My name is Izy and i was wondering perhaps you guys could point me into the right direction. I was originally from Boston Mass but moved to Toronto Canada. I wanted to purchase some buy and hold investment properties utilizing the BRRRR method in the states. One of the few issues i'm trying to figure out is, can I use a hard money to finance the whole process (purchase and rehab) and what are things that hard money lenders require before lending you money (credit scores, proof of income, history investing, down payment etc) or do they just use the house as a collateral ? and for the refinance part of brrrr will banks require me to provide proof of income and need me to have good credit score? my credit score is not so good in the 600s on the states side and i have full time job in Toronto Canada not in the states.Will banks except me since this is crucial part of the brrrr process? are there anyone doing same thing based in Toronto?
The answer to pretty much every question above is... yes.
Hard money lenders and banks will require just about everything and probably more than you referenced above.
@Ismail N farah I'd suggest talking to someone at your local bank to find out what the rules are as I'm guessing you aren't a Canadian citizen (you said you were from Boston originally) and your immigration status may play a role. They can also tell you about the process and what they look for. For the most part, in Canada, you need 20% down payment for a rental.
@Matthew Irish-Jones thanks
@Theresa Harris thanks for the info. Yes Am US citizen but Canadian permanent residence. But the rental am looking to get are to be in the states not Canada. Canadian real estate is too volatile to invest in right now especially Toronto and Vancouver. They are ridiculously expensive even further out from the city