Investing in the .U.S.A.

[jtaylor13]

I am a real estate investor in the u.s.a.Charlotte North Carolina.eastern usa.The only market out of the top 20 usa markets to show a profit in jan,2008.See for your self.(below)I am willing to answer questions for anyone with questions about the usa market and how our system works.Hope this helps.Feel free to ask me anything.If i can not answer it i find someone that can.Or just wanna chat about general real estate.

http://www.cnbc.com/id/23795040/ news clip march,2008

Thanks,

J.E.Taylor

Hope my post is ok.

 

[jeffjas]

I have a general interest in how a canadian citizen can purchase US property.

Do you need a U.S. bank account or a U.S. presence of any kind ? How do you find distressed (foreclosed) properties, can I purchase at an auction ?

Thanks

 

[MONEY]

[list type=decimal][*]Are there any State Constitutional prohibitions against alien ownership of land, such as that of Oklahoma?[*]What about Property Tax for non-resident/foreign owners?[*]What are the Federal taxation laws for non-residents?[*]What about Estate taxes for a foreigner owning U.S. property?[*]What are the requirements for the physical presence test, to be considered a U.S. resident for income tax purposes?[*]Is Marital Status important for owning U.S. property?[*]If both spouses are on title, do they both have to file individual federal and state tax returns?Does a Foreigner have to use a property management company in order to rent out their U.S. Property?Is there Taxation withholding fees associated with renting out the property or selling the property?Is it best to buy U.S. property within a Corporation?Should that Corporation be a Canadian or U.S. Corporation?If U.S. Corporation, which state should the Corporation be set up in? ie. Nevada, Delaware, etc?How many levels of taxation would the Corporation be liable for?Do U.S. Lenders offer non-recourse mortgages to foreigners?[/list type=decimal]

 

[willy]

I have only one question...

where do I sign? (checkbook in hand)

w

 

[UTCVenturesLtd]

QUOTE (jtaylor13 @ Apr 11 2008, 01:19 PM) I am a real estate investor in the u.s.a.Charlotte North Carolina.eastern usa.The only market out of the top 20 usa markets to show a profit in jan,2008.See for your self.(below)I am willing to answer questions for anyone with questions about the usa market and how our system works.Hope this helps.Feel free to ask me anything.If i can not answer it i find someone that can.Or just wanna chat about general real estate.

http://www.cnbc.com/id/23795040/ news clip march,2008

Thanks,

J.E.Taylor

Hope my post is ok.

Hi J.E.

I have a small group of family, friends and coworkers who would like to invest in U.S. vacation destination properties.
The idea is to rent out in a week to a vacation renter what rent would be charged to a local renter for a month. See where i am going?
If i create a U.S. "C" corporation, do any of the directors/shareholders have to be residing in that state?
Are there any sticky securities rules as to who can be shareholders in a U.S. "C" corporation? I am looking at selling shares to about 20 investors so that each property is paid off and the shareholders can rent from their own corporation at market price as well as to others to grow the corporation quickly. I would like to acquire 3 to 5 properties per corporation and then collect dividends. Then keep creating corporations in many different locations using the same plan. (Myrtle Beach might be a target one day.) A New York lawyer thought it would be better to do one property per corporation. ( Maybe thinking about the getting sued issue. Would not the insurance companies see that we would be adequately covered?)
Would you have any advice for me with regards to following this simple business plan? What pitfalls to watch out for?

Dean
[email protected]

PS I have travelled extensively throughout Canada and the U.S. between 1999 and 2004 covering all the states, but Hawaii. www.thewanderinghobo.com is a personal travel website of those journeys. I am originally from the Buckeye state. (A long, long, long, long time ago!)

PS 1 I wonder how Richard Davis is doing in Charleston, SC these days. I have only seen reruns of his Real Estate Pro shows up here in Calgary. They don`t seem to be making anymore either. http://www.trademark-properties.com/newsandupdates.html

PS 2 I have a cousin in N.C. who builds log spiral staircases. Quite a specialty! He is expensive but does awesome work!

 

[seeu22]

Hey James,



Great to see you on here. Glad the link worked.

I`ve been researching the concept of investing in the US for a couple of months now. I was inspired to look south after realizing that the 99.9% of the properties in Canada bank on appreciation to make them a good investment.

I`ve taken Dons Goldmine scorecard and applied it to different US markets. Charlotte fairs quite well as does many Southern US markets. Cheap housing and good climates seem to be fueling a rebirth in the south with many major employers moving shop to the region.

I met James along the way and had a few conversations with him about the Charlotte market. He knows the market well.

I am currently researching the details of investing in real estate as a foriegn national in the US. If anyone wants to do some of the research with me let me know and we can share our findings.

Neil