U.S. ownership - status for Canadians?

[kanabel]

Hello, everyone!
There`s been lots of talk about investing in the U.S., and how good market is now and probably will be better for Canadians. Does anyone know by personal experience if ownership of the property there gives you additional status in the States but visitor? I know that you are allowed to stay up to 6 months without visa per entry, but what if I would like to stay longer or like to do something while I am there?
Thanks,
Dejan

 

[hazed]

I`ve been reading about investing in RE tax liens in the US. Anyone have any experience doing this yet?
Hazel

 

[GarthChapman]

QUOTE (kanabel @ Jan 26 2008, 08:35 AM) Hello, everyone!There`s been lots of talk about investing in the U.S., and how good market is now and probably will be better for Canadians. Does anyone know by personal experience if ownership of the property there gives you additional status in the States but visitor? I know that you are allowed to stay up to 6 months without visa per entry, but what if I would like to stay longer or like to do something while I am there?
Thanks,
Dejan


Hi Dejan,
We own a property in the US and it does not result in any changes to a Canadian resident`s status. If it is a revenue property it will mean that you will have to file a US tax return though. A good book for you to read would be The Canadian Snowbird in America by Terry Ritchie.

Hope that helps,

 

[BobHudson]

QUOTE (GarthChapman @ Jan 26 2008, 10:26 PM) Hi Dejan,We own a property in the US and it does not result in any changes to a Canadian resident`s status. If it is a revenue property it will mean that you will have to file a US tax return though. A good book for you to read would be The Canadian Snowbird in America by Terry Ritchie.

Hope that helps,

I like the Canadian Snowbird in America as it explains the topics in this thread and many more. Another book on the subject is: "The Border Guide: A Canadian`s Guide to Living, Working and Investing in the United States" by Robert Keats.

 

[Juliet]

QUOTE (hazed @ Jan 26 2008, 04:42 PM) I`ve been reading about investing in RE tax liens in the US. Anyone have any experience doing this yet?
Hazel

I bought into the course and the idea, went to Phoenix, physicially checked probably 40 properties, bought 6 at the auction, bought the next years liens on the 2 that hadn`t redeemed (there is a three year window before you can start foreclosure proceedings) at 0% to make sure I got them but they all redeemed. (You bid DOWN the interest rate at the auction) It cost me my travel expenses and was a lot of fun but I don`t see any money it. Unless you buy hundreds, your chances of hitting on one is slim. Now you can buy through the online auction but I wouldn`t buy unless I`d actually checked out the property. In my opinion there are MUCH easier ways to make money.

Juliet

 

[hazed]

Thanks Juliet. I`m just reading a book on it now, so was curious if others had tried this.
Hazel