Home Buying in Ontario>Question Details

Afloo, Home Buyer in Ontario, CA

I am a Canadian interested in an Investment property 100K-150K either in Florida or Southern California.

Asked by Afloo, Ontario, CA Tue Apr 28, 2009

Need info about reliable real estate Companies, minimum down payment, mortgage rate for Candians, Taxes, property management Cos and so on to come to a prudent decision.

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Answers

6
Richard Bazinet PLLC’s answer
Forget California and Florida. Arizona is where it's at. No humidity, no bugs, no hurricanes or tornadoes, no landslides, no fires, no real traffic and jammed freeways, and a great real estate market with a lower costs of living. Canadians are welcomed and more than 350,000+ live in Maricopa County. Of course, you have to like fantastic weather year-round and more than 360 days of pure sunshine.
0 votes Thank Flag Link Thu Oct 29, 2009
Hi Afloo,

Southern Cali is definitely your best bet! We don't have hurricanes, swampy sticky weather, and we have the real Disneyland....what else can you ask for? Oh yah, we also have great deals on investment properties pretty much all throughout the area.

The "Inland Empire" which is situated between Los Angeles and Orange County (Disneyland area) is ripe with great buys! The types of houses and neighborhoods range from brand new developments to quaint established neighborhoods to multi-units and more.

My company, Renttoday.us is a property management firm that works exclusively with investors. We manage thousands of rental properties in the area and are extremely familiar with what areas are good, bad, and just so so. We can also give you complimentary rental analysis' and our sister company, FixD Construction handles all of the rehabilitation and maintenance.

I encourage you to check out our website at http://www.renttoday.us to see the types of houses investors are buying and what types of rents you can anticipate. You can also download lots of useful information about rental homes and property management.

Good luck!
Web Reference: http://www.renttoday.us
0 votes Thank Flag Link Thu Oct 29, 2009
Afloo,

There are tremendous opportunities in southwest Florida today that realize buyers being able to make purchases at fraction of the costs of 3 years ago. We recently sold a 2001 constructed home, 3/2/2, 1,600 sf, in move in condition for $59,500. This very same home sold in 2001 for over $200,000.

We have worked with a number of Canadian buyers recently and found a possible solution to the financing piece to be making financial arrangements in your home country and transferring the money to the US for the closing. This type of arrangement can have all of the earmarks of a cash transaction and can minimize the cash deposit and interest rates impact if financed in the US.

Some of the best opportunities are in North Port, Port Charlotte, Punta Gorda areas.

Good luck with your search.
Susan & Bill Eckler

Michael Saunders & company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Tue Apr 28, 2009
Some thoughts:

1) SoCal will probably start much higher than 150k, but it might be worth looking into. Find someone familiar with that market, as I am in Georgia, not California, and can only tell you what my associates in SoCal are saying; get it from the horse's mouth.

2) There's no such thing as "minimum down payment." What you put down will depend on many factors, such as: a) the buyer's prerogative b) your credit picture c) the property d) the bank's prerogative.

3) Form relationships with REALTORS in the areas of interest and they will be able to guide you better, once they have more details of your situation.

4) Mortgage rate is a question for lenders (ask many, not just a few), not real estate agents. Avoid agents who attempt to speak outside their area of expertise!

5) Same goes for taxes; consult tax professionals

6) Property management companies: look for referrals. You need to be very cautious about the management company you choose. Some charge too much. Some do too little for you. Some charge too much AND do too little for you. The only way to know is to have experience with them. If you want to save yourself heartache and personal experience foibles, ask others! Get referrals and investigate thoroughly!

7) no matter what you do, you need to be cautious and knowledgeable; it's not easy and it's not safe, but it can be profitable if you're willing to put in the effort and proceed prudently!
0 votes Thank Flag Link Tue Apr 28, 2009
There are some incredibly exciting opportunities in SoCal right now with pricing as low as it has been since 2001 and rental rates at an all time high. I am working with a couple from Canada currently on a condo purchase in Rancho Cucamonga, Inland Empire near the Victoria Gardens Regional Mall (very popular). You can buy a newer (2006-2007) built condo, approx. 1300 sf., 2 bdrms, 2 bath, 2 car gar for $180,000. The resale values will stay stronger than other areas due to the proximity to this regional shopping establishment. Anything I can do, let me know!

Diane Wheatley, Broker
diane@moveupproperties.com
(909) 981-5589
0 votes Thank Flag Link Tue Apr 28, 2009
Hi I'm a Realtor in Northern California but originally from Toronto. There are specific rules that non-US citizens need to be aware of when purchasing property in the US. If you would like I can refer you to a Realtor in Southern Florida that I know from the Luxury Real Estate Netowrking Group.

Regards, Victor
0 votes Thank Flag Link Tue Apr 28, 2009
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