All Forum Posts by: Giuseppe Pavone

It can be done and it has been done (me along with several others).  I sent you a DM.  Happy to help and explain how I went about it.

@Lovepreet Brar I'm a Canadian on E2 also... why don't you have an SSN?  You should be able to get that quickly... it'll help.  I invest full-time and have worked with a few lenders who may be able to help.  Just message me if you'd like.

I had a friend purchase a Vacation home financed with RBC last year.  I don't believe he had any complaints.  

Have you tried reaching out to the US branches of Canadian banks?  I just did a quick search of RBC US website which states they'll finance a 4-unit.

You shouldn't have a problem.  I would talk to a mortgage broker in the US who works with foreign investors and can explain your options, but I would also definitely contact Canadian banks to see what they can offer.  When I was looking about 8 years ago RBC had a couple of products available.  Good luck!

I did a few BRRR's last year in Central Florida. I think a good rule of thumb is that if all of your preffered exit strategies fail to maximize profits (mid-term, AirBNB, Padsplit, etc.), you're able to make it work as a long-term rental at the very least and maybe you can go back to one of those preferred strategies in the future.

@Munjal Adhvaryu I'm a fellow Canadian who moved to Florida about 6 years ago and am a full-time investor here.  Let me know if I can be of any help.  Good luck!

@Daniel Dass I'm a Canadian who moved to Florida to invest full-time down here about 5 years ago.  That's great to hear you want to focus on Florida rather than Canada... I don't blame you (lol).  But it sounds like you're in the beginning stages of your search and like others have mentioned above, most if not all you need is right here in terms of resources.  I've been to these courses and many times they're framing it to be so easy... it's not.  If it was, everyone would be doing it.  Florida is really competitive with short-term rentals and I've heard many stories of people diving into the market over the past few years only to find it difficult to cash flow with unexpected costs, rising interest and insurance rates, higher price points.  Not to say you can't make it work, there's definitely opportunity... but I would take it slow, utilize this platform and those who've already generously reached out to you to help, and know your numbers.  Good luck!

@Flavia Vangelotti sounds like you're in a great spot financially to get into real estate investing if that's what you want to do ultimately.  I understand where you're coming from, it's a mindset shift and I think many (if not most) people here will tell you that the shift occurred after reading "Rich Dad, Poor Dad"... so if you haven't read that, you may want to.  

Buying a property for your mom that you have to put money into each month even after the mortgage is paid off (taxes, insurance, maintenance) will only work if you have significant appreciation to offset that, which is what you probably experienced in California (and I experienced in Canada).  But it's risky and can go the other way also.  And you'll only realize the gains after you sell it or refinance and pull out some equity.  

Having a rental property can pay your monthly expenses, plus hopefully some profit, and if it doesn't appreciate, who cares, you're still making money, paying down the mortgage, etc.  And if it does appreciate (which is more likely), it's a bonus!

@Flavia Vangelotti forecasting appreciation is always a gamble so I view it as a bonus on my investment properties.  You're probably not seeing Orlando as a place to invest because it's difficult to cash flow compared to other markets.  I moved down from an expensive market in Canada about 5 years ago and couldn't believe how much more affordable it was down here.  You're probably seeing the same thing when you compare Florida to California.  But prices have appreciated significantly over the past 5 years here, and the gap has definitely narrowed... but people are still moving here which puts upward pressure on prices.  I think any good area of Central Florida, like Lake Nona has a good chance of more moderate appreciation but there are no guarantees... again, it's a gamble.  Have you considered just buying a cash-flowing investment property and using the profits to subsidize your mom's rent?