All Forum Posts by: Sam Chicquen

First, conduct thorough research on market trends and property prices. Second, network with real estate professionals to gain valuable insights and connections. Third, find a specialized Texas agent to guide you through the process. Fourth, assemble a team of experts, including an attorney, accountant, and inspector. Fifth, explore financing options through a mortgage broker. Sixth, perform diligent property evaluations. Finally, consider professional property management to ensure smooth operations.

don't.

stay local.

 No, I haven't had the chance but Florida passed a new law making it hard for citizens of countries like China, Russia and North Korea to buy property/land in certain areas. If I get the chance to help a foreign buyer I would most likely team up with an agent on my team who has done so before. @Matt "Roar" Gardner is certified to work with foreign buyers. 

@Sam Chicquen

You wouldn’t be the first Canadian to invest in the US and certainly not the last.

I’ve heard cash flow is virtually a myth in Canadian real estate.

One BP member recommended reaching out to brokers. Agreed. However…

I would try to identify one or two markets in the US that are going to meet your criteria first. And then decide to really commit and start drilling deep into that market.

Now, this is not a life sentence to that market but you are going to have to make a concerted effort to turning over some stones and building relationships in that market.

The reason why is the best, most knowledgeable brokers on investment properties are going to be very busy. I used to be a RE broker for 16 years before I retired from that business.

I would get calls all the time from out of town and even international buyers. I learned very quickly that 99% of the time, they were going to be a colossal waste of time.

So I decided that I was going to have three major tests before I decided to spend more than 30 min with them:

1.) Do they have the financial means with which to buy something that meets their criteria?

2.) Does their online presence make them look like they have their proverbial 💩 together?

3.) Have they physically visited our market? Like actually taken a trip here?

Number 3 is important for several different reasons. I only want to work with smart investors. Those who are educated decisive and committed. Would I really invest a significant chunk of my wealth without actually being familiar with how the market feels? Also it shows to me, serious commitment which means that even if this person is just starting out, they are willing to waste some valuable time if this doesn’t work out.

Either way if Rochester NY is a market you are considering, come visit our REIA. We meet several times a month so there are several opportunities to walk the market and meet some local pros!

As a fellow Canadian who has invested in the US, I'd say your first hurdle will be to find a lender that will lend to you cross border.

You can try the big Canadian banks with US branches but from my experience they only seem to lend for vacation properties in certain states (Florida should be easy peasy for such a property with the amount of snowbirds out there).

I haven't found any lenders who would finance an investment property held by a Canadian that lives in Canada (they will lend to you if you're a Canadian living in the US).

Also not all insurance companies will want to cover your investment property as a Canadian without any residence in the states. Oddly enough though, I was able to get coverage with liberty mutual when I had my duplex in NY state.

And then, as it has been mentioned before, another important thing you'll need is someone you can trust that will be your boots on the ground.

And to top it all off, you'll need an accountant that deals with cross border tax for your investment property. The tax implications are huge when you sell your building (they withhold 10% or so of the selling price at closing to make your you pay the IRS).

For all these reasons, I decided to exit my US investments as I found it was too hard to scale with no lending partners.

If you manage to find a lender, let me know because price wise the US is much more interesting than Canada.

Best of luck!

If you were starting from scratch ......

First, it's essential to establish credibility and showcase your investment criteria. You can achieve this by reaching out to brokers and presenting them with your investment requirements and qualifications.

In addition to contacting brokers, I would highly recommend finding a US partner who can provide local expertise and have a physical presence in the market. Having a partner "on the ground" can significantly expedite the process and open doors to opportunities that might otherwise be challenging to access.

By partnering with someone who understands the local market, you can benefit from their knowledge of neighborhoods, property values, and potential investment opportunities. They can also assist in building relationships with local service providers, contractors, property managers, and other professionals necessary for successful multi-family property investing.

With a combination of establishing credibility with brokers and leveraging the expertise of a US partner, you can increase your chances of finding suitable multi-family investment opportunities and build a reliable team to support your investment endeavors.

Plenty of our clients live abroad. I'd say attorney is your top concern, be aware of FIRPTA when selling, otherwise commercial deals are nearly identical. Lender and local partner are probably top 1-2 needs.