Canadian investing in Florida

[InYoung Choung]

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..?

[Ruchit Patel]

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