All Forum Posts by: Jeff Boyd

@Stephanie Blouin did you ever find a group or did anybody start one?

Have had similar issues with not being a US citizen and no SSN. Didn't find it any easier with an LLC or C Corp. You can still get financing for SF or MF however your rates will be higher and the LTV lower for sure. For example on a SF purchase you're probably at a 60% to 65% LTV and around 6.99%. Yes MF they look more at the property but finding a non recourse loan for a non US resident isn't easy either. Its doable but its not an easy way out of the situation. Of course everybody always suggests finding someone who is a US citizen and bringing them in but who wants to give up anything if you don't have to and finding that person requires a relationship with them, not just some random person! Hope that helps you out, good luck!

Thanks I will check into that. Typically those banks aren't my favorite though, even in Canada so hopefully some other options!

Thanks for the response, I am a member at 2 out of those 3 banks however their financing is for owner occupied, no rentals and 1 property. I do have properties already financed with other lenders, looking for a solid lender to do all my deals with instead of 1 here and 1 there.

Somebody here must have a good lender! I am a Canadian citizen looking for a quality foreign national lender for either refinances or purchases. Properties are 150k or higher value and all are being held as either short term rentals or long term. No rehabs needed, no poor areas. Florida and Indiana primarily. We have lots of cash on hand and can easily purchase without, just looking to leverage a bit better and switch out some older loans. 

NO SS, No Green Card, Canadian Citizen. Canadian SIN, No US credit, but great Canadian credit. Properties currently held in US C Corp

@Antinia Taylor

I agree with @Al Williamson make sure it works long term for sure. Just in case the short term rules change you are safe.

I have also seen some people rent these properties and then short term them out. If you can get the approval of a landlord which I know some people who have then I would say its a great idea. If the rules ever change you don't own it and you can get in with little to no money. Finding the right property and owner is the hard part! I wouldn't risk the landlord not knowing what your plan is otherwise you could spend a lot of time building it up, getting positive reviews, a system in place, etc. only to get kicked out. 

Just an update on this thread, have been doing airbnbs in Florida for over a year now and absolutely worth it. You cannot get the same returns renting long term. The state is trying to change the rules in our favor so municipalities no longer have the control to limit these. Have a good system, landscaper, a maid and a handyman and your set. Oh and make sure your guests respect the neighbors and neighborhood! So far no issues with any cities we are in either but if I ever do I have alternate plans for the properties. Make sure you have a back up plan just in case!

You mentioned some Municipalities do not have any restrictions, do you or anybody know which ones those are for potential future acquisitions? Unfortunately my current property that I want to rent is definitely St Pete. I may take the chance for a bit then use a long term tenant as a backup

Some interesting points for sure. The part that is puzzling for me is St Pete charges the Tourist Tax on Airbnb's but don't allow them? Seems like they would turn their head unless there is complaints but need someone doing it to verify they have no issues. When you search on AirbnB in St Pete there is a large number for rent so somebodies doing it successfully!

Im guessing not a single family house in a neighbourhood though right!? I know I could go longer term, 30 days or more to avoid the "short term" tag