Rental Property in the USA

[chrismccallum]

Hi,

I have a unique opportunity to purchase and rent out a highend rec property in the very northern region of Montana. We would use this place regularly as well, but would need to rent it out to friends, some returning clients, to make ends meet.

My questions are many:

First off, any of you with experience in this area willing to share?

Secondly, is this legal? Can I even get a mortgage on a rec property in US? CAN funds? Can I hire a prop mgr?

Just would like some preliminary thoughts on this. It`s a long shot, but I have visited

 

[chrismccallum]

the place and it looks great. I think we could make this work. Rental market is strong, can be cash positive, etc.

Chris

 

[Thomas Beyer]

QUOTE (chrismccallum @ Feb 5 2009, 08:54 PM) First off, any of you with experience in this area willing to share?

Secondly, is this legal? Can I even get a mortgage on a rec property in US? CAN funds? Can I hire a prop mgr?

Just would like some preliminary thoughts on this. ..
I used to own a condo in AZ .. and we own 300+ unit building in TX.

Yes, OF COURSE it is legal.

Yes you can get a mortgage .. but it will be difficult .. find a mortgage broker that specializes in US properties for Canadians ..

YES, you should hire a property manager.

Be aware of required annual tax filings for rental income in US, and tax issues when selling eventually ..

 

[chrismccallum]

Thank you for your kind help Thomas. We decided to heed Don`s words, and stick to our plan. If we continue in a progressive fashion, as laid out clearly in the ACRE system, we should be able to purchase one with cash in 8-10 years. (Maybe sooner if we are smart and systemic in our approach).