Buying U.S. Real Estate: The Proven and Reliable Guide for Canadians
Richard Dolan, Don R. Campbell
Format: PDF / Kindle (mobi) / ePub
"I would consider this the bible for any Canadians wanting to invest in US real estate."
—W. Brett Wilson, Entrepreneur, Recipient of the Order of Canada, and former Dragon
The thought of buying property in the United States has been on your mind. Perhaps family members or friends already own real estate in the Sunbelt and you've enjoyed the occasional visit. You sense the market isn't as frenzied as it once was but there is still very good value to be found. Whether you are looking for a vacation home or an investment property, you are certainly not alone.
Canadians continue to buy U.S. real estate at a record pace. But as the economy and laws change around ownership of U.S. property, Canadians need to have the most current information possible at their fingertips. Buying U.S. Real Estate: The Proven and Reliable Guide for Canadians is written by experts who own U.S. property and addresses the many cross-border issues and requirements, such as:
- How to begin your search and find relevant data
- Finding the experts you need on your side
- Knowing that a property meets your lifestyle needs and wants
- Knowing all of your finance options
- How to proceed with renovations or upgrades
- What you need to know about U.S. tax laws
- What type of ownership is best aligned with your strategy
- How to create an estate plan
For Canadians generally, and boomers especially, the right property in the right destination point is integral to their life-rich philosophy. Buying U.S. Real Estate: The Proven and Reliable Guide for Canadians puts all of the pieces of the puzzle together and is an essential guide to reaching one's ultimate destination.
matter. Five Market Fundamentals There are five fundamentals that drive individual real estate markets: Economic growth Population growth Affordability Desirability Supply and demand These fundamentals are a fantastic guide to what really matters when choosing the right market in which to invest. Remember: information is power and once you commit to these fundamentals, your investment strategy will be powered by information that matters. Key Insight When you are assessing the
tourists got off at the wrong station and were spotted by a police officer doing patrol. When asked what they were looking for they replied, “The zoo.” The police officer looked at them and said, “You're in it. Now get the hell out of here.” Define Your Bad Area The most important point for investors to understand is that a “bad” area in a US city is very different from a “bad” area in a Canadian city. Canadian real estate investors ignore this at their peril. There is another story about
what you're getting! Some investors already doing business in the US market have proven track records and do high-volume business. That's a good starting point. Also look for good contacts with local investor groups and buyers—you want to make sure your partners have a team on the ground before you invest with a particular company. Again, this is a buyer's market. It's relatively easy to acquire and upgrade property, and if you've got an influx of cash, you can do a lot of deals. But do you want
from a Bad Area Elsewhere Define Your Bad Area Be Realistic Know What You Need to Know Weigh Risks and Returns Insight 13: Look for the Stability of a Good Neighborhood and Follow First-Time Homebuyers The Benefits of Market Stability What's Your Investment Plan? A Final Word of Caution Insight 14: Choose Your Exit Strategy Before You Make the Deal Identify Your Exit Strategy Wholesale and Fix-and-Flip Options Pick Your Partners Carefully Choose an Exit Strategy That Makes Money
predictable and stable throughout the year. Insurance As with property taxes, you should work insurance costs into your pro forma cash-flow statements. Contact an insurance broker and obtain an estimate for insurance, then divide it by twelve to get a monthly amount. Condo Fees Investors who own a condo, or a home in a community that has a condo association, also will have monthly fees to pay, which should be included in your pro forma cash-flow statement. Repairs and