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Jeff Daniel’s Answers (3)
Jeff Daniel answered:
Hi Rolf,
A few things:
1. Talk to an accountant that is experienced with American real estate investment as the countries differ considerably in terms of taxation of investment properties.
2. The subprime market meltdown has had a dramatic impact on the U.S. lending environment. Because of the economic crisis, lender guidelines and policies have changed dramatically in both countries. In the U.S., there were many mortgages given to just about any candidate. Many individuals were given mortgages beyond their means. When the first large phase of ARM (adjustable rate mortgages) began to raise their rates, foreclosures began popping up all across the nation. Canadians need not fear the same crash here thanks to very different lending environments.
3. Understand that America is also the only country that I know of that allows you to deduct the interest you pay on your mortgage, from your personal income tax return.
Other than these few pointers, you can absolutely buy property here in America and specifically here in Ocean Shores. I would recommend that you contact Debbie Marten at Andrews Legal Services here in town. She deals with a lot of foreigners who do buy property here at the beach. Her number is 360.289.0766.
If I can be of further service, feel free to contact me via email at jeffgdaniel@hotmail.com or fee free to browse more info about Ocean Shores on http://www.cityofoceanshores.com. Thanks and good luck!
A few things:
1. Talk to an accountant that is experienced with American real estate investment as the countries differ considerably in terms of taxation of investment properties.
2. The subprime market meltdown has had a dramatic impact on the U.S. lending environment. Because of the economic crisis, lender guidelines and policies have changed dramatically in both countries. In the U.S., there were many mortgages given to just about any candidate. Many individuals were given mortgages beyond their means. When the first large phase of ARM (adjustable rate mortgages) began to raise their rates, foreclosures began popping up all across the nation. Canadians need not fear the same crash here thanks to very different lending environments.
3. Understand that America is also the only country that I know of that allows you to deduct the interest you pay on your mortgage, from your personal income tax return.
Other than these few pointers, you can absolutely buy property here in America and specifically here in Ocean Shores. I would recommend that you contact Debbie Marten at Andrews Legal Services here in town. She deals with a lot of foreigners who do buy property here at the beach. Her number is 360.289.0766.
If I can be of further service, feel free to contact me via email at jeffgdaniel@hotmail.com or fee free to browse more info about Ocean Shores on http://www.cityofoceanshores.com. Thanks and good luck!
Jeff Daniel answered:
Hi Mike. Ocean Shores is by far the best buy on Washington's Coast. Check out the article Coastal Living just did on Ocean Shores at http://www.cityofoceanshores.com. Let me know if you have any other questions.
Jeff Daniel answered:
Hi. I'm a Real Estate Broker in Ocean Shores. There are some lenders in Ocean Shores who might very well be able to find you a zero down program depending on your situation. Five percent is about as good as I've seen it lately (which is excellent!). Call Carol Warfield at The Bank of The Pacific at 360.580.0187. She's an excellent loan officer who does a lot of business in Ocean Shores. Good luck. Jeff Daniel, Designated Broker for Coldwell Banker Ocean Beach Properties.
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