All Forum Posts by: Eric Rosendale

 Yeah I will definitely be contacting insurance companies too. I heard it from a podcast as well. Great tip!

Is there anyone renting mid-term to travel nurses in Canada? 

I know this is a big thing in the US and easy to facilitate via Furnished Finder, but in Canada there isn’t readily available data so I can get a sense of the demand for furnished rentals for travelling professionals.

In terms of listing there is only airbnb and travelnurse.ca which just has a form where you can submit your property but not view other listings or demand.

Any fellow Canadian investors have any insight on this?

Thank you!

 Hi Johnson,

Yes it looks like a hard money lender is my best bet so I'd love to hear your experiences using them from Canada. I'm hoping to make this work with long term rentals from BRRR deals so I need to be able to get a cash-out refi with a reasonable interest rate.

@Tamara Benyamini they look very promising, thanks! Looking into them…

Hello! I am a new Canadian investor looking to run some BRRRR deals in the Cleveland Ohio area. I have chosen to invest in the US because I live in Toronto which is a notoriously unaffordable area with an atrocious cap rate and the rest of Canada doesn't fare particularly well either. I have heard of many Canadian investors that have become very successful investing in US real estate. In terms of my target area I have chosen Cleveland, Ohio because the cap rates are very good, starting costs are low, and growth potential is high.

I have approx 70k USD as starting capital and my plan is to find a distressed property in the Cleveland area, fix it up, rent it, then do a cash out refinance to get back most of my investment so I can repeat this process.

I will be setting up a corporation structure soon, and in the meantime I am going to be contacting lenders for pre-approvals, finding a property manager, as well as agents and wholesalers to help me find properties.

Does anyone have recommendation for lenders I can look into? I am looking for properties between the $40-150K range. I am also deciding between making the purchase with cash, or an initial mortgage. My reason to prefer cash is that I won't have to find a mortgage with no pre-payment penalties, and I think it will just make the refinance process simpler. If this worry is unfounded, I can increase my purchase price. 

One thing that I have heard is that I will have trouble finding a lender that will provide a mortgage for less than $100K. If this is the case I will have to buy a more expensive property anyway and rely on a cash-out refinance to get most of my capital back. I may even need a partner if I can't find an adequate first mortgage.

Any recommendations would be greatly appreciated, thank you!