All Forum Posts by: InYoung Choung

I am a new investor. 

My goal is to purchase a 30+ unit property by the end of 2023.

@Ricardo Hidalgo Thank you for your insight! I didn't know new construction was offering closing cost. Great point about insurance. especially when I hear FL insurance price is very high.

@Theresa Harris Wow I see. I didn't know that was happening. Surprising builders could increase the home price like that. Thanks for the info.

Hello, 

I am a future RE investor. My husband and I are interested in buying properties (multi family property with house hacking) in Florida. 

As I watched some YouTube videos and heard that there were many new constructions being cancelled as buyers were cancelling the deals due to home price reduction with higher interest rates.

Would there be a good opportunity to buy brand new homes that cash flow, now or in the future?

if above is yes, does that mean buying brand new homes might be a better option than buying used homes as it's less headache for repairs?

What advice do you have in terms of buying brand new homes in general?

Thanks in advance!

@Matthew Stokes It sounds like you have great success! I am a complete beginner in REI. I am just wondering what is beneficial of building houses on your own (if that's what you meant) instead of finding a builder to do it?

- is it because it costs more with them than you doing it yourself?

- is it hard to find reliable builders in the area?

@Chris Seveney Hi Chris, I am a newbie here. Are all foreclosed homes sold through auctions? Or what are the ways to buy foreclosed homes?

@Giuseppe Pavone Wow Thanks for the useful info. I will check out RBC. 

I do have a cross-border account and a US credit card (pretty much Canadian credit card that allows transactions in US dollar) with TD. However I was told this wouldn't build US credit score as the TD branch was based off of Canada.

@Anastasia G. I do use TD for banking and will certainly get in touch with them. I have a very good relationship with them including the previous history of mortgage for my primary home. Thank you!

@Ruchit Patel Thanks for the advice on finding out whether Canadian job can be used for getting pre-approval.

I appreciate your encouragement and offer to get me connected with someone who is knowledgeable.

Thank you!

Hello,

My family is in the process of moving to Florida from Canada.
We are planning to buy the first investment property (multi unit - house hacking). 

If I am not mistaken, first, we need to get US credit cards with local banks to build credit scores. As far as I know, Canadian credit scores don't mean anything in the US and we need to start from zero. (My husband and I have both over 800 credit scores in Canada). I had done some research to get credit cards overseas using US resident's address, but I had decided not to go that route.

second, we will need to have W2 income jobs to show proof of employment. (not sure if it's 100% necessary as long as we have some cash in hand)

Is there any advice for foreigners to invest in the US..?