Renting myself from my corporation in US

Dan 7612

Inspired Forum Member
REIN Member
Dec 21, 2015
48
9
8
Ontario
#1
I have an opportunity to be transferred from Canada to the US. As part of this, the company will subsidize my rent but not the purchase of property. The area that I am looking at has a number of new condos but the rental market is nasty.

I would like to hear the pro and con of starting a US corporation (or using my Canadian one) and renting from the company keeping in mind that my employer would subsidize my rent. Also, are there legal implications to this?
 

ThomasBeyer

Senior Forum Member
REIN Member
#2
I think you should definitely consider that. Keep in mind financing that is tough for non-Americans for single units. Very tough. Ideally you buy in cash, via an LOC on a Canadian property. Or buy a condo and assume a mortgage. Mortgage rates are quite a bit higher than here.

Since upfront buying and loan costs are also higher than here it may make sense to rent for a while until you know fore sure you'll be there for at least three years. It also takes quite a bit of time to evaluate an area of a large city, incl transit or commute issues, neighbors hoods, shopping, après, crime etc ...

What city is that ?
 

Dan 7612

Inspired Forum Member
REIN Member
Dec 21, 2015
48
9
8
Ontario
#3
Thanks for response. I currently do have a US social security number, three US credit cards and a bank account (this was from a previous work VISA that I had). My credit score is about 770. My question is can I set up a US corporation and lease the house to myself? BTW - it is a full time salaried job with a large multinational company.
 

ThomasBeyer

Senior Forum Member
REIN Member
#4
Thanks for response. I currently do have a US social security number, three US credit cards and a bank account (this was from a previous work VISA that I had). My credit score is about 770. My question is can I set up a US corporation and lease the house to myself? BTW - it is a full time salaried job with a large multinational company.
Contact a US mortgage broker. Likely with a US job and a US social security number it will be far easier to get a loan. If in a corporation then loan might be lower or more difficult to get. Why should you not be able to lease the house to yourself ?

Have an address different form a personal address for your firm though. Easy to incorporate online for a few hundred $s. Annual filing costs and paperwork will cost $1000 or so easily though as the IRS and state forms make Canada look like paradise.
 

Albert710

New Forum Member
REIN Member
Apr 30, 2015
14
6
3
#5
There is a book you may find interesting with respect to buying real estate in the United States.

Buying Real Estate in the US: The Concise Guide

ISBN = 978-1-77040-068-9

It would allow you to consider various methods to purchase real estate

See Chapter 2.

There might be other ways than buying a house through a corporation.

If you go to amazon.cA it mght be possible to read some portion of chapter 2 online.

Hope this helps.