- Votes |
I'm feeling a bit stuck and hoping I could benefit from your expertise and/or experience in this field, first some background:
1. I'm a Canadian (living in Toronto) with a baby on the way and want to quit my 9 to 5.
2. I bought Condo 1 (SFH) in Clearwater, Florida for $65k (USD) cash in 2016. Netting around $650/month. Condo is likely worth about $95k now.
3. I took out a HELOC on Condo 1 to buy Condo 2 (SFH) in Seminole, Florida outright for $55k (USD) in 2017. Netting around $630/month. Condo is likely worth about $80k now.
4. HELOC is now paid off but is a whopping 6.94% interest rate with TD Bank USA, which is why I wanted to pay it off asap and not use it to buy a 3rd.
5. I approached TD USA about a mortgage to get another property in Florida however anything decent now is worth about $100k (please correct me if I'm wrong and if you have a specific example of where and doesn't require renos/work) and they require 25% down but will only approve me for a $45k mortgage, Interest rate 3.75% ARM, due to my debt to income ratio caused by my mortgage in Canada, despite having excellent credit and now two fully paid off condos.
6. I have $50,000 CAD/$37,500 (USD) to invest and still feel that the U.S. has a better ROI (correct me if I'm wrong?)
I'm not sure where to go or what other lenders could be approached that may approve a higher mortgage (TD is typically very conservative) I'm open and grateful for all ideas and considerations for the best ROI and cashflow.