All Forum Posts by: Nadgèle Zéphir

Hi BP Family,

I am looking for reputable contractors in Cleveland (mostly Old Brooklyn neighborhood) for some of my upcoming BRRRR projects. I am looking at mostly cosmetic rehabs such as flooring, paint, rehabbing kitchen and baths. No extensive gut jobs.

Would you be able to recommend some reliable contractors I can connect with?

Many thanks!

Hi Jesse,

I am also Canadian and recently moved to the US. I am looking at different markets and Memphis is one of them. I would agree with @Zorya Belanger and setting up things properly with an cross-border accountant. As for financing options, after weeks of research, I was able to get a preapproval from RBC as they offer cross-border mortgages to Canadians up to 75% LTV and can use your Canadian credit history. BMO also has a similar product. You might want to check them out. If you are considering Hard Money Lenders, for the ones that do work with foreign nationals (as you would be considered) they would expect you to put a minimum of 30-35% cash down.

Best of luck!

Hi @Andrew Garcia - I am actually not a permanent resident, but under a G1 visa and I am currently in the process of obtaining my work permit to transfer over with my employer that is a US organization (so I will soon as a W2 job in the US). For now, I am still employed through a the Canadian entity. So I might still qualify as a foreign national, no?

I appreciate your help.

 Thank you for the info @Chris Levarek. That's very helpful! I will look into some Hard Money lenders as suggested. How long after can I typically refinance into a DSCR Loan? I also like the idea of buying directly with a DSCR loan but I need to find a lender that will do 80 - 90%. Up to now, I could only find one willing to do 70%.

Hi Everyone,

I am starting out on my REI journey. I am newly installed in the US (I am Canadian) and don't yet have 2 years of US credit history. I initially thought could get financing through my (newly formed) LLC and not necessarily using my personal credit, but I am finding out this is not the case (at least from the lenders I spoke to). I am looking to finance a STR and possibly a value add property doing a BRRRR.

For the STR - I got some info from The Mortgage Shop that they can do up to 70% LTV but I was hoping to put less money down.

I am also looking at doing some Joint Venture with partners who have US credit history, but I am not sure how to structure the deal through an LLC....

Are there other alternatives or specific lenders I can contact who could help with financing, based on my situation?

I would appreciate any insights or advice you can provide.

Thanks!!

@Adam Krawec I am just starting out and looking at different markets to invest out of state. I live in a market that's a bit more expensive than what I can afford to invest in right now.

@Adam Krawec - I am Canadian and before moving to the US, I used to listen to Sarah Larbi's podcast: https://podcasts.apple.com/us/podcast/where-should-i-invest-real-estate-investing-in-canada/id1266521430

It was a great source of information (albeit one way...) on the Canadian RE market and investor community.

@Andrea Diaz - Congrats on starting your RE journey! Just like you, after spending a little over 2 years on the sidelines reading books, articles and listening to podcasts about RE, I have decided that 2022 is the year I'm jumping in! I would agree with the others that educating yourself is key, when starting out.

Some people are able to take action from reading and researching but I felt overwhelmed with all the information out there and it kept me in analysis paralysis mode FOR EVER!! That's when I decided to go for a 12 week coaching program to help me get started, because a lot of what was holding me back were really mindsets related. Starting this program gave me the structure I needed to develop a clear strayegy. In addition to the networking, group members are accountability partners that help me stay focused.

If interested you can check out the program : https://www.openspaceswomen.com/ I am not being paid for them whatsoever but just wanted to share is working for me. This program focuses on the BRRRR strategy, if you are into this. I'm sure there are other great programs out there. The point is, sometimes investing in a coaching program might be a good way to get traction.

Best of luck in your journey!