Anyone investing in Florida at the moment? Going next week to look for properties.

Richard-
This is my third request in asking you to post your guidelines / qualifications for financing.  I'm not asking for me anymore.  I am asking for the investors on this site who are looking for answers without private messaging.  As a Florida wholesaler, I have been more then transparent with what is going on and try to provide as much info as possible.  Why don't you put your cards on the table anytime I ask and show the investors what you offer? 

TheMagnix:  If you are looking at buying distressed properties, you can forget about any type of financing or carry backs.  It simply doesn't exist.  Your best bet is to work with wholesalers.  There is a distinct difference in pricing for cash buyers and financing buyers.  That is how the retail market is.  Working with wholesalers, you can sometimes buy at wholesale prices and with a strong enough offer, they will allow you the time to close via financing.  We allow 30 days with extension possibilities but the offer needs to be tight.

As per the most recent Morgan Stanley 2.0 report for housing, purchasing wholesale properties will provide investors not only potential cash flow but a significant opportunity to see added value as the wholesale prices catch up to the increasing retail market prices.  I have seen this on my own personal investment properties.

To buy HUD homes, you have to be approved to buy HUD homes.  Kind of a difficult process.  My opinion is that your best bet, wherever you buy in the U.S is to used a licensed wholesale company.  Chasing high discounts will be less fruitful for you at least in FL where top wholesalers blanket the market.  We provide about a 15% discount from retail pricing.  For some that's not good enough.  For most, it is a turnkey property, with an easy purchase process for international investors.  Our domestic investors get the same deal, no better or worse.

Thank you.  Good response. 

Hi Richard
What about Atlanta?  Any finance here……

Thanks
WI

That is not the case however loans we do in Atlanta are done as second homes and not as investment properties therefore the applicant cannot already own a property in the USA.

Cheers

Yours in Finance

Still available in Asia. God bless cashflow.

To buy HUD homes is difficult???Lol… No it isn’t hard.. You need an ITIN or SSN or EIN with a US address… Most use their attorney’s who set up the LLC if you get the point. Go to hudhomestore.com click on state and investor ….

Enjoy… Great bargains to have!

lawsjs

I think you misread my post.

What i said was we do these loans as  "second homes" loans and not investment loans.

We only deal with 3 US Lenders who do investment loans to Foreign Nationals.

Cheers

Yours in Finance

Hi Richard,

For the benefit of any forum readers who may not understand some of the lingo….I think it's important for you explain to them the difference between qualifying for a "second home" loan versus an investment loan. Quite a difference.

I agree with Lawsj…..quite a few banks will entertain the second home loans for foreign nationals but investment loan approvals is pretty limited. We are fortunate we have a bank that we deal & refer clients to that will do investment loans for foreign nationals and have been keeping them busy with pre-approvals which we insist on before they try and secure any homes if using finance. They give us a pretty quick turnaround for a pre-approval and take about 72 hours. Once they select a home and go to contract it takes about a month by the time they could close on the deal.