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11 January 2025 | 9 replies
I'm going to reiterate what's already been mentioned above, but I'm going to actually give you examples of why it's relevant to you to find a U.S. tax professional.1 - You're going to need to file U.S. taxes once you have property down here, there's federal filings, state filings, and sometimes local filings too2 - Tons of tax treaties between the U.S. and Canada that are easy to miss and can cost you a lot of money (important one with rentals - effectively connected income - if the professional you talk to doesn't know what this is, run away)3 - The amount of days you spend in the U.S. needs to be tracked and if you go over a threshold, all of your worldwide income could be taxable by the U.S.4 - Selling real property means up to 15% of your sales proceeds might not be available to you for years (FIRPTA)5 - Lots of nuance at the state and local levels, which both want to take as much money from you as possibleMain takeaway here is that you should find a U.S. based tax person.
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9 January 2025 | 10 replies
Quote from @Conte Cuttino: Property is in C+ area but in a different School district that’s B-If I sale I’ll get 30k profit after 9 months.If I keep as a Long term rental I’ll have to convert the garage into a illegal 1 bed cottage at an additional cost of $35k leaving a total of $107k left in this deal after 70% refi and closing cost.
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7 January 2025 | 5 replies
You have three choices...transfer the property and keep the loan in tact hoping they won't trigger due on sale, refinance into a loan that allows it, or simply leave things as they are.
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15 January 2025 | 29 replies
It’s doable, just more difficult, time consuming, with a lot more “contacts” needed for each “sale”.
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16 January 2025 | 23 replies
The only other option I see is a short sale, if you don't need to purchase for a few years and don't mind a temporary credit hit to save the $60k.
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7 January 2025 | 28 replies
If they're paying for overages, they'll reasonably expect a refund for any unused portion of the utility allowance.
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10 January 2025 | 13 replies
A good PM can refer you to top sales agents in the market, they can tell you what type of rentals are in demand, they can tell you which areas are best for investments, and they can cross-check what the sales agent tells you about specific properties.Remember: cheaper doesn't mean you'll make more money.Start by going to www.narpm.org to search their directory of managers.
10 January 2025 | 5 replies
I am a professional cabinet maker and my father is a master plumber.Estimated sale price once complete $500k+Home 2: 210k mortgage. 5 bed, 3 bath redesigned to 5 bed, 4 bath, 3,000 sq ft.
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8 January 2025 | 7 replies
At the current cost to build estimate $150/sqft, It appears a 1500-1700 sqft new construction will need to sale for around 399,9k to make a decent profit.
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10 January 2025 | 8 replies
Based on what my attorney provided, the plots aren't worth a ton of money, but since I haven't done a land deal I'm not sure if the actual sale price differs from what she got me.