All Forum Posts by: Eric Delcol

Michael Coiffman Send me a PM. We may be able to help each other.

Tiffany Ralston "until we move to Florida for most of the year. " If part of your plan is to live there let that be your deciding factor first. Tampa is a bigger city, more things to do, more amenities. Temperature is cooler in the summer than sw FL. Fort Myers / Naples is less expensive, more retirees, small town vibe, hot and humid in the summer. Both areas are great for vacation rentals. You will probably have an easier time renting in Tampa in the summer because there are more things to do.

Assuming all figures are legit, tenants paying on time, no maintenance surprises, etc - the price may be justified because of the area. I.e your appreciation / year may be negative. That's usually the trade off - higher cashflow = lower appreciation. If that fits your strategy and everything passes your due diligence then go for it!

Hi Andrew, I second Ryan's point. Wholesaling is much easier in the US than in Canada. (Although even south of the border it is far from easy). Not saying it's not possible - but just letting you know the temperature of the water before you jump in.

Welcome Doug. It sounds like you have a good motor which is 80% of the game.

Love this thread. For those of you who have done this (buying with title in trust's name immediately) - can you please share your experience!!! What MAGIC / TRIGGER words did you say to your lender? Has anyone done this with a medium / large / national lender? Or is it only mom n pop sized lenders that offer this? This topic was on an old old old BP podcast. Brandon asked "how do you do this when every lender as soon as they hear "I want my entity to hold title" shoves you over to their commercial lending dept, wants 30%, interest rate resembles 1980, blah blah blah" The guest simply replies "it can be done but you need to do some hand holding" and just left it at that. @Harjeet Bhatti @Chris Mason Could you share your thoughts on the best way to find out if your lender actually offers this or are just ignorant to their overlay details as someone noted above.

Hi Kash, Cross border accountants need not be state specific. If you need referrals though send me a PM and I'll be happy to put you in touch with the right people.

Kash Mahdi Larry Smet hosts a monthly meeting in Toronto that you want to attend - Canadians investing in the US. To get you started, Reading material: "South of 49" "Fire sale" Both by Philip Mckernan Talk to a cross border accountant about entity structure. Setup an account with RBC, TD, or BMO as they have sister banks in the US that can get you financing (you don't need a Canadian account with them but it will make things easier for you). On currency - find an opportune time(s) to exchange funds and have it sitting in USD before you need it. Asides from entity structure, taxes, and financing all other principals of investing "out of state" apply.

Nicky Reader Could you tell us a bit more of how you made that happen? I would have thought that the auction site would stonewall you and say "if you want the property be at the auction". In your experience what % above the starting bid do you need to offer for them to consider?

"is anyone still able to hit the 1% rule or higher when purchasing in the phoenix area?" We were saying the same thing two years ago. We've switched focus to Tampa / Fort Lauderdale where the 1% rule is more realistic. Florida and Nevada are the only two states (in appreciating markets) where average home prices are still below 2007 highs - they will probably surpass that this year. We plan on coming back to the Phoenix market when rent to purchase ratios are better.