Buying U.S. Real Estate: The Proven and Reliable Guide for Canadians [NOOK Book]

Overview

Whether you are looking to purchase a vacation home or an investment property in the United States, or already own a property in the US, you are part of a growing trend as Canadians continue to buy US real estate at a record pace. But as the US economy shifts gears and laws change around purchasing and owning US property, you need to have the most current information at your fingertips. Buying US Real Estate: The Proven and Reliable Guide for Canadians is written by real estate and legal experts who address the ...

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

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Overview

Whether you are looking to purchase a vacation home or an investment property in the United States, or already own a property in the US, you are part of a growing trend as Canadians continue to buy US real estate at a record pace. But as the US economy shifts gears and laws change around purchasing and owning US property, you need to have the most current information at your fingertips. Buying US Real Estate: The Proven and Reliable Guide for Canadians is written by real estate and legal experts who address the many cross-border issues and requirements, such as:

  • understanding your finance options
  • learning what you need to know about US tax law
  • ascertaining what type of ownership best meets your requirements
  • putting an estate plan into place

Every Canadian buyer needs to ensure they do not put themselves at financial or legal risk. Buying US Real Estate deals with the most pressing topics for Canadian buyers and can help them save money and time by preparing thoroughly for the purchase process.

"Every now and then a book comes along that fundamentally changes the game. This book draws upon real science and substance to permanently elevate the way people and place come together."
— Dr. Paul Stoltz, visiting professor, Harvard Business School

"Buying US Real Estate is a must-read for any boomer who wants to spend the next 30 years fulfilling dreams, leaving a legacy, and living a purposeful life."
— Dr. Sherry Cooper, chief economist, BMO Capital Markets and best-selling author of The New Retirement

"The book's thesis is that the older people get, the more likely they will buy a home-away-from-home. The spoils will go to those who act in the next two years."
— Jonathan Chevreau, editor of MoneySense Magazine and author of Findependence Day

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Product Details

  • ISBN-13: 9781118439784
  • Publisher: Wiley
  • Publication date: 8/27/2012
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 288
  • File size: 629 KB

Meet 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.

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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 GoldmineScorecard 18

Insight 3: Let Quality Research Drive the System 21

Insight 4: Dig for Specific Information and Ignore Generalities26

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 ForeclosureProcess 52

Insight 9: Commit to the Number One Rule, Then Get Your OptionsStraight 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 IsVery Different from a Bad Area Elsewhere 75

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

Insight 14: Choose Your Exit Strategy Before You Make the Deal84

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 Foreclosures105

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

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

Insight 20: Analyze Your Deal 123

PART III: RENOVATIONS AND MANAGEMENT 135

Insight 21: Work Smartly with Contractors and Subcontractors137

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—Now152

Insight 25: Get Everything in Writing 157

Insight 26: Curb Appeal: You've Got Seven Seconds to Impress Me161

Insight 27: Run If You Spot Any of the Top Three Reno Red Flags165

Insight 28: Hire the Right Property Manager 172

Insight 29: Make Money by Delegating to Your Property Manager177

Insight 30: Set the Rules Up Front with Your Property Manager180

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 Protection215

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

Insight 38: Counter Threats to Your Wealth with Foresight222

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

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

PART VI: CROSS-BORDER BANKING AND FINANCING 239

Insight 41: Understand Cross-Border Issues 241

Insight 42: Familiarize Yourself with US Mortgage Financing245

Insight 43: Buy US Real Estate Property with Other People'sMoney 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

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