Get a mortgage to buy new property or sell to reinvest?

[Mylene Bel]

Hi Bigger Pockets,

Would you recommend trying to get a loan as a national foreigner for a small amount ($100K with a 30% downpayment) in order to invest in rental property in Florida? I heard it was a long, complicated & costly process for a foreigner.

I'm hesitating between selling the property I currently own in Florida to finance my new investment cash or searching for a mortgage. What would you recommend? Knowing that the current property is a condo, fully paid and rented. It gets me a 6% net ROI so I believe I could do better by selling it, ditching the condo fees and buying two SFH in a cheaper city.

Though I would also consider keeping it for the good appreciation value thanks to its great location and rely on financing to buy my two SF. But I'm not sure of my chances to get a reasonable mortgage without a crazy rate.

To increase my chances at getting the mortgage I could both make a 30% downpayment and put my current condo as a warranty.

What do you think?

Thanks for your help!

[Mylene Bel]

@Upen Patel @Andrew Postell thanks for your feedback, I'll keep you posted!