All Forum Posts by: Account Closed

I started to self manage my US multiplex from Canada. I listed my unit for rent via Zillow Rent and one potential tenant submitted an application today. However, Zillow couldn't verify myself to view the applicant's information. Any idea how to resolve it? 

What other listing options do you guys use as a Canadian remote investor who self manage properties in US?

I tried and asked this particular question with several PM tools such as Innago, Hemlane, RentRedi, etc. So my problem is that I'm a Canadian (living in Canada) with ITIN and US bank accounts. When I try verifying myself for setting up rent online payment feature, the system won't verify me. I tried every possible way but it just kept failing. 

I know I can use an excel spreadsheet since I have only 4 units now but I'd like to use some of amazing features that the tool offers (e.g., lease advertisement, online lease doc sign, auto rent payment, etc). Please recommend the PM software that Canadian can use. 

Quote from @Caroline Gerardo:

John

Several people answered that one of your big hurdles is not having a US bank account. TD "cross borders" is NOT a US bank account it's a hybrid. Opening a US bank account establishes US credit, US dollars, and US standards. Many title companies, escrow companies, insurance companies, and lenders require this. Why hold yourself back? Many US lenders welcome Canadian investors BUT they make the rules. 

Feel free to call me for names of banks and lenders. First you register with the IRS to get a ITIN number. The US is going to monitor your income and flow of assets, these are rules we all abide.

Caroline, thanks for the reply. I got my ITIN and opened Chase business checking account and filed my first US tax return. If I build my FICO score by using ITIN, will I be able to get a better interest rate/terms like US residents? Please DM me your contact info.

Quote from @Caroline Gerardo:

@Account Closed someone else responded and I read this thread again.

TD "cross border" is NOT a US bank account.

The account needs to be in US dollars and licensed in the US. It could be opened online but the final wire has to go to US bank account in US dollars.

You need: rental agreements in english, bank statements translated to english and original ones, your Canadian revenue filings past 2 years, a US FICO score or we build credit history... 

 Sorry for the confusion. TD cross broder team handles opening the TD US bank account for Canadians. 

Re the final wire transfer, I was able to do a wire transfer from TD Canada to Title company. Title company did not agree with this but I explained why it is ok and the accepted my reasoning. I was able to close the deal without US FICO score and did not need to show any Canadian revenue filings. Purchased a property last Oct 2022 and interest rate was 7.75% with 65LTV. 

In my opinion, as Canadian, it just requires more calls and explanations when fining a lender who is willing to work with Canadians without US FICO/history.

Quote from @James Wise:

Quote from @Account Closed:

Hi all,

I’d like to know if there are any loan program for foreign nationals with 75LTV for both buy/rent and cash out refi. 

 I've worked with tons of foreign nationals getting financing to do deals here in the US but none of them were getting the same terms as US citizens. So you'll need to put down more than the standard 25% that US citizens are putting down.

Thanks James for your comment. Can you share the lenders' information? I'm interested to see if the lenders can provide the same terms/interest rates as US citizens if I put more than 25% downpayment.

Quote from @Bob S.:

Quote from @Account Closed:

Quote from @Bob S.:

Quote from @Account Closed:

Hi all,

I’d like to know if there are any loan program for foreign nationals with 75LTV for both buy/rent and cash out refi. 

 NONE, I have dozens of clients from overseas for 10 years, not going to happen, UNLESS they have a bank acct in America 

 What do you mean by having a bank account in US? I have US bank account (TD cross border) and have one mortgage for my multiplex (rental) in Ohio. 

Ok so then you can get a mortgage You did not indicate you had a US bank account, 
If you need a mortgage broker, feel free to reach out, I can recommend. Where in OH ? 

 Hi Bob,

Yes, if you can share a mortgage broker, that would be great! 
My property is in Norwood area. 

Quote from @Stephanie P.:

Quote from @Account Closed:

Hi all,

I’d like to know if there are any loan program for foreign nationals with 75LTV for both buy/rent and cash out refi. 

 Hey John

I think you're going to be capped at 65% ltv.

 I thought Canadians and Americans are friends!! Lol

Thanks Stephanie for quick response

Quote from @Bob S.:

Quote from @Account Closed:

Hi all,

I’d like to know if there are any loan program for foreign nationals with 75LTV for both buy/rent and cash out refi. 

 NONE, I have dozens of clients from overseas for 10 years, not going to happen, UNLESS they have a bank acct in America 

 What do you mean by having a bank account in US? I have US bank account (TD cross border) and have one mortgage for my multiplex (rental) in Ohio. 

Hi Caroline,

Thanks for your reply.

I'm interested investing in Ohio, Philadelphia and Rhode Island. I do not have any US credit history. I tried with Canadian cross border banks (e.g., RBC, TD, BMO), all of the banks required more than 35% downpayment. I also tried US local lenders and they are all with 65LTV. My Canadian income level (household) and credit rating is good but not having US credit history, it is extremely difficult to get a better rate/LTV.

If you are available for a chat/call, I’m happy to arrange and discuss.

Thanks!

Hi all,

I’d like to know if there are any loan program for foreign nationals with 75LTV for both buy/rent and cash out refi.