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How Canadians Can Buy Investment Property/Foreclosures in Florida, USA
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. Most lenders that do these loans require: 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 3–4% 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. 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. 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 is 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 use me or a local agent to keep it rented for you either on a yealy lease or as a vaction home rental.
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Contributor's Note
Visit my Real Estate blog at www.theexpertsinrealestate.com
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This intel was contributed by kj1010
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May, 2012
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