Canadian investing in Florida

Member since 2022 · 20 posts · 6 votes

Hello,

My family is in the process of moving to Florida from Canada.
We are planning to buy the first investment property (multi unit - house hacking).

If I am not mistaken, first, we need to get US credit cards with local banks to build credit scores. As far as I know, Canadian credit scores don't mean anything in the US and we need to start from zero. (My husband and I have both over 800 credit scores in Canada). I had done some research to get credit cards overseas using US resident's address, but I had decided not to go that route.

second, we will need to have W2 income jobs to show proof of employment. (not sure if it's 100% necessary as long as we have some cash in hand)

Is there any advice for foreigners to invest in the US..?

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Ruchit Patel

Bay area, CA · Member since 2021 · 383 posts · 306 votes

Hello,

House hacking is a great way to start. I think you have the right mindset. Speaking of having a good US credit score, that takes only 6 months after you purchase your first credit card as long as you pay it fully every month.

To qualify for traditional loans, one does need two years of W2 history, you can find an expert online to check if the job in Canada counts towards getting pre-approval.

Florida is one of the fastest growing states in recent years, I strongly believe that investment there will make you good money, I personally invest there. However, in the beginning, I strongly recommend having contacts and the support of experienced experts. Yes, it's best to learn by doing it, however, doing it with a mentor saves you immense time and money.

That's how I started, and if you want, I can provide you with the contact info of some of the very educative and transparent real estate mentors I know.

Good luck,

Ruchit

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Ruchit Patel
Bay area, CA · Member since 2021 · 383 posts · 306 votes
4y
Hello,
House hacking is a great way to start. I think you have the right mindset. Speaking of having a good US credit score, that takes only 6 months after you purchase your first credit card as long as you pay it fully every month.
To qualify for traditional loans, one does need two years of W2 history, you can find an expert online to check if the job in Canada counts towards getting pre-approval.
Florida is one of the fastest growing states in recent years, I strongly believe that investment there will make you good money, I personally invest there. However, in the beginning, I strongly recommend having contacts and the support of experienced experts. Yes, it's best to learn by doing it, however, doing it with a mentor saves you immense time and money.
That's how I started, and if you want, I can provide you with the contact info of some of the very educative and transparent real estate mentors I know.
Good luck,
Ruchit

1 Reply
Anastasia G.
Lender · NJ NY PA CT GA FL, Puerto Rico · Member since 2015 · 212 posts · 111 votes
4y
@InYoung Choung Hello!
Please check with your local TD Bank to see if they are willing to lend you on investment property, I know Canadian citizens who purchase in US get very lucrative financing for owner occupied properties, feel free to reach out, would be happy to make an intro.
If TD Bank is not an option then you could look into Foreign National programs where no credit is needed (it is assumed that a person does not have one since that person is not a US resident).
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InYoung Choung
OP
Member since 2022 · 20 posts · 6 votes
4y
@Ruchit Patel Thanks for the advice on finding out whether Canadian job can be used for getting pre-approval.
I appreciate your encouragement and offer to get me connected with someone who is knowledgeable.

Thank you!
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InYoung Choung
OP
Member since 2022 · 20 posts · 6 votes
4y
@Anastasia G. I do use TD for banking and will certainly get in touch with them. I have a very good relationship with them including the previous history of mortgage for my primary home. Thank you!
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Giuseppe PavonePro Member
Specialist · Orlando, FL · Member since 2015 · 183 posts · 83 votes
4y
@InYoung Choung I'm a fellow Canadian who moved to the US about 4 years ago. Have you tried RBC? They have a U.S. presence also (although it's virtual), and I was able to EASILY get a U.S. credit card from them and they based it off of my Canadian credit (I was still in Canada at the time). They also may have mortgage options for you. I've dealt with TD also but found RBC to be much easier to work with for cross-border purposes. Let me know if I can help in any other way. Good luck!
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InYoung Choung
OP
Member since 2022 · 20 posts · 6 votes
4y
@Giuseppe Pavone Wow Thanks for the useful info. I will check out RBC.
I do have a cross-border account and a US credit card (pretty much Canadian credit card that allows transactions in US dollar) with TD. However I was told this wouldn't build US credit score as the TD branch was based off of Canada.
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Giuseppe PavonePro Member
Specialist · Orlando, FL · Member since 2015 · 183 posts · 83 votes
4y
@InYoung Choung correct regarding the TD credit card... Because it's issued from a Canadian bank. Both RBC and TD have American banks also (RBC is virtual and TD has physical branches) and while they're under the same name and work very seamlessly with their Canadian counterparts, consider them as separate banks because they're actually located in the US and therefore must abide by different rules and regulations. While I can't speak for TD, you may want to contact their US counterpart to see if they'll issue you a credit card since you're already a customer.
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