All Forum Posts by: Giuseppe Pavone

@Daniel Dass I'm a Canadian who moved to Florida to invest full-time down here about 5 years ago.  That's great to hear you want to focus on Florida rather than Canada... I don't blame you (lol).  But it sounds like you're in the beginning stages of your search and like others have mentioned above, most if not all you need is right here in terms of resources.  I've been to these courses and many times they're framing it to be so easy... it's not.  If it was, everyone would be doing it.  Florida is really competitive with short-term rentals and I've heard many stories of people diving into the market over the past few years only to find it difficult to cash flow with unexpected costs, rising interest and insurance rates, higher price points.  Not to say you can't make it work, there's definitely opportunity... but I would take it slow, utilize this platform and those who've already generously reached out to you to help, and know your numbers.  Good luck!

@Flavia Vangelotti sounds like you're in a great spot financially to get into real estate investing if that's what you want to do ultimately.  I understand where you're coming from, it's a mindset shift and I think many (if not most) people here will tell you that the shift occurred after reading "Rich Dad, Poor Dad"... so if you haven't read that, you may want to.  

Buying a property for your mom that you have to put money into each month even after the mortgage is paid off (taxes, insurance, maintenance) will only work if you have significant appreciation to offset that, which is what you probably experienced in California (and I experienced in Canada).  But it's risky and can go the other way also.  And you'll only realize the gains after you sell it or refinance and pull out some equity.  

Having a rental property can pay your monthly expenses, plus hopefully some profit, and if it doesn't appreciate, who cares, you're still making money, paying down the mortgage, etc.  And if it does appreciate (which is more likely), it's a bonus!

@Flavia Vangelotti forecasting appreciation is always a gamble so I view it as a bonus on my investment properties.  You're probably not seeing Orlando as a place to invest because it's difficult to cash flow compared to other markets.  I moved down from an expensive market in Canada about 5 years ago and couldn't believe how much more affordable it was down here.  You're probably seeing the same thing when you compare Florida to California.  But prices have appreciated significantly over the past 5 years here, and the gap has definitely narrowed... but people are still moving here which puts upward pressure on prices.  I think any good area of Central Florida, like Lake Nona has a good chance of more moderate appreciation but there are no guarantees... again, it's a gamble.  Have you considered just buying a cash-flowing investment property and using the profits to subsidize your mom's rent?  

@Donald Blair unless something has changed, the Canadian mortgages are amortized over 30 years but the rate term is typically about 5 years. It's different in the US where you can lock into to a 30 year term (ie. the rate doesn't changed over the entire life of the mortgage). As of about 5 years ago when I was inquiring, RBC US did provide US mortgages for Canadians however not a 30 year term, only ARM (Adjustable Rate Mortgages) which is a similar mortgage product to what Canadians are used to, difference being after a 5 year term it would flip to an adjustable rate mortgage. Maybe things have changed but it's worth talking to them as well as others like TD who also has a US presence to see what they can provide. Looks like you'll have options going with a US broker/lender as noted from other's comments for a fixed 30 year but the terms may not be as favorable, especially as a foreign investor. But if the numbers make sense, having the peace of mind knowing that you're at a fixed rate over 30 years where rent appreciation is likely and the possibility to refinance if rates drop is a huge advantage. Good luck!

@Jean Giurguis I'm also a Canadian living and working in the US (under a different Visa though).  You're in an advantageous position... like others have suggested, I'd also talk to brokers to see what you can qualify for.  HOWEVER, I'd also talk to those Canadian banks that have a US presence also such as TD & RBC (keep in mind RBC doesn't have physical branches as far as I know but that really doesn't matter).  Good luck!

@Francis Faucher great question.  I'm not 100% sure but I don't think it would without a social security number.  I could be wrong though.   Perhaps someone else can confirm.  

@James N Beliak I'm a Canadian living in Florida now, investing full-time down here.  Have you spoken to RBC or other Canadian banks?  I remember RBC had a couple of good options for Canadians wanting to buy in the US.  I had a friend who just purchased a 2nd home in Florida with RBC and got a great interest rate and they use your Canadian credit but it's a US mortgage.  Good luck!

@Julianne Salamone I'm a Canadian now living in Florida and investing full-time down here.  Unfortunately I'm in Central Florida so not sure I can be much help in finding anything HOWEVER, from a mortgage standpoint... have you spoken to RBC?  They should be a pretty good option for you.  TD possibly also.  Good luck!

Southern Title & Abstract are fantastic and they have a table at the CFRI meetings

@Alejandro Martinez I'm a fellow Canadian from just down the QEW from you (Hamilton) and moved to Orlando just over 5 years ago to invest in real estate full-time.  I'm happy to share my experience with this market if you'd like to message me to set-up a call.  Good luck!