All Forum Posts by: Joey Hamaoui

I would agree with most of those characterizations taking into account that within each zip there are small pockets that are better or worse than the rest of the zip. I would argue that 32244 is NOT a D area. I would rate that more as a C. Especially the area around Collins Rd between Argyle and Oakleaf plantation which has parts of 32244 and 32222.

Hi @Elvin Altagracia,

Are you looking for a small bank or lender that is investor friendly? What are you trying to accomplish?

Hi @Dario Contreras I'd be happy to help out answering any questions you have about the Jacksonville market. I lived previously in Palm Coast, FL and would go down to Daytona Beach frequently so I am aware of the difficulties there. Here in Jacksonville the city is so big you can find a property for pretty much anyone. Feel free to send me a PM and let's connect.

@Jim Schock thanks for the info. I suspected that they would be targeting those areas. 06, 09, 08 and 54 are the roughest areas in Jacksonville. Most of my investors shy away from those areas but I'm all for it as long as the investor has a clear understanding of what he's getting into. It's too risky to go in blind.

In 32206 we received a deal recently for a duplex, off-market. We negotiated to a decent price but the wholesaler would not allow an inspection contingency so we just did an inspection prior to signing any papers. Thank God! It turns out this "Just Renovated" duplex has active termites, needs a new roof, a new AC and minor repairs throughout. The tenants were just placed this month so there's no rental history but after consulting with a property manager who specializes in those areas she told me the tenants she picked up from this property management company were all good and pay on time. That's not a guarantee but it calms my nerves.

Thanks @Account Closed it is very helpful. Do you have any fixed rate products for foreign nationals? Does it make any difference if the foreign national partners with an American?

HI @Robert Gunther I know a CPA that specializes in foreign entities. PM me and I'll share his info. I think he can probably help you.

@Alex Franks did the company you used offer products for foreigners investing in SFRs?

@John Broussard do you guys do residential loans from properties in Florida for foreign investors? What are the rights like? So far the best I've seen are between 7-8%. Most lenders are quoting 8-11%...

@Ariel G. did you find a good solution for Israeli nationals looking to finance investments in the US?

@Francois D. which company had decent rates for SFRs?

@Yoni Rozenstein if you come across a good solution for Israeli nationals looking to finance SFR investments in the USA please let me know.

Hi @Shanoor Khimji I'm not sure what the 3 highest rental yield as I've seen various reports with different conclusions. I'm in Jacksonville, FL and we have a lot of investors throwing money into Jacksonville, FL right now so I would recommend you look into Jacksonville.

Other cities people are looking into include:

Tampa, FL

Orlando, FL

Atlanta, GA

Cleveland, Ohio

I have not heard of any lender giving comparable rates to a foreign national without a green card. If you find a good solution please let me know!

@Erik Fisk have you been able to put together a deal with a foreign national / American partnership?

Hi @Tony Georgiev,

I don't know much about foreign loans on a commercial deal but I know a gentleman down in Miami area that does commercial lending and he is a transactional kind of guy. If there is a way to do something he will find it. Very creative. PM me and I'd be happy to share his info with you maybe he will be of help.

@Upen Patel do you do residential/investment loans for foreigners for SFRs?

HI @Account Closed I'm not so familiar with that lending product. What is a "5/1" ARM? Also, by upper 7s you mean the rate would be between 7.5-8%?

Hi @Akash Y.,

I'm not aware of any special programs for Canadians as opposed to any other foreign investor.

Our experience in Jacksonville, FL has been that foreign investors can typically get loans with rates ranging from 8-11% depending on the documentation that you can provide. This is compared to conventional rates we're seeing of about 4.5-5% for 25% down with local lenders.

I have not found a good way for a foreign investor to get a rate similar to American investors yet and would be very happy if anyone could share with me a strategy that has worked.

The closest thing I found was the idea of opening a land trust in an American's name with the American listed as a trustee. The American would take out the financing in the trust's name. The American would then open a joint LLC with the foreigner and change the trustee to the LLC. This would give control of the asset to the LLC and wouldn't trigger the loan. I have not done this yet but that is the best we have come up with so far.