Quote:
Originally Posted by godwin
It depends if who you are banking with, who you are buying as.
If You are banking with eg TD, you can get a mortgage for your US property if your bank has an established network. I would say TD and RBC are strongest in that retail space. Others would require a bit more footwork but it is doable.
It also depends if you are buying it as a corporation or an private individual. I chose the former as I worked there and got green card etc.
It might be uncharted territory for BC'ers, but tons of people in Ontario have properties in Fl. so if you are serious go with law firms that have Eastern subsidiary / connections.
Implications are you will need to file 1 more set of tax returns.
|
Mortgages down there for cdns suck.
Why would u set up as a corp, or do u mean an LLC (as a cdn, llc's aren't a good idea - a better idea is an LP with a 1% LLC blocker)
Tax and withholding burden is that, a burden.
Easy money is gone, 70% appreciation in 2.5 yrs has been nice, but now prices are relatively flat in real terms, and rents are ok, but too risky with a high mortgage from the US.
The risk/reward isn't there as an absentee owner anymore