A four-hour drive separates Toronto, Ontario, from Cleveland, Ohio—a manageable distance without heavy traffic. On the flip side, this 300 mile trek isn’t exactly down the street. While this might seem like a long journey to check on rental properties, it offers Canadian investors access to lucrative U.S. markets just a few hundred miles from the border. For Dennis, a Toronto native, the idea of investing in the United States quickly became irresistible. He realized that properties in Cleveland were significantly more affordable than those in Toronto, and he saw a clear opportunity to make a profit. All Dennis needed was a reliable lender to help him secure U.S. funding and get him to the closing table.
Dennis is far from a rookie in the real estate space. He’s been investing in Canada for about a decade. During this time, the Greater Toronto Metro saw some of the biggest property appreciation gains in recent memory. One of Dennis’ biggest regrets is selling most of his real estate before the market took off, growing exponentially. From his experience, Dennis learned one of his most valuable lessons: always look for recurring patterns, even in different markets. While he may have missed the peak of Toronto's real estate boom, he was determined not to miss the next big opportunity that came his way.
Through his involvement with the Property Hustlers real estate community, Dennis discovered that many Canadians were investing in the United States for better cash flow. It was there that he first came across Cleveland—a market that reminded him of the rising Toronto market he had missed. After conducting thorough research, Dennis was ready to seize the opportunity and begin purchasing properties in Ohio, just south of the Canadian border.
Dennis found a triplex in the Cleveland metro area priced at $175,000. There are two 1-bedroom units as well as one 4-bedroom unit, collectively Dennis believes the minimum monthly rental income will be $3,600. With a down payment of just $61,250, he anticipates that his investment will generate about a 22% cash-on-cash return. Dennis plans to implement a mix of rental strategies: he’s considering two long-term leases for the 1-bedroom units, while using the 4-bedroom unit as a short-term rental. This approach would diversify his cash flow streams and make the property even more profitable.
Upon purchasing the property, Dennis plans on upgrading the triplex units to meet his high standard to get them rent-ready. His plan is to upgrade the units with quality finishes, which will help attract a wider pool of potential renters. The last step will be to have the property reassessed after the upgrades are completed, allowing him to access the equity through a cash-out refinance. With the numbers and strategy lining up, Dennis felt confident that this Cleveland triplex would be the perfect addition to his portfolio.
Feeling inspired? These foreign investors found success investing in U.S. real estate.
Knowing that he couldn’t pass up a great deal, Dennis prepared to seek U.S. financing. As a Canadian investor, he knew the process would be different than what he was used to. While excited about the potential, he couldn’t ignore the challenges ahead.
Through his real estate investing network in Canada, Dennis discovered DSCR loans, a way to overcome some of these prospective obstacles. He also found a lender who specialized in working with international investors like him who could serve as a one-stop-shop for everything needed to close without headaches.
Reflecting on his experience, Dennis said “the first thought that came to my mind when I heard about Waltz was that it seemed too good to be true. In reality, they really did an exceptional job and exceeded my highest expectations.” There were three main reasons he cited as evidence:
Perhaps the biggest sign of approval a customer can give a company is repeat business and referrals.Dennis N. isn’t just satisfied with his experience at Waltz—he’s actively recommending us to others! One of his referrals is already in the process of a cash-out refi. With every interaction tailored to his needs, Dennis felt the kind of personal attention and white-glove service that’s rare to find.
From start to finish, Waltz made sure he had everything he needed to move forward with confidence. Now he’s ready to take on even more opportunities, knowing Waltz will be there every step of the way.
