OfflineHi All. I am a Canadian real estate investor who is very interested in investing in US real estate. One of the things that I am looking at is how does a non resident investor successfully invest from a distance? I am not concerned here about tax or immigration as I have other sources to get that info. But how do I go about inspecting props when I am thousands of miles away? I can get contacts and sellers through electronic means but what about actually meeting the homeowners and getting contracts signed? What about title transfers and other doc signings? Renos and repairs? What are the mechanics of a deal when you can't just drive to the project in an hour or less?
Any other Canucks or non US residents care to share their experience?
Thanks in advance.
Harold
I sent you some info in a private message. I hope it helps.
Hi there! I'm in the same situation as Harold, a Canadian citizen looking to close deals in the US. Any advice would be appreciated.
@misshoward83: sent you a PM.
Canadians; I spent 6 mon! ths in the Yukon and loved it! I have the connections to find some super deals for you with in 90 miles of where I live. I am also a Gen. Contracter (if any need rehab). Send me a PM with what strategy you would like to use (buy & hold or buy & flip or sandwhich lease)
Andrew S. Dream home Properties LLC
Thanks for the replies everyone. For the PM's, I'll get back to you separately.
As for Canadian RE, yes I own quite a bit of it. "Canada" like everywhere else is not a single real estate market. It has it's areas that underperform and those that outperform. Alberta, where I invest, is very energy and resource driven. It is usually the top performer as far as provincial economies go. Again, not all parts of Alberta are great areas to invest in. I usually stick with the area between the provincial capital and the business capital, what I jokingly call the Golden Mile. It's a good place to invest but I'm just not getting the cap rates that I used to.
Canadians going south is a mixed bag. Some are true professionals who do want to add value to their clients (investors, sellers, buyers, tenants). Others are just looking for US RE because it is cheap. I humbly put myself in the first category. The latter will get eaten when they find out that their "Cheap" condo just dropped another 10% or they have an issue with the IRS or get fleeced on a repair or etc and lets not forget currency exchange. I'd put the ratio of amateurs to professionals at the standard 90/10 being that 1 in 10 will actually be successful and the other 9 shouldn't be there.
I'm really looking forward to some new challenges with the whole US investment opportunity. There's also nothing wrong with a "business" trip to check out properties when the thermometer hits -20' up here:-) I know that tax deductable travel is a bad reason to invest but I do think that I can do a good job and add some value south of 49.
Theres lots of Canadian news, you just have to search for it. Standard sources such as Google or yahoo searches can turn up all sorts of info and of course asking people who are doing what you want to do in areas you are intereste in. Anything the main stream media will throw out to you will probably have the usual political bend, Canada is no different here. A little aside, Australia is suposed to be implimenting a carbon tax. That will be an interesting study on what happens in a carbon tax economy.
Have a great weekend, everyone.
Harold
Partner up with someone in the U.S. If you have a specific city you want to focus on partner up with a dg'er or another investor.
To get something you've NEVER HAD
DO something you've NEVER DONE.