All Forum Posts by: Kate Stephens

Denny Moody - I am doing exactly the same thing and I'm from CA too. This thread has been fascinating! Thank you for posting. I'm happy to chat and compare notes on what I have uncovered so far on my journey if that is helpful. K

I don't know about Canada but I'm sure it is the same as Britain. The USA has taxation agreements with most countries it trades with so you don't pay tax in both countries. You have to pay tax in one country but you don't have to pay in both. There are accountants that specialize in this who can advise you.

I have done seller financing twice and actually it was really straight forward. Both times I put 15% down (this was the reason I did it as I wanted to leverage and didn't have enough for the down payment). I have a 4.75% interest rate on a repayment loan. One is fixed for 5 years the other for 8. I am about to sell one property and the other I am about to refinance just lock in a low long term rate. Only thing that was a pain was insurance - the holder of the loan had to have insurance to protect his investment and I had to have it too so that was double the usual insurance cost. I only have 10 rental properties and just do this very passively so I am by no means an expert and there may well be a better way to structure this and work around the insurance. There will be plenty of advice on here about how to structure. It worked really well for me and I would do it again. Good luck! Kate

@ brianne hall I am British and moved to CA 8 years ago. The first home I closed on I had to fly back to the U.K. As my Mother was really sick at the time of closing. You have to get the documents signed in the presence of a US notary but you will be able to find one in Calgary near you. I had to pay to get every signature notarized and went to the foreign office to do it. It cost me about $450 extra to get this done but it was perfectly possible. We closed in 30 days so his wasn't an issue. Key for me was getting a mortgage broker who is willing to go the extra mile to help you and manage he time difference (included some calls at 1 am!). Do send me a message if you want the details of the lady who helped me. I was a permanent resident at the time of purchase and this made a difference in terms of getting a lender. I can't give you advice on lenders who work with foreign investors but I can tell you I have a broker in London that help me with my U.K. Rentals and finance and he specializes in this market space so finding an international mortgage broker is probably the key for you. Good luck and please send me a message if I can be of any help. Kate

Oh my goodness ...... what incredible advise! Thank you thank you thank you everyone. So kind of you all to provide such valuable insight. Today I have put one property on the market and one of my tenants is looking to buy another. The move to escape from corporate slavery has begun! I will keep you updated on my progress on this post. Thank you all so much.

Hi, I am pretty new to BP and have been binge listening to pod casts - I can't believe it took me so long to discover this great community! I am looking for advice. I have 7 rental properties, 6 in California and I just bought 1 in Ohio though a turnkey company a month ago (too early to tell but so far so good). My 6 Cali properties have a value of $2.4M with an outstanding mortgage balance of $1.3M but after repayment mortgages, maintenance etc I am not cashflowing. I'd love to say that the equity I have was genius property buying on my part but I was just lucky with timing! I am 41 and the Mom of an awesome 3 yr old with a busy corporate job. Everyday feels like I am missing out on her growing up and I have some elderly grandparents that need more help than I am providing. I would like to generate income of $15k per month (before tax) from property for living costs (I have a decent size personal mortgage and I'm in the breadwinner of my family). I'm considering everything to allow me to have the life I want and more time for the things that are important. I've been researching out of state purchasing for better cash flow, syndication etc. I am very organized and action orientated and fiscally risk averse and conservative. I thought I would post here to seek advice and inspiration on ways for me to change my strategy to create the life I want in the short term without significant risk. Thank you in advance for any and all wisdom! Kate

Hi,

I'm new to biggerpockets so this is my first post!  I'm very inspired by all of the success stories and advice on here. I have a few rental properties in California and am looking at changing direction and investing in Ohio for better cash flow. I'd love any feedback on Ohio as an investment market (I have no ties there just seemed to make sense based on the returns but can look anywhere really). I'll need a trusted turnkey partner due to the distance, a busy job and being a Mom. Would love any recommendations or feedback on things to look out for. Thank you!

Brilliant. The detail on where you buy, marketing and bringing investors on board is helpful. I'm also inspired by the fact that you continue to focus on balance in your life so you don't end up working harder than you did when you had a job! Keep the info coming!