Buying a Home in the US

[Gorilla]

Since the US market has crashed (still crashing) A lot of Canadians are going down south to purchase 2nd homes / Investment property.

Has anyone bought any real estate in the US?
What types of Taxes should I be aware of?
Is there someone I can talk to about this?

Miami, Phoniex, Las Vegas dropped 22% last month.

[autosm]

Florida has some higher property taxes for non residents?

I am looking at Arizona but prices are still dropping.

[Dumbass17]

do you have to make ALOT of money to do this?

[RATM]

property taxes can be quite high in Florida, but i think this could be a solid investment.

[Xtrema]

Originally posted by Dumbass17
do you have to make ALOT of money to do this?

Not A LOT but some disposable income and good credit probably a must.

With foreclosure keep on coming and expecting 150/7500 banks in US will be going under this coming year because of them. Unless you really can afford a vacation property, I would stay out for another year.

It took almost 2 years for Clinton administration to turn last recession around. It'll probably take Obama even longer.

[Gorilla]

Whats the Law for Candians to go down and purchase property? How much will we get taxed. I was thinking either Phx, Las Vegas or San Jose area.

[autosm]

Canada and the USA have a tax treaty so you will not have to pay double tax on rental income from the USA but may have to pay tax in both countries.

Looks like if you sell a property in the USA for under 300k there is no federal tax due. State tax may apply?

Arizona does not penalize you for being a non resident.

If you do not rent it you will only have to pay property taxes (in AZ)

[bigboom]

Originally posted by Xtrema


It took almost 2 years for Clinton administration to turn last recession around. It'll probably take Obama even longer.

wow...that confident obama will win huh?

[Xtrema]

Originally posted by bigboom


wow...that confident obama will win huh?

If they still elect a republican in after they run it into the ground, it will be the end of USA and democracy.

[RATM]

Originally posted by Xtrema




If they still elect a republican in after they run it into the ground, it will be the end of USA and democracy.

what utter nonsense.

[sexualbanana]

Originally posted by Xtrema




If they still elect a republican in after they run it into the ground, it will be the end of USA and democracy.

Nah. McCain is not even remotely as bad as Dubya.

[autosm]

Obama has no chance

[ZorroAMG]

Stay on topic PEOPLE.

I wouldn't buy in florida....bruuuuutal market there.

[Kloubek]

Homes in Detroit are actually going for a handfull of G-notes!

Of course - who the hell wants anything to do with Detroit - unless it involves hockey.

[UndrgroundRider]

I know a few people who have bought properties in the states. Having a large down payment is a huge bonus. A little tough to get a mortgage right now as a foreigner.

[bspot]

Originally posted by Gorilla
Whats the Law for Candians to go down and purchase property? How much will we get taxed. I was thinking either Phx, Las Vegas or San Jose area.

San Jose is the second highest priced metro besides San Fran. Average price is over $800,000 and not really crashing.

Originally posted by ZorroAMG
Stay on topic PEOPLE.

I wouldn't buy in florida....bruuuuutal market there.

Florida is really hurtin, but not on anything you'd want to buy yet. Vacation properties and condos near the ocean are holding up much better as the people that can afford those were never taking sub-prime mortgages.

[autosm]

Originally posted by UndrgroundRider
I know a few people who have bought properties in the states. Having a large down payment is a huge bonus. A little tough to get a mortgage right now as a foreigner.

Any advice on getting financing down there? Large down is no problem but I don't want to leverage my house here.

[PHX]

Originally posted by Gorilla
Since the US market has crashed (still crashing) A lot of Canadians are going down south to purchase 2nd homes / Investment property.

Has anyone bought any real estate in the US?
What types of Taxes should I be aware of?
Is there someone I can talk to about this?

Miami, Phoniex, Las Vegas dropped 22% last month.

I moved down to Phoenix to take advantage of the crashing housing market so if you have any questions PM me and I'll try my best to answer them for you. But just to let you know that taxes are handled differently in every state and I am only familiar with Arizona as all my investment properties are located here. Also, before you inquire about purchasing investment property in the US you need to talk to either a Canadian bank that offers US mortgages or get in contact with any one of the US banks. Also, just to let you know that the banks have really tightened up their financing requirements for US citizens and especially foreigners. You may have a really tough time getting financing in the US without a social security number, work authorization, and a large down payment. Just a heads up!

[PHX]

Originally posted by autosm



Any advice on getting financing down there? Large down is no problem but I don't want to leverage my house here.

It's really tough for Canadians to get financing in the US now. Most of the foreign mortgage lenders in the US have discontinued their foreign national programs a few months ago. Most major US banks will require a social security number, work authorization, or a significant down payment to be considered. If you are looking at purchasing in Arizona I have had the best luck with Desert Schools Federal Credit Union. I also know that HSBC and RBC USA will give Canadians mortgages on US property; however, their downpayment require is atleast 25%. Most US banks wont lend to Canadians anymore!