Canadian Inv…, Home Buyer in Chandler Ginning, Gi...

Anyone would like to share your real life experience of helping a international buyer to buy a property in AZ? I want to buy a SFH for rental purpose

Asked by Canadian Investor, Chandler Ginning, Gilbert, AZ Mon Nov 15, 2010

and I know that I should come to AZ personally , take a look and place some offers, but I am out of Canada right now, it would cost me about $3500 to come here (including food ,Motel and car rental fee), I just wonder that is it possible for me to buy a property without being there personally. Any advice will be appreciated.

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Wow! Lots of opinions and facts. I've closed 73 transactions so far this year and several were Canadian-some for winter residences and some for rentals. There are programs for as little as 20% down but 30% is more common and of course, cash is never a problem. Let me know where you want to be and we'll get started. No need for you to come down! I've assisted in 4 purchases where the owner moved forward site-unseen based on my opinions and calculations.
1 vote Thank Flag Link Mon Nov 15, 2010
I think you are wise to ask these important questions, and many more to come. The $3500 investment to come to Arizona could be better put to use on real estate. I would recommend finding an agent who has your best interests in mind, who is like minded and has experience with investments, property management and cash flowing properties. There are many options available to you and most importantly finding a property that will increase in value faster than surrounding properties is also a key component. Do you want to find a turn key property or one that may need some improvements prior to placing the tenant, which may also improve your bottom line, however you will want a well connected realtor to assist you with the best local and reputable contractors. I am happy to go over the whole process with you.
1 vote Thank Flag Link Mon Nov 15, 2010
Yes you can buy property without coming there to view it. I have worked with many Canadians and other internationals and we have to do it this way in Las Vegas as the homes sell way too fast. As a result, the propective buyer might be having to come here every week if it weren't done this way. It would get way too expensive. Interview several agents by email or phone - see which one of them give you the answers you like. You can find many agents in AZ on Trulia or other websites. It is easiest to buy property if you establish a USA bank account. The rent monies can also be deposited into this bank account. You will have to sign your papers before an American Embassy office in Canada. You can find one closest to you by checking on the web. While I can't provide specific help to AZ, I can give you other advice as I have done these transactions many times. Plan on paying cash for your purchase as it is difficult to get mortgages even with a lot of money down, although not completely impossible. Get a good property manager to take care of your property once you have closed. Please call or write for any other specific information you might need. Myra Gouger / Realty ONE Group / 702-858-9311 / myra_gouger@yahoo.com
1 vote Thank Flag Link Mon Nov 15, 2010
CI,
I've helped and am currently helping many out of state, out of country clients buy homes here and will cover the issues in more detail when contacted directly.
1 vote Thank Flag Link Mon Nov 15, 2010
The question that you need to be asking is whether your rate of return will be better in one area as opposed to another area. What was your total investment, cost plus repairs and what amount of rent per month you will be able to secure with this property. Watch out for the quick fix and flips as with most of those they look pretty but may have some very costly repairs needed that are hidden and not disclosed because the owner never lived in the home.
It is always best to come out and view the property and the area but I have worked with several investors that are not always able to do that. A few have come out for one day where we look at homes the entire day and then I write up the offers, it is all done through email.
Best of luck to you, always go with your gut, if it doesn't feel right then it probably isn't.
1 vote Thank Flag Link Mon Nov 15, 2010
Hi there! I have helped many investors buy property from outside Arizona without coming here to visit the properties. The most recent clients were from Israel and were interested in buying multi-family units to rent. They did actually come for a visit and inspect the properties personally before close, but it would not have been absolutely necessary as they used a professional property inspection company as well. Transactions via the Internet are so smooth now with electronic signatures, immediate transfer of paperwork, etc. I would be happy to assist in your search if you need it.
1 vote Thank Flag Link Mon Nov 15, 2010
You know, it is possible for you to buy a property sight-unseen, but it is such a big and personal purchase that I think you should plan on a quick visit to personally vet the purchase. With the pervasive presence of the internet and a cooperative Realtor and escrow company, you could get a decent feel for a few available properties, then make a fly-in visit to select one of them. Papers for signatures, etc, could be done overnight by FedEx or other carrier. Clumsy maybe, but it could work.
1 vote Thank Flag Link Mon Nov 15, 2010
Obviously the manin goal here is to buy something in a good enough area to have a minimal vacancy rate or nbuy it with a good enough equity position so that you can have room for a mgmt company to take care of things and still cash flow. I work with many investors in AZ and those from outside az and the US. Canadians are now the #1 buyer of AZ real estate from out side of the state. My investors are buying foreclosures at the trustees sales and discounts of 20-35% which allows for some cash flow and if you have to reduce rents to be ahead of competition to insure a low vacancy rate. I also have a few lenders if you are unable to pay cash that can finance an AZ property for a Canadian Investors. Feel free to call or email with any questions. I would be happy to help you.
Web Reference: http://www.SearchAZmls.com
1 vote Thank Flag Link Mon Nov 15, 2010
Good morning, buying a home sight unseen requires trust, communication and an agent who has performed the task more than just a few times. Debbie (my wife and partner) and I have helped dozens and dozens of our clients purchase homes without them being here. You could say that we are experts in this area. Please let us know if you would like a reference from one of our current Canadian clients. Thanks, look forward to hearing from you. Dan Moon
Web Reference: http://www.azmoonteam.com
1 vote Thank Flag Link Mon Nov 15, 2010
Hello,

I have found several investment properties for Canadian buyers in recent years. I have worked with some great people from Calgary to Regina, sk. I can help you find a place and even get you in contact with a property manager if you need assistance finding a tenant. Please don't hesitate to visit my website and start your home search. I can provide references and I would be happy to help you with your search in Arizona. The process of buying can be handled through email for the most part and I use digital signatures to help simplify the process of submitting offers.

Talk to you soon.
Web Reference: http://www.azchadhomes.com
1 vote Thank Flag Link Mon Nov 15, 2010
Good morning,

I'm the broker/owner for Real Estate Homes, LLC. Two of my experienced agents are from Canada and most of their clients are Canadian investors. They would be more than happy to educate in any home investment questions you might have. If you register on our site, be sure to mention you are a Canadian investor.

Jeffrey Austin, ABR, CRS, GRI
Designated Broker/Owner
Real Estate Homes, LLC
http://www.newresalehomes.com
1 vote Thank Flag Link Mon Nov 15, 2010
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