history, his visa status, or his future tax filings — only that each property covered its own debt service. Three deals later, the strategy is intact.