The Experts In Real Estate And Mortgages

As a Canadian from Toronto, now living in Florida, I am always happy to see anther Canadian buying here. I moved here in 1989 after visiting my folks after they retired to South Florida in 1985.

I remember that day like it was yesterday because the temp when I left Toronto was -34 with the wind chill factor but when I arrived in Florida it was 84 degrees and this was in February.

Seems like Canadians are buying a  lot of property in Florida and Arizona again.

I assume it is because of the strong Canadian dollar, bargain prices in the U.S., no hurricanes for the last 3 years, very good , low interest rates AND NO -34 degrees OR WIND CHILL FACTOR.

I am getting a lot of inquiries from Canadians about buying investment property here in Florida and elsewhere in the U.S.

I wrote an article a few weeks ago that you can read here: http://theexpertsinrealestate.com/2008/03/06/mortgages-for-Canadians-buying-in-florida/

This is an update to that article.

If you are considering buying an investment property you do not require a visa, just the ability to cross the border.

Here is what you will need in order to get approved for a mortgage to buy a home here:

A. 10–25 % down depending on how much verification of income assets and employment or self employment you can or wish to provide.

B. 3 months worth of reserves for mortgage payments in a bank

C. seller can pay your closing costs. Just get your agent to request up to 3% of the purchase price to be credited towards your closing costs when you make the offer. Closing costs should be approximately–6% of the purchase price on average so you just have to come up with the difference.

D. Credit will be pulled from your country’s credit bureau as well as U.S. credit (to make sure you do not have any negative credit here). If you have no credit in your country you will need to provide credit letters from a bank and /or 2 other credit references you have had for at least 2 years. It is best to have no credit  than bad credit on your credit report.

If you need to repair your credit try this credit repair service. It worked great for me and several of my clients

E. Proof of Income can be provided by using an accountants letter,or 2 years tax returns with 30 days of pay stubs.

F. Funds for the closing need to be in a U.S. bank account prior to the closing date.

G. Your Realtor will provide you info on taxes and the mortgage broker will help you arrange for homeowners insurance as well as arrange for a title company to handle the closing.

One of the best types of investment properties right now in Florida is to provide furnished vacation rentals to people from all over the world.

There will be times that your 2^nd home in Florida or Arizona will be vacant and this is a great way of getting some income from it when you are not using it.

Florida is the #1 tourist destination in the world (Disney, beaches, outlet malls, great year round weather, other attractions, south beach, cruise ships etc.) so the desire for these types of accommodations are always high.

For families it is more economical to rent a private house than a hotel room especially if the property has a pool, pull out couches, 2–4 bedrooms, near attractions or the beaches, shopping etc.

During the Christmas/New years eve period I rent out my 4/4.5 pool home that is 2 miles from the beach for almost $2,000 per week, paid in full prior to arrival.

So think about buying an investment property in Florida whether you are local or from another country and get a local agent to keep it rented for you either on a yearly lease or as a vacation home rental.

Here is a great website to get vacation home prospects from all over the world. It is looked at thousands of times a day from people all over the world that are looking for a home to rent for a week or up to a month at a time.

 You set your rates on your own, answer email requests for reservations and then you get a 20–50% non refundable deposit and then the rest upon arrival.

You can also ask for a security deposit or a credit card for damages etc.

I average approximately $1500.00 per week for my house and if I was to rent it yearly the most I could get would be $2,500 per month. What a great deal.

Click Below for more information on this great program. To try out his amazing web site free for 60 days go HERE.
Advertise Your Vacation Rental Rent Your Furnished Home Weekly or Monthly For Big $

If you are interested in Florida properties for yourself or as an investment you can search the local South Florida Multiple Listing Service  here then contact me, Keith Junor or my partner Wanda Dixon for more information on any properties you are interested in.

Suggested reading:

The Ultimate Real Estate System-Become a real estate investor the right way

Massive Profits In Foreclosure-Earn $10,000 in 30 days with Foreclosures

Fix your credit– Raise your credit scores and remove negative credit

Free Nationwide Foreclosure Lists-Look for foreclosures in every state

 

Get Your FREE REPORT “The Home Buyers Handbook” Save you thousands, answers the most frequently asked questions  about buying a home, a glossary of home buying terms, and tips on getting the best mortgage rates and lowest closing costs. Great for first time home buyers, renters and move up buyers. Simply enter your name, email address and click “get free report”.
Name:
Email:

Posted under Canadians and Foreign Buyers & Foreclosure & Real Estate & florida & real estate investing |