OfflineHey Guys
I'm wondering if there are any canadian real estate investors that are buying properties in the US?
I need help with setting up structures for buying US properties as a canadian? Looking for legal and tax structures. Any help would be greatly appreciated!
Just getting started but I've already got my first offer 65% below market (25:1 strategy) accepted!!!
You are right Dean this really does work!!! Can't wait to meet everyone at the edge event!
Jasmine
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Hi Jasmine,
Good job getting your first deal locked-up! Way to go!
I've been wanting to get an "in" with Canadian Buyers since last fall-- I know many like the Las Vegas market and I'd like to be their "go=to" girl here.
So, I thought I'd throw the request right back at you -)
As for structures, I will keep my eyes & ears open and let you know. Hopefully, you'll get some helpful responses here!
The only tidbit I have is that as an Smerican corporation, I can do business with a Canadian easily if I use a LLP, a Limited Liability Partnership, rather than our more typical LLC. LLP's are friendlier with Canadian Business.
-- Good Luck!
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
The double I live in was recently purchased by Canadian landlords. One of the things I noticed they did was have us pay our rent into a local bank account.
This way you don't have to worry about the exchange rate and pay all your US fees from it.
This property is in their personal name. He's an accountant so I'm quite sure they know what they're doing.
I realize this is based on a cash-flow property but I think the local bank account is a great idea.
Don't be afraid to call up US title/abstract companies, County clerks or anybody else to get information on what you want to do. From talking to my landlords, the main difference between US & Canadian properties is the number of "0"s at the end of the purchase price. (Canada is more expensive for those of you wondering).
Good luck Jasmine!
Mark K.
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Hi Tina
Thanks very much! Right now I'm focused on OH because I have family there (easier transition) but I plan to branch out other states eventually so I will definitely keep you in mind for Vegas.
Jasmine
Hi Mark,
Yes that's a good idea about the local US account thanks. I'd love to talk to your landlord. If you are talking to him and he's willing to talk to me for a couple mins let me know. Thanks!
Jasmine
Hi Jasmine,
You are wished so much luck! I do hope someone who has done it/ is doing it pops up. Mark has the tidbit about the bank-- good. I think the issues are mostly with taxes and possibly business licenses ?
In the meantime, if you haven't read it, this book has good reviews; looks like they are doing it!
http://lifeasrealestateinvestors.com/2010/03/buying-real-estate-in-the-u...
Keep us posted--
Tina
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176