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I was in Florida last month and blown away with the fabulous deals around.  I offered for 2 properties but didn't get them however, I saw one when we got back here which was a few doors away from the one we had rented.  I knew it was perfect and have an offer in which hopefully will be accepted by the bank today.  The seller originally paid in excess of $420K and the deal is being done at $225k: bargain?  The settlment date is next week so I am paying cash for it and I wonder what is the best way to achieve the best price for my money.  I have contacted HIFX, Foreign Currencies Direct etc and they are giving me a decent rate - any other ways I should consider?

Anybody got views on Florida (Orlando area) I think I am buying in at the bottom but hesitate slightly when I see all the foreclosures and everyone fleeing including the British.  My plan is to spend a few months of the winter there and rent out the rest.  I expect the rents will be falling and less people heading there with the pound weakening?

All views appreciated.

It is not a deal if no one is buying. The value of the property comes from what buyers are willing to pay.

Financing will be a challenge given the market conditions and the fact that you are not in the US. Credit score, income verification and other challenges. Many of the specialist lenders who catered to the UK buyers for FL property are no in business or they have significantly cut back on what they can offer.

As a true RE investor now is a great time to buy as there are bargains out there. Just because the price is a lot lower does not mean that you have found a bargain. If you are in for the long term and you can handle really low rental income in the mean time then it might be a smart move. If you are just focused on the discount remind yourself that the prior peak price was bogus. 

Hello John, is there a lender still in business that you can recommend for purchases in FL. We are pretty much in the same position as the first poster, after a holiday in FL we are considering purchasing a house that we can retire in in 15 years, meanwhile make up a large chunk of the morgage through holiday rentals?

Are you invested over there?

Thanks for any tips you can give

Kath

Hi Kath.

            Call 0014078566677 ask to speak to Alfonson he has been in business for years arranging non resident finance. I know nothing about USA as i only do business in Canada.i am using Alfonso to finance a development in Canada.

Roy Cowell at UK mortages abroad 01454 423804 is there partner in the UK if you would prefer to start here.

Kind Regards

Stuart Barnard

T/A The Canadian Experience

07833156182

Kath,

You say you are planning on retiring there. Can you get a permanent resident's visa ?.

Hello,

We would possibly be content with a B2 visa.

Kath,

I do not have a specific lender to recommend. Non-residents who do not have a US credit score will find it hard to borrow. The mortgage market is tough in the US. Not as bad as the UK but still tough.

I am assuming you are not looking at a holiday let that is in a community zoned for short term rentals. Short term areas would not work well if you expect to retire there.

John Corey

www.ChelseaPrivateEquity.com/blog

www.Twitter.com/John_Corey