Canadians Investing In Indianapolis

Foreigners Buying in the USA
13yFollow

Canadians Investing In Indianapolis

Charles Hill
Multi-family Investor · Vancouver, British Columbia · Member since 2011 · 56 posts · 6 votes

Hello BP Members,

Here in Vancouver, BC I have spoken with several people who are interested in investing in single family homes and duplexes in areas other than the Sunbelt. Memphis is one area. I am interested in Indianapolis because I have family there and a property management company contact. My question is threefold.

(1) Are there Canadian investors on the BP site that have personally invested in a US property, or have assisted other Canadians in that process? If you have, or know someone who has invested specifically in Indianapolis, Indiana that would be a bonus!

(2) If there are Canadians who have invested in US real estate, did they use RRSP (Registered Retirement Savings Plan) money? Did they transfer money into a self-directed RRSP?

(3) I would like to speak with a lawyer who has assisted Canadians investing in the US market, in terms of forms, taxes, and any other documents that will be required for cross-border investing.

Thank you for reading and replying to this request.

0Reply
44 views

Most Popular Reply

Dawn AnastasiPro Member
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
13y

Welcome Charles Hill from the north!

Podcast Guest on Show #29
1Reply
See this reply in the discussion

14 Replies

Jump to latestLatest
  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    13y

    Hi Charles,
    I have helped other Canadians buy turn-key properties in Indianapolis. We have a lot of expertise in that market. That's great if you have family there. I can put you in touch with one of our Canadian investors that bought there. Feel free to contact me.

    0Reply
  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    13y

    Welcome Charles Hill from the north!

    Podcast Guest on Show #29
    1Reply
  • Marco SantarelliPro Member
    Specialist · Orange County, CA · Member since 2008 · 2k+ posts · 623 votes
    13y

    Hi Charles Hill,

    Welcome to BiggerPockets!

    I am a fellow Canadian living in the US working with real estate investors. Love Vancouver - beautiful city!

    There are many Canadians buying in the U.S. right now (and over the last few years). Mos of them are buying in markets like Phoenix and various Florida markets. Indianapolis is a great city that we sell a lot of properties in, but it is very foreign (pun intended) to Canadian investors.

    As a Canadian you will have a difficult time using your RRSP funds to buy U.S. property because of the restrictions placed on the allowed use of the funds.

    You should work with a Canadian attorney and/or CPA that understands U.S. tax laws. That will be your biggest concern. The contracts are fairly similar to CDN contracts.

    Feel free to post any other questions you have, or PM if you like.

    Continued success!

    0Reply
  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    13y

    I used to work for a company and helped a lot of Canadians buy in the US, and are still buying. I have some amazing contacts that can handle the legal and tax side of everything if you still need resources for information.

    All the Canadians I know buying are buying the turnkeys (a lot in Memphis and Indy) since they are so much more hands-off than normal buys.

    0Reply
  • Charles Hill
    OP
    Multi-family Investor · Vancouver, British Columbia · Member since 2011 · 56 posts · 6 votes
    13y

    Thank you to everyone who has provided insight into this thread. I am aware of and get updates from Chris Clothier and Memphis Invest.

    0Reply
  • Cameron Ellis
    Investor · Memphis, TN · Member since 2013 · 171 posts · 49 votes
    13y

    Charles if you are looking into the Memphis market, I have a couple bulk packages that cash flow great income, at cap rates above 13%. I am looking o expand my buyers list outside of Memphis

    0Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    13y

    Hi @Charles Hill -

    Great advice from @Marco Santarelli on how to go about buying in the U.S. I am sure if you started another forum asking more generically about how Canadians are buying property in the U.S. you will get even more input from other Canadian investors on how they are accomplishing their investing.

    As for Memphis, I think we may have dealt with a few Canadians buying property here, but not many. When I speak with Canadian investors, they seem to like the advantages afforded of buying turn-key and the numbers in Memphis (or cities like Indianapolis), but most are more interested in the destination investment cities such as Orlando, Miami, Tampa, Phoenix and Las Vegas depending on which side of the country they are living.

    As for Indy, if you have family there are looking for strictly investment, that sounds like a good strategy and one that you would be more comfortable making because of your family. It might be good to connect with @Ali Boone and check out her connections to the Indy market from the past. I could give you the names of at least one TK vendor up there, but it has been over a year since I last connected with them so I am not sure of the their recent quality and standards. No reason to think they have gone down, just haven't had recent contact.

    Best of luck to you! Hope you get the answers you are looking for...

    Chris

    Podcast Guest on Show #224
    REI Nation4.574 Reviews
    WebsiteView Page
    0Reply
  • Charles Hill
    OP
    Multi-family Investor · Vancouver, British Columbia · Member since 2011 · 56 posts · 6 votes
    13y

    Hey Chris,

    Thanks for the connection. I receive updates about Memphis Invest regularly, and intend for my first turnkey property to be with your outfit. I like the philosophy and the integrity I believe you represent. I will connect with Cameron Ellis and Ali Boone too!

    Blessings

    0Reply
  • Hans Restuccia
    Real Estate Lender · Miami, FL · Member since 2013 · 243 posts · 24 votes
    13y

    Miami is Hot!!!

    0Reply
  • Marco SantarelliPro Member
    Specialist · Orange County, CA · Member since 2008 · 2k+ posts · 623 votes
    13y

    Hi @Charles Hill,

    As as a follow-up to this 'old' post, I've been working on a new financing solution that does not require U.S. credit or other qualification items. It's specific to a few markets including Indianapolis. In general it's a 50% LTV loan, fully amortized over a period up to 15 years, and can be pre-paid anytime without penalty.

    Send me a PM if you'd like more information.

    Continued success!

    1Reply
  • Ellis San Jose
    Specialist · Westlake Village, CA · Member since 2010 · 1k+ posts · 781 votes
    13y

    Does anyone know if a Canadian Investor has a different tax treatment on proceeds if they are a lender vs. an owner?

    0Reply
  • Jynell BerkshirePro Member
    Real Estate Attorney, Broker, Investor · Indianapolis, IN · Member since 2013 · 207 posts · 58 votes
    13y

    Hello group, I am a real estate attorney, real estate broker and investor in Indianapolis, IN. I also am the chair of a 501(c)(3) not-for-profit organization I started in Indianapolis.

    Charles - Indianapolis is really hot at the moment! Our local government has over 10,000 homes that is selling in surplus at rock bottom prices. These properties have gone through at least tax sales without anyone purchasing. Great time to invest in the market.

    0Reply
  • Nathan Boulet
    Timmins, Ontario · Member since 2014 · 31 posts · 6 votes
    12y

    Hi Marco,

    I would like more information about this loan. Sounds very interesting for Canadians!

    0Reply
  • Marco SantarelliPro Member
    Specialist · Orange County, CA · Member since 2008 · 2k+ posts · 623 votes
    12y

    Hi @Nathan Boulet -- I will send you a PM so we can communicate outside the forums. Thank you!

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free