Help, advice needed

[Petronella Kerssens]

Good afternoon, My name is Petronella Kerssens and I hope you are able to help me with the following challenge I`m facing. We lived in Florida for 10 years and are US citizens. We moved back to Europe 4 years ago and are currently working there. We have no immediate plans to return to the States. We are actively working on enhancing our current credit score of 590.

In Europe, we own several investment properties. However, due to recent changes in local tax laws, we are contemplating investing in the U.S. again.

We have a strong affinity for the Tampa area, and our trusted realtor there is not only a professional contact but also a personal friend. We have a budget of approximately $175k-$200k to invest.

The question we're struggling with is whether it would be more beneficial to buy one apartment cash or to make a 40-45% down payment on two apartments and secure a DSCR loan for the balance. Despite conducting extensive research, we're struggling to find a loan with an attractive interest rate. Thus, we're keen to connect with an experienced loan officer, who can help us with this. Our main goal is to have pasive income/cashflow.

We'd greatly appreciate any advice, particularly on what you would do differently under these circumstances, excluding relocating to a completely different area.

Thanks for your help,

Petronella

[Stephanie P.]

Quote from @Petronella Kerssens:

Good afternoon, My name is Petronella Kerssens and I hope you are able to help me with the following challenge I`m facing. We lived in Florida for 10 years and are US citizens. We moved back to Europe 4 years ago and are currently working there. We have no immediate plans to return to the States. We are actively working on enhancing our current credit score of 590.

In Europe, we own several investment properties. However, due to recent changes in local tax laws, we are contemplating investing in the U.S. again.

We have a strong affinity for the Tampa area, and our trusted realtor there is not only a professional contact but also a personal friend. We have a budget of approximately $175k-$200k to invest.

The question we're struggling with is whether it would be more beneficial to buy one apartment cash or to make a 40-45% down payment on two apartments and secure a DSCR loan for the balance. Despite conducting extensive research, we're struggling to find a loan with an attractive interest rate. Thus, we're keen to connect with an experienced loan officer, who can help us with this. Our main goal is to have pasive income/cashflow.

We'd greatly appreciate any advice, particularly on what you would do differently under these circumstances, excluding relocating to a completely different area.

Thanks for your help,

Petronella

 Unless you're going to pay cash for the apartment, I would focus on improving my US credit score.  The difference in rates and loan to value between a 590 score and a 700 score is significant.