Hi Bigger pockets Family.
My wife and I have been planning on moving our things over to Florida as we both can work from home and work from any where. We are also pretty terrified of the lock down that has been implemented in Ontario. We Have 2 properties and in the middle of a flip right now. Both of our rentals we have 330k left and we could easily get 550k (on the safe lower end side ) because the market is very hot. The flip we are also in the middle of we purchased for 375 and put 65k into it. Our real estate agent believes we can make 600+ on the flip.
I feel like we need a life again instead of locked in our house. I know they say it will be a month but they said that last year and they keep shutting down business after business.
Would love to hear anyone with Florida knowledge on where the nicer parts are for a family. Would also know the best steps to take on moving forward with this plan. Terrifying but also thrilling because we are in a decent situation.
Hey @Kolton Lynch Congrats on that exciting decision. I am an Ontario investor myself. I currently own 3 legal 2-unit properties in Oshawa. I can only assume once you get to Florida you will eventually start building out a rental portfolio there. I actually broker money for a few private money lenders in the U.S.
Once you get to the States you will likely have trouble establishing credit etc. If you buy a few rentals prior to your move you can use your Canadian credit score to qualify. Also there is no rate add on for out of country investors surprisingly! Rates are in the 5%-6% range. I can't help with a principal residence however.
Anyways this is an option to consider if you are intending on building a portfolio in Florida