All Forum Posts by: Tyler Livingstone

@Tyler Livingstone I see you have a response already but you should absolutely be leaning on other, local real estate investors on who they use.  None of this going on the internet stuff...that will lead to a disaster.  Use contractors that other investors have already worked with.  It's not foolproof but it will help limit the risk here.  If those contractors above work out, great.  If you want to continue to search, then join some Indiana/Indianapolis real estate investor group pages on facebook and ask other investors there.  You'll probably have some contractors say "use me" type of thing.  I appreciate people trying to earn business but you need to work through references if you are following me.  Thanks!

@Tyler Livingstone thanks for posting.  If you are Canadian that will make investing in the US a little challenging.  Basically if you are purchasing a home to keep - it's handled a little differently than if you are going to flip.  Short term loans will always have a higher rate.  That's their nature.   No lender can make any money if they charge you the lower rates but you are only in it for 2-6 months.  That's a quick way to go out of business.  So everyone has to charge higher rates.  It's just part of the story here.  So when you are analyzing a property, make sure you are calculating your holding costs into the acquisition offer so that it's taken into consideration on your purchase price.

Now, because you are Canadian you will need a different loan AFTER the rehab is completed than we would normally get as US citizens  Bigger Pockets used to have a foreign national forum....but I cannot seem to locate it right now.  So the thing I would suggest here - search facebook for something like "Canadian US property investor" or "Canadian Real Estate Investing" or some combinations like that and then start asking other Canadians who are investing in the US what loans they are using for their properties here.  It might take some digging to find a good solution but that's what I would suggest.

Hope all of that makes sense. 

Tyler,

This is a great question as I feel like it is more common than you may think. 

I think there are limited loan options that would also pay for your rehab. I would suggest networking and trying to find a private lender. 

Private lenders can be very flexible and accommodating depending on the relationship and the property. 

It may also be beneficial to talk to a mortgage broker as they will know of many more options than a loan officer for a specific institution. 

Hope you are able to find your solution!

I can send you a list of DSCR lenders in ohio!

 Never heard of them. Are they a direct lender or mortgage broker?