Canadian wanting to invest in US market

[Julianne Salamone]

Hello,

I have invested in a few rental properties in my small Canadian home town and the rules/prices/undesirable areas make it harder to invest in Canada.   I am looking to invest in a property near a beach in Florida so I can air b n b it and vacation there with my family in the winter.   I have an air b n b in my hometown and it is quite profitable and works well.  Does anyone know of US lenders who help Canadians get an American mortgage?  There is a bank in Canada but the stipulations are hard- especially with one of my properties being an air b n b, it’s harder to claim that as income.  Any help would be appreciated!!! 
I am looking to purchase within the next 6 months.

Thank you!! 

[Jacopo Iasiello]

Hi Julianne, Investing in rental properties near a beach in Florida sounds like a great idea, especially if you're looking to combine investment with personal enjoyment during the winter months. Here are some steps you can take to secure financing as a Canadian investor:

1. Research Lenders: Start by researching US lenders who specialize in providing mortgages to Canadian investors. Some lenders may have specific programs or products tailored to foreign investors. Look for lenders with experience working with Canadians and who understand the unique challenges and requirements involved.
2. Consult with Canadian Banks: While you mentioned that Canadian banks have strict stipulations, it's still worth consulting with them to explore your options. Some Canadian banks have international lending divisions that may be able to assist you in obtaining financing for US properties. Even if the process is more complex, it's worth exploring all avenues.
3. Work with a Mortgage Broker: Consider working with a mortgage broker who has experience helping Canadian investors secure financing for US properties. A mortgage broker can help you navigate the lending process, identify potential lenders, and assist you in gathering the necessary documentation.
4. Build a Strong Financial Profile: To improve your chances of securing financing, ensure that you have a strong financial profile. This includes having a good credit history, stable income, and sufficient assets for a down payment. Lenders will likely require documentation such as bank statements, tax returns, and proof of income.
5. Consider Cross-Border Financing Options: Explore cross-border financing options that allow you to leverage your Canadian assets to secure financing for US properties. Some lenders may offer programs that allow you to use equity from your Canadian properties as collateral for a US mortgage.
6. Seek Legal and Tax Advice: Since investing in US real estate as a Canadian investor can have legal and tax implications, it's essential to seek advice from legal and tax professionals who specialize in cross-border transactions. They can help you understand the legal and tax implications of investing in US properties and ensure that you comply with all relevant regulations.

Hope it helps! :)