All Forum Posts by: Giuseppe Pavone

@Majid Asgari I enjoy working with Southern Title & Abstract.  They work with investors and are very knowledgeable. 

That's the one thing I really like about the US mortgages, is the 30 year fixed option, especially on investment properties. I wish RBC had that option. TD might but I think only up to 60% LTV as mentioned above. I just checked for fun a few days ago about what RBC had to offer and there does seem to be a 10-year fixed term (variable after as mentioned) on a 30-year amortization. So then it becomes a business decision based on where you think interest rates, house prices, rents, etc. will end up. Or perhaps you'll be able to refinance into something else 10 years from now!

RBC also had 2 options when I was in the market 4-5 years ago... for a 2nd home, they'd do 80% LTV, and if it was for investment purposes, only 60%. HOWEVER, at the time, I believe they said as long as you use it a certain amount of time for personal use, you can rent it on a short-term basis for the balance of the year, if you wanted to utilize the 2nd home / 80% LTV option. Not sure what the options and terms are now.

@Mike Lambert @Account Closed I should clarify, my apologies for the confusion...

When I suggested contacting RBC and TD, I meant their US locations. This is different from their Canadian counterparts and I view them almost as separate banks which they kind of are as they're located in the US and abide by the US rules for banking and mortgages (again, RBC has no physical locations but I think they're headquartered in Georgia, and TD has several locations across the US). I know RBC at least (not sure about TD still) will offer a mortgage that is a true US mortgage (ie. not a Canadian mortgage for US property), so the terms are different but the rates can still be very competitive. For example, RBC offers adjustable rate mortgages (ARM) which is a US type of mortgage (not sure if it's offered in Canada). Main difference here though is that after the 5, 7 or 10 year term is up, you don't refinance like you would in Canada, it would flip to a variable rate for the balance of the 30 years... at least that's how it was a few years back and I don't believe it's changed. The main point I'm trying to make is, I would contact RBC US and TD US and see what they can offer because for RBC at least, they'll offer an actual US mortgage to Canadians and use your Canadian credit. This is different than going to your local RBC in Canada and asking for a mortgage for a US property. Hope I'm making sense in all of my rambling (lol)

@Account Closed I was in your situation about 5-6 years ago.  At the time, after much research I kept getting back to Windsor Hills.  I had stayed there once, liked the community, loved the location, and although slightly older had a great track record for staying occupied and they took care of the property really well.  But that was then... not sure about now but as others mentioned above, you'll have LOTS of options depending on several factors.  We didn't end up buying and instead moved down to Florida (haha).

On the mortgage side, have you spoken to RBC or TD yet?  Both have a US presence (RBC virtually only and TD brick & mortar locations) and both offer mortgages to Canadians based on their Canadian credit history (RBC at least as I just looked into this recently).  I think you'll find those to be your best options (I did) but there are brokers down here who offer mortgages to foreign nationals, so they may be worth a looking into also.  Good luck!

@Matthew Varga I'm a fellow Canadian who moved down to the Orlando area about 3.5 years ago to invest in real estate full-time.  I'm sure you'll find lenders who'll lend to you, just not sure how good the rates will be.  Have you tried RBC at all?  As in RBC US which is a different bank altogether from RBC Canada, but they work hand-in-hand.  They don't have any physical locations, just a virtual presence, but I know they had a couple of products a few years back when I was looking into doing the same thing you are.  At the time I believe they required a larger down payment but their rates were much better because they were basing it on your Canadian credit.  TD may be an option also as they have physical branches down here.  Let me know if I can help in any way.  Good luck!

@Ryan Kwech I've done a handful of flips in Lake county and happy to share my experiences with you.  Personally I really like the market.  

This seems like it's for realtors only, correct?  I'm just an investor but would like to expand my network of investor-friendly realtors.

@Raymond Rashid have you tried RBC or TD?  They both have US presenses (RBC virtually and TD physical locations) and both should be able to help and base it on your Canadian credit.  At least they did a few years ago.  They'll probably be your best and easiest options.  Good luck!

@Marco Masanotti Like others have mentioned, taxes are going to be a big factor in your decision.  If I were you I'd probably start with deciding which locations I get excited about.  Where some might like the idea of owning property in Florida or California because of the climate (and you may be vacationing there often), others might want to put a greater emphasis on cash flow, or potential growth and appreciation... or all of the above!  Depending on what's most important to you I'm sure you'll find many opportunities.  Good luck!

@Dan Crosby I moved down from Hamilton to Orlando 3 years ago to invest in real estate full-time down here.  Same as you, I saw diminishing opportunity up there and increasing opportunity down here.  As stated by @Roy Cleeves the appreciation hasn't been the same but it's to the point (in Ontario at least) that it's scary because the numbers just don't make sense.  Down here it seems as though there are more deals to be had.