All Forum Posts by: Mirza Razin Alam

@Mirza Razin Alam Great initiative! Have you considered starting with a partner or turnkey BRRRR to ease into U.S. investing while learning the market hands on with less risk?

@Mirza Razin Alam

Welcome to the BP community. This is a great place to find quick answers to questions.

I have worked with a number of investors from Canada and we have been able to find strong investments that have performed well. Is there a specific reason you're looking into BRRRR? Was there something that you didn't like about the turkey that you purchased?

Normally when I work with OOS I recommend that we look at new construction investment properties instead of BRRRR. This allows the investor to get a property that is not in need of renovation or maintenance for the first few years of its life. Controlling renovations or maintenance from a distance is always challenging. Most investors find working with a builder who is offering finished products makes the process smoother and easier. We also find that this process gets us to cash flow much quicker.

There are a number of great markets throughout the country that this type of investing is working. These are markets that are growing in population and employment. Many of the investors that I've worked with lately have looked in the Sunbelt to find these markets.

I would suggest that you take a look at this investing strategy to see if it might work for you.

Best of luck.

 Begin by searching for a lender experienced in providing loans to Canadians. They can guide you with the necessary steps and best practices to initiate the process. If you're interested, I can refer you to a lender who has successfully handled this before.

 Hi Mirza, 

I'm also a Toronto native who fell in love with Detroit. Its an easy border city less than 4 hours from Toronto including an average border time. Its a city with a rich history both culturally and innovatively and is on a massive comeback. 

I purchased my first property admittedly with cash in 2018 as nobody I could find was lending money to properties at the price I purchased for. I have since renovated and refinanced for the next property. My refinance happened through a florida company LendAI who deals with international investors.   

US lending is challenging without credit or status, even with an LLC, but there are options through Canadian lenders with US footprints. Think RBC/CIBC, and they will accept your Canadian credit which is worthless to a US bank.

Structure is important too. My business is set up with an LLC and LP to manage risk and taxes. Once you have that, you can get a bank account in the US and then purchasing property is rather simple and straight forward.

Detroit has moved from high risk/high reward to moderate risk. Rents are going up, values over the last decade are near the highest appreciation in the US and the homes you are buying are some of the best built in the nation. A city that was in its golden area during the 20s. Solid brick homes built for a city that was rolling in money. (Pun intended) Detroit has moved from strictly the "motor city" to a tech incubator, innovation-cetric city with great food and nightlife. Its quickly shedding the old down and out narrative to one of excitement and possibility. 

Happy to connect further on your plans for US investment.

Happy to connect you with some great lenders who work with canadian investors - they know how to do the legal entity and tax structure when investing out of state and will give you the best financing terms possible! Happy to make the connection and answer any questions you have!