Canadian Looking to Invest in your Neighbourhood....USA....

[Frank D.]

Hello Everyone plenty of great information here...and lots of great advice so I have a question I need some opinions on...

I am currently  selling a 4 Plex and a 3 plex I own in Hamilton Ontario  Canada (Outrageous prices) I have owned these properties for 10 + years and have paid off the mortgages on both...

I have 2 offers coming within 24 hrs for a total of close to $1 Million CDN  after fees, commissions, lawyers, etc I will walk away with about 950k Cdn..

I want to start investing in states like Florida, Arizona, Vegas, Texas ....I want to take advantage of the 1031 Exchange and aggressively start expanding on doors using my capital...

Should I wait or is now a good time??  lots of talk of another correction happening ?? Opinions?? 

Your input is appreciated thank you ..

Frank 

[Dave Foster]

@Frank D., If you're selling in Canada and wanting to purchase in the US you won't be able to defer tax with a 1031 in the initial sales as @Bill B. said.  1031 is only US properties for US properties when performed by a non-us citizen.  But you're on to a great strategy and theres an added bonus for the non-us citizen.  By performing a 1031 exchange when you sell property in the US you will also be able to aovid the FIRPTA withholding of 15% of the sale price of the property.  There's some very strict parameters but pretty powerful when executed well.