Canadian Buyers, Your Help is Needed

avatarthumbnail.jpgA couple of months ago I wrote about a website dedicated specifically to Canadians buying Phoenix real estate. There probably won’t be live blog posts like you have here. Instead, there would be a glossary of posts that discuss different aspects of the real estate transaction here in the states.

As you’ve probably noticed, this project hasn’t gotten off the ground primariy because time has been short. Even with an unsteady Canadian dollar, prices have kept interest in the Phoenix market rather high. And with the recent surge in activity, I would think only either a more severe drop in the Canadian dollar or a sudden increase in prices locally will stem the tide.

In any event, an escrow a week will come a guy hopping.

The other stumbling block has been the content itself. Several items are absolute no-brainers: the lack of sales tax, the role of escrow companies and the alphabet soup of acronyms – FIRPTA, SPDS, CLUE.

As Mark H. has pointed out here and privately, I need to compile a list of third-party vendors that can help with different tasks. It’s not always as easy as it sounds; for instance, property managers here handle property rentals not house maintenance for part-time residents. I’m sure there are companies that handle the latter, but having not tried any (or had a client try) I’m hesitant to make that kind of recommendation. But that will come.

So my question for today is, what else do you want to see? What are the less obvious kind of topics you’ve always wondered about?

I’ve currently in website building mode, mostly for friends in need of help. So this one’s officially back on the radar.

At the end of the day, my Canadian friends, this will be your site. What do you need to make it the best it can be?

[tags]Phoenix real estate[/tags]

About Jonathan

Jonathan Dalton is a 30-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

  • AMJ

    I’ve recently learned about a fund that is acquiring 175 undervalued single family homes in Phoenix, AZ. The pooled investment opportunity is being offered to Canadians by CBI Group.

    It’s an interesting and timely concept that really makes sense in light of the incredibly affordable home prices we are seeing in the market and the huge potential for recovery within the next five years.

    [link removed – JPD]

  • Michael Denis

    In response to the CBI Group Arizona Fund. They are raising 12.5 million to purchase 175 homes. From what I can see that is available they are most likely purchasingf directly from the lenders before the houses hit the market. If not they are going to be picking up a lot of properties that need some much needed repairs that will reduce their cash flow from rentals.

    The way I see it you are better off on your own and not giving 40% of the profits to a corporation.

  • Michael Denis

    Knowing the ins and outs of rental properties for non resident owners is a key thing to know for any Canadians buying revenue property. Also knowing that if the property is going to be a revenue property you will not be allowed to do the repairs yourself. If you do you risk losing your ability to travel to the US. What are all the rules that apply?

    Rules around living in the US are also useful to know. There are a lot of people who travel south each winter for six months less a day thinking they are OK. Truth of the matter is if they spend 4 months a year in the US for 3 consecutive years Uncle Sam may chose to come after income tax if the proper paperwork is not filled out in advance. What ar the rules and how do you take advantage of the tax treaties?

    There are a lot of rules that need to be followed by Canadians if you are to own property in the US. Then there is all the good things that Jonathan brings to the table in searching and writing up offers.

    With all the lending institutions making it harder to find money a regular update on who is lending to foriegn investors would be great. Seem like a lot of lenders in the US have pulled in a bit and are not willing to lend to any foriegners.

    I am sure I will comne up with some more ideas. Keep up the good work Jonathan.