All Forum Posts by: Adam Godfrey

My partner and I purchased a property with cash in June. Its a student rental in Indiana. The property was purchased for $127,800 and was appraised at $150,000 pre covid. We are looking to refinance and purchase another property. My question is: As a foreign national investor in the USA, what are some of the required documents that a bank may ask for when looking at a cash out refi?

We purchased and hold the property in our LP so I am assuming our EIN, articles of incorporation, copy of the lease, rent roll will be required. I would like to put a list together to be prepared and have an understanding of what is expected when approaching a bank and speaking to it's associates. 

Also could anyone recommend a potential bank to refinance through?

Thanks in advance

Hello Everyone,

I have found a property near Indianapolis that is listed for sale by owner. I am debating on using a realtor on my end to aid with the purchase of the property but was wondering what the process was if I were to purchase without one.

Could anyone provide a step by step guide from finding and contacting the seller to walking away with keys in hand without a realtors assistance? I have picked up so many snippets of steps and could really benefit from having it all laid out in front of me.

Thanks for your time,

Adam

I was approached by my Dad today while I was discussing with my brother about using a HELOC to invest in rental properties. He said that I could use the HELOC he has on the house to purchase properties if I needed money. He was offering it as I would have access to it with no money in it for him.

It is an interesting proposition as he has a much higher limit than I would have with my own HELOC I am currently in the process of opening. I could pay him back the interest plus a profit as he is retired. I guess I want to be as informed as I can be on both my end of borrowing any money and his end on lending it to me.

What would be required of him to lend me money so I could invest in real estate and how could he protect himself? Would the bank care hes lending money on his through his HELOC? Are there rules and guidelines to becoming a hard money lender?

Does anyone have experience with a similar situation? What did you do and how did it work out?

I have taken an interest in investing in the states and would like to learn from any investors that currently do so. I am aware of the 1031 exchange and the cheaper prices but is it really worth it vs investing in Canada. Looking for any pros and cons on investing in the states and information on what it would take to set up and manage a portfolio in the states.

Hello Everybody,

I recently bought a property in Waterloo with the purpose of house hacking it. I will be living in one of the 5 bedrooms and renting out the rest. I am having a difficult time finding some answers on what I am required of for insurance.

Basically I have two scenarios:

1) Rent out three rooms and live in the 4th with a spare room in the basement for guests or an office.

2) Rent out 4 rooms and live in the basement myself.

What sort of insurance would I need for both of these scenarios? I believe for option one I can get away with landlord insurance but with option two I think I need commercial.

I would appreciate any help here and sources are always welcome.

Thanks