Mortgage for Canadians on US property
Hi,
Looking for some advise or direction regarding mortgage financing...Myself and my partner want to buy a duplex in Florida. Expected purchase price of 50,000. Expected value after rehab is $75,000. We are Canadian Citizens and live in Canada. We have set up a corporation in Florida which will hold any property we buy. We can offer personal guarantees. We have good credit (In Canada), good employment income and good net worth. Our idea is to pay cash, rehab the property, rent the property out and then refinace it to get as much money out as we can and then repeat the process. Does anyone have any idea if any bank can help us out with this being that we are from Canada? If so, any contact info would be great. If we are not able to get financing from a bank any contact info for a hard money lender that would look at this would be great. Lastly, can anyone think of a better way to do this? Is there an advantage to getting financing at the time of purchase before we rehab the property...I can't think of a reason why I would want to do this but maybe I am missing something. Thanks in advance for any help.