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All Forum Posts by: Anita Fofie

Anita Fofie has started 5 posts and replied 40 times.

Post: Help! Dilemma on my first property

Anita FofiePosted
  • Real estate consignment; Virtual REO wholesales
  • Vancouver, Vancouver, BC
  • Posts 49
  • Votes 18

Great advice Brian. And I agree...If your seller is motivated, there are no liens on the property and the mortgage payments insurance and property taxes are manageable for you then a lease option or subject to deal could work. If they own the property outright, don't need the cash up front and can do owner financing even better. Even if they do have a mortgage on it depending on what the property could rent for you still may be able to work out a sandwich lease option if you have established a good rapport with the sellers and the circumstances are right.   

Originally posted by @Brian Gibbons:

@Nate Ollie

is it free and clear of mortgages? If there's a mortgage what's the balance due, what's the payments, is it fixed or arm, is it govt, conventional or private?

Once you know what kind of existing financing you look at a purchase offer, maybe subject to, rough, but it needs work never do a lease option

Think about doing a joint venture with the seller, it is also called the cooperative rehab , using private lender money to fix it, giving a note for their equity, buying it and getting on title, fixing it and resell ing it, then you would pay the equity to the seller

Good luck!

Post: Chicago Investor friendly Real Estate Agent

Anita FofiePosted
  • Real estate consignment; Virtual REO wholesales
  • Vancouver, Vancouver, BC
  • Posts 49
  • Votes 18
Originally posted by @Account Closed:

Agent Sean Jones can help he is an investor as well 773 406 7142

 Thanks Aaron, always good to have a few good agents on speed dial.

Post: Canadian Banks lending in the US???

Anita FofiePosted
  • Real estate consignment; Virtual REO wholesales
  • Vancouver, Vancouver, BC
  • Posts 49
  • Votes 18
That's fantastic information and is exactly what I wanted to know. My strategy was to figure out which banks lend in the US, park my capital there so that I could establish a line of credit with which to buy US real estate and then leverage the relationship with said bank to refinance into a "conventional" mortgage with that Canadian bank. So far sound like BMO Harris and RBC will do this. And TD. 

Thanks all, keep the great info coming. 


Originally posted by @Mark McGrath:

@mark ainsley would you mind PMing me that info as well?

@anita fofie RBC will lend on up to 3 properties in the US. Conditions are that you must be an RBC client - and the definition of being an RBC client, is that you must maintain a $5k account balance with them for 6 months. Last week, I opened an a free savings account with them and deposited the requisite $5k, and have spoken with their US lending team to confirm that I'll be eligible in 6 months time. You can reach them here: http://www.rbcbank.com/borrowing-in-the-us/mortgag...

They do 60% LTV, with rates comparable to what we have here at home (3-5% I was told, depending on the borrower). They don't differentiate between single family/multi family, just 3 properties maximum. Mortgages are of course held in USD.

Hope that helps!

Post: Canadian Banks lending in the US???

Anita FofiePosted
  • Real estate consignment; Virtual REO wholesales
  • Vancouver, Vancouver, BC
  • Posts 49
  • Votes 18
@Bill Hamilton,
I suppose it doesn't absolutely have to be a Canadian bank. However, having the benefit of an established relationship with a Canadian bank who will lend based on Canadian credit and Canadian income rather than just on the asset itself (along with taking advantage currently low interest rates) would be nice. I'm happy to pay HML rates for a little while to secure the property as long as I know that refinancing out of that won't be a nightmare. Is my thinking flawed?

Originally posted by
@Bill Hamilton:

Is there a reason you need it to be a Canadian bank? Lots of US banks will lend to foreign nationals as long as you meet their other criteria. And outside of that there are US based, alt-a lenders that will go up to at least 65% if you have reserves, full doc on income etc, and their rates could be more in the 7% range rather than 12%.

Post: Canadian Banks lending in the US???

Anita FofiePosted
  • Real estate consignment; Virtual REO wholesales
  • Vancouver, Vancouver, BC
  • Posts 49
  • Votes 18
Originally posted by @Mark Ainley:

@Anita Fofie I was introduced to a lender in Canada that can lends on property here in US to Canadians.  I will PM you. I have never used him but he says they get it done. If anything may be a good jumping off point.  

 Fantastic Mark, thanks so much. 

Post: Canadian Banks lending in the US???

Anita FofiePosted
  • Real estate consignment; Virtual REO wholesales
  • Vancouver, Vancouver, BC
  • Posts 49
  • Votes 18

Thanks very much, yes it looks like BMO Harris is actually based in Chicago and Bank of Montreal is the parent company.

I am not sure yet what the requirements are--but I am approved for a 3 year hard money loan at 12% to purchase a turn key property in the chicagoland area that I am looking at and I wanted to know if I would be able to refinance with a Canadian Bank in a year or so. If I can, then I may pull the trigger. It cash flows even with the HML @ 12% so if I refinance with a Canadian bank at a lower interest rate it'll CF even more.

Post: Canadian Banks lending in the US???

Anita FofiePosted
  • Real estate consignment; Virtual REO wholesales
  • Vancouver, Vancouver, BC
  • Posts 49
  • Votes 18

Hey all,

For those of you Canadians investing in buy/hold residential real estate in the US, do you know which of the major Canadian banks are lending on US properties if any? 

Specifically, those lending in the Midwest (Chicago).

Thanks,

Anita

Post: IRVING PARK 2-Flat great rental's REO Chicago rehab

Anita FofiePosted
  • Real estate consignment; Virtual REO wholesales
  • Vancouver, Vancouver, BC
  • Posts 49
  • Votes 18

thanks

Post: IRVING PARK 2-Flat great rental's REO Chicago rehab

Anita FofiePosted
  • Real estate consignment; Virtual REO wholesales
  • Vancouver, Vancouver, BC
  • Posts 49
  • Votes 18
@Sean B.:

Do you have a repair estimate for this property? 

Anita 

Post: REDUCED: 58% ARV Hyde Park Brick Row Home

Anita FofiePosted
  • Real estate consignment; Virtual REO wholesales
  • Vancouver, Vancouver, BC
  • Posts 49
  • Votes 18

Must sell. Offered at 57.5% of ARV.

Reduced to $299K. ARV $520K

1313 E Hyde Park Blvd Chicago, IL 60615

Repair estimate: $100,000

Call now 604.345.2740 for lock box info to view. 

Copy link below for more photos, details, and comps:

https://www.biggerpockets.com/forums/517/topics/239132-chicago-hyde-park-heritage-brick-row-house-at-61-arv