All Forum Posts by: Megan Rycroft

I am from Canada as well - and the process is taunting. A few things I did: Listen to Podcasts ( Canadian investing in the US) is a great one. I also worked with a coach ( snowbird investors). Once I finally figured out my strategy, market and found the money....pieces are slowly coming together. You do also need an entity structure - these can be expensive. I reached out to Levy Salis for information but am also currently in the process of taking a tax & entity course to try and save money & learn. Some of these things can come together after, but it's good to have the pieces first! Lending is the other tricky piece - I'll save you some headaches, these are the only Canadian banks that do cross border financing. Otherwise, private or DSCR

Us.cibc.com

rbcbank.com

bmoharris.com

tdbank.com

Thanks this is helpful! I did find that map previously, as well! I have reached out to a few realtor on BP for help in the area, with no luck. Any suggestions from anyone? 

Quote from @Samuel Boyd:

@Alyssa Johnson as mentioned, it really comes down to each municipality. I curated this list for myself about the rules and regulations for the city's I personally deal most in. Hopefully this will be helpful! I can send the spreadsheet if this screen grab is too blurry. As we know, you will make more on the beaches, but property values are much higher, so you'll really have to analyze the ROI. Good luck!!

 This is so helpful! Are you still currently a realtor in the area? Looking for one! 

 It's not a condo/hotel - it's a traditional Condo. I will push for more answers! 

@Doug Smith Thanks Doug! I will reach out for lending, if you don't mind, if I decide to go. And yes, my concern is maybe the realtor isn't asking all the hard question and just wants to close. Any realtor recommendations help! 

SOS on helping me NOT overthink. :) 

I made an offer on a condo - only to find out it's non-warrantable.

It's a small studio located near Cape Canaveral. A few issues I am having trouble with:

1. Obviously financing, add in the extra layer of being foreign! I did find 1 private lender who is open to the deal. 

2. I have requested more insight onto why this condo is non-warrantable but I am not getting a clear answer. I am sure they want an official offer from an approved lender before providing, but I don't know if I want to go through that process just yet without all the details. I do have an approval already from the bank - they just aren't going to fund  that property & seller won't accept that as a viable offer 

3. While I feel the market is strong and this could work as a STR ( it allows weekly rentals) I'm going back and forth on the issue with reselling in the future and what that might look like in a few years.

4.  Basically since this my first out of country investment, I've been driving myself crazy with analyzing this.  Sometime it's nice to hear any insights from anyone more experience than me!  Thank you in advance for trying to put me out of my misery! 

Quote from @Kerry Baird:

Lastly, they feature the top 10 performing properties. My properties are not on the beach, but are in the interior of the barrier island. 

Thank you for sharing this - even though I'm looking a year later! Have these listing continued to succeed? I am currently looking along the space coast, I know a few things have changed in the past year in regards to STR.

Also from the GTA and looking in the US! 

I'm in Canada and hoping to make some connections with other Canadians branching out into US markets! The process is complicated, and so many questions and decision have come up. Let's share advice! 

Anything similar to this that you know of - better priced? @Eric Garcia