All Forum Posts by: Paul Britton

Hello Malcolm

I bought a property in the last four months in Ohio from northern Canada. Read David Greene's book on Long Distance Real Estate Investing (Imperative).  If I were to do it again this is what I would do first:

1. Decide your strategy, market etc
2. Set Up your corporate structure

3. Speak with a cross border tax specialist

4. Get Lending ready. There are many lenders that work with Canadians investing in the USA. (Hardest part about investing cross border)

5. Find a deal finder (Agent most likely) There are many who work with out of state and country investors and offer one stop shops. The Fire Team in the Greater Detroit Area and Raefco in Columbus are excellent examples of this service. Turn Key Investing companies operate like this as well. Rent to Retirement is an excellent example and company. 

6. Once Lending and Team is in place start making offers

Good Luck! 

 Seller Finance in this case would make sense. This is where a great realtor comes in and brings two parties together to get a deal done. 

 It really depends on his how well his business is doing. Can he afford a commercial mortgage on 150K? How much will it cost him to relocate? Is the building in good shape? Are there other options?  All that has to be factored in. If I had an established business I would eat the higher price and neutralize the worry of this every happening again. Then if I wanted to sell I would have the asset to sell with my business

Hello There 

I have an airbnb in Nova Scotia but I do most of my investing in the US. Welcome you're in the right place to learn. 

Paul

I am very curious about what happened here. Please update @John Roberts I hope it is working out for you. 

 Toronto Metro and the GTA is one of the most expensive markets in Canada and I think it is in the top 10 in the world. Buy and hold definitely wont bring any cash flow in. It would most certainly be negative each month. House hacking and flipping would be the only strategies that would make sense to me. 

 Welcome Genevieve 

You will find great info and people willing to help on here. I just kicked off my journey from Canada with a purchase in the USA. It wouldn't have been possible without this site. You are in the right place. 

 If you're worried about the calculators they work for analyzing Canadian properties. I have been using it for over a year now. Works well and there are many Canadians on here investing all over. 

 I have had my property in the USA now for three months. Things are going well so far. It is imperative that you have a team in place because investing at a distance presents some unique challenges

If you are running a profitable business I would pay the 150K get an appraisal and any fixes make sure they're done and you have your own asset on your hands. 150K is not allot of money going forward. The rough numbers I calculated are:

150K Acquisition Price

20% Down 30K

8% Rate 

Total Monthly Mortgage: $1106 + Utilities, Insurance, Repairs and Capex (Which you are paying already I assume if you have a NNN Lease.

Then at the end of the day you own the building which would be a great second income stream. I am not sure how the property is laid out but you might rent out space upstairs or other units. This is a business decision and while hard  you shouldn't let ego get the best of what could be a good business decision.