Buying U.S. Real Estate: The Proven and Reliable Guide for Canadians

by Richard Dolan, Don R. Campbell, David Franklin

Overview

"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.

Product Details

ISBN-13:	9781118431207
Publisher:	Wiley
Publication date:	10/09/2012
Pages:	288
Product dimensions:	6.00(w) x 9.00(h) x 0.50(d)

About the Author

Richard Dolan (Toronto) is the CEO and Senior Analyst of the U.S. Property Shop, a U.S. real estate capital advisory and research company based in Toronto. Dolan has co-designed two certification programs, Certified Wealth Management & Marketing and Selling Wealth Management Services, which are offered at the Schulich School of Business, York University.

Don R. Campbell (Vancouver) is a Founding Partner of the Real Estate Investment Network(tm). He is a leader in providing Canada's most current real estate investment education programs and economic research materials, and is the author of the best-selling Real Estate Investing in Canada 2.0 and co-author of 97 Tips for Canadian Real Estate Investors; Real Estate Joint Ventures; and Secrets of the Canadian Real Estate Cycle.

David Franklin (Toronto) is counsel to The US Property Shop and an expert on Canadian and US real estate.

Read an Excerpt

Click to read or download

Table of Contents

Foreword xiii

Introduction 1

PART I: THE DECISION TO INVEST 7

Insight 1: The Economics Behind the US Market 9

Insight 2: Finding the Treasure with the Property Goldmine Scorecard 18

Insight 3: Let Quality Research Drive the System 21

Insight 4: Dig for Specific Information and Ignore Generalities 26

Insight 5: Jobs, Infrastructure, and Gentrification 29

Insight 6: A Closer Look at Three States 36

PART II: THE DISTRESSED PROPERTY MARKET 45

Insight 7: Learn to Identify a Distressed Property 47

Insight 8: Understand the Fundamentals of the US Foreclosure Process 52

Insight 9: Commit to the Number One Rule, Then Get Your Options Straight 55

Insight 10: More on Due Diligence 61

Insight 11: Avoid the Snake-Oil Salesman 66

Insight 12: Recognize That a Bad Area in the United States Is Very Different from a Bad Area Elsewhere 75

Insight 13: Look for the Stability of a Good Neighborhood and Follow First-Time Homebuyers 80

Insight 14: Choose Your Exit Strategy Before You Make the Deal 84

Insight 15: Know Your Financing Options and Obstacles 91

Insight 16: Understand the Real Estate Cycle 96

Insight 17: Find the People Who Can Help You Find Foreclosures 105

Insight 18: Benefi t from the Five Profi t Centers of Real Estate 113

Insight 19: What a Full-Service Real Estate Investment Group Offers 118

Insight 20: Analyze Your Deal 123

PART III: RENOVATIONS AND MANAGEMENT 135

Insight 21: Work Smartly with Contractors and Subcontractors 137

Insight 22: Weigh Reno Must-Haves with Nice-to-Haves 143

Insight 23: Dial Up the Intellect (Dial Down the Emotions) 148

Insight 24: Do the Big Four Renos on a Rental Property—Now 152

Insight 25: Get Everything in Writing 157

Insight 26: Curb Appeal: You've Got Seven Seconds to Impress Me 161

Insight 27: Run If You Spot Any of the Top Three Reno Red Flags 165

Insight 28: Hire the Right Property Manager 172

Insight 29: Make Money by Delegating to Your Property Manager 177

Insight 30: Set the Rules Up Front with Your Property Manager 180

Insight 31: Be Smart about Rent Collection 184

PART IV: CROSS-BORDER TAX PLANNING 189

Insight 32: Understanding US Tax Laws 191

Insight 33: Taking Title to Your US Property Investments 197

Insight 34: Deal with Depreciation 202

PART V: LEGAL PLANNING 213

Insight 36: The Three Pillars of Real Estate Asset Protection 215

Insight 37: Develop an Asset Protection Plan and Be Prepared to Avoid Lawsuits 219

Insight 38: Counter Threats to Your Wealth with Foresight 222

Insight 39: Draw Up a Blueprint for Your Estate Plan 226

Insight 40: Steer Clear of Asset Protection Fakes, Scams, and Planning Errors 233

PART VI: CROSS-BORDER BANKING AND FINANCING 239

Insight 41: Understand Cross-Border Issues 241

Insight 42: Familiarize Yourself with US Mortgage Financing 245

Insight 43: Buy US Real Estate Property with Other People's Money 248

PART VII: INSURANCE AND INVESTMENTS 253

Insight 44: Insure Your Investment 255

Insight 45: Carry Insurance Beyond the Property Line: Medical, Auto, and Third-Party Liability 262

Appendix: Considerations for Buying a Second Home 266

Index 269

About the Authors 274