All Forum Posts by: Michael Ramzy

Hi, this is interesting! I'm trying to use some creative Financing, so I wonder can someone takeover someone else's mortgage? I mean for example; I bought my property last year for $100,000 and I put down $25,000 down. My monthly mortgage is $360. Can someone approach me to takeover my mortgage and continue paying my $360 a month and pay me my downpayment plus $10k or whatever?! 

If that is so, who would you need to be on your team for such a transaction being in the buyer's shoes; Accountant, Attorney...or who would do the financing to make sure the transfer goes right and clean?

Any thought on this scenario, if someone did similar transactions? Thanks

@Mark Ainley can you PM too. I agree BMO and TD do it, but I guess the process takes a bit longer! 

@Colin G Murphy great website by the way! Thanks. I'll PM you. TD can take long for approval, so seller has to be a patient. I personally called them and they said it might take from 45 to 60 days for approval!

I see this happening in Canada too, but there has to be a license in place. That is the license for meeting safety, requirements for providing assistive living...etc. Usually, very profitable and once you're licensed, you get higher higher housing fees than what the resident/senior can pay on their own sometimes. Once licensed too, you can go for more homes.

@Sharon Green thanks for the advice. I appreciate that.

@Bill Hamilton the is MLS board I guess. I'm not a realtor myself!

Hi, I'm about to put an offer on a property in Petersburg Florida and I'm wondering if someone had a positive experience and can refer or recommend a local Bank, Credit Union or any other lenders that do portfolio loans in Florida for non-U.S. resident. 

I'm an Investor from Ontario Canada. Feel free to reply here or PM me. Thanks

Hi everyone, I joined Biggerpockets recently and it's amazing the information and networking you can learn from here. I'm from Canada and interested in investing in Florida. It seems that I got my hands on a good property and a great property management. I want to close on that property, but need some help in these matters legal, CPA, Foreign national program (lender) in the U.S.  Any advice or recommendations ? Feel free to PM me... Thanks

 Hey @Marc Champagne, I have my eyes on a good opportunity in St. Petersburg, Florida. Also got a great property manager on hand. Looking for a good Foreign National finance in the U.S. and to build a local team to setup the legal entity and accountant. Any referrals that you recommend? That would be greatly appreciated. Thanks

@Upen Patel thanks. That helps!

The company is called "Universal mortgage and finance inc." The branch manager is sending to fill an application with all my information. I came across it trying to contact the seller on zillow! 

How do I know it's legit? Is there a database or something?