All Forum Posts by: Allan Snow

@Brianne H.. refer back to your "Financing options for a Canadian (and a Brit) in the US" post and you will see the banking info i posted there for banking in the states

@Christopher Phillips

I'm looking to invest in the states and most of your points are wrong

1) it takes a week to get approved for a mortgage in Canada compared to what 4-8 weeks or more in the states.

2) our dollar is lower then the states so wheres the savings on currency

3) i'm not sure about the taxes yet as i don't have a US investment property to compare to mine in Canada

4) Foreigners buy houses for their Kids to go to school all over the world, not just in the US. I live in a university city and have first hand knowledge of this.

5) Don't think fashionable is the word, more like closer then Mexico or the Caribbean.

6) i will include @Jay Hinrichs in on this one.

Most secure place in the world, really. How many people lost their homes between 2007-2014 in the states compared to Canada

RealtyTrac data indicates 7.3 million consumers lost their homes between 2007 and 2014. The vast majority experienced foreclosure — 5.4 million

RealtyTrac notes (via North Carolina State University) that:

@Chelsea Smith you have 15 years to pay it back. I'm not positive but pretty sure you pay it back in 15 equal payments. If you don't pay it back in that year you get taxed as income. 

Ex- $15,000 taken out to buy a home has to be repaid $1,000 a yr for 15 years. If 1 year you don't have the money to repay the $1,000, they add the $1,000 to your income tax as income. 

Don't forget when you use your rrsp's to buy a house, that money actually comes out of your rrsp's so your not making money/ interest on it till it goes back in. 

@Chelsea Smith I think you just need to go in and tell them your looking for a house you want to live in. This way you only have to put down 5% since your a first time buyer.. Then look for something you can house hack by renting out some rooms to help pay the mortgage or Look for something with an in law suite or possibility. If its an investment you need 20% down first house or not. 

@Chelsea Smith

From talking with people and my own experience, i found RBC was the easiest to get a mortgage.

CIBC and BMO were the toughest.

Hope this helps

@Mark Boudreau

Check out this post from a couple of days ago for more comments

Niagara Falls, Buffalo Area

New Member Introductions 12 Replies

Thx everyone for the replies. I think he made a below market valve lease agreement hoping that nobody catches it and he can live there for 2 years for cheap.

Not sure if anyone has heard this before but hopefully someone can help me. This multi family house that I'm interested in buying, the owner occupant has a 2 year lease. I have never heard of a 2 year lease on a renter (which he will be when he sells) before let alone an owner having a lease. I don't know the particulars of the lease yet, it is just in the house description. I know I can negotiate it out of the deal but Is there anyway to get rid of him if I buy it if he won't cancel the lease? Thx

@Amber Kushner

TD is 20% down

BMO... i didnt get past they don't give mortgages in NY or Texas. lol

@Brianne H.

@Gord Stevenson has some pretty good info/ posts on the LLC and LLP LP for Canadians. check out some of his posts