international property

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From: Anonymous


I was wondering if any one owns property overseas. Would you be able to explain the details of it? Where, tax implications, management, how purchased, sourced...basically anything that might be helpful would be appreciated.
Thanks
 
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Reply: 1.1
From: Anonymous


Canada
 
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Reply: 1.1.1
From: Jeremy Laws


I know nothing about Canada, but if you like it do it! Would probably be a little further from English law than ours, (and I guess there would be French in there as well) but if you think the numbers work then go for it for sure. If they work like US banks, you will either need a 10% cash back, or put in 20% downpayment. When I played in US, I was unable to borrow any more money in Australia, so I had a double win from capital growth and currency changes I would not have had without taking the plunge. I believe everyone should have foreign property, in time it will be normal I think, for investors. Neg gearing is 'foreign' to most foreignors so the cashflo is very nice. Esp UK and US! My aim is to have (hopefully almost equal) US$ UKpounds and AUS$ income. It is the perfect hedge against government policy. Also gives you massive borrowing power. You will learn heaps. It was hard to achieve (esp in US) The UK seems a lot easier, but absolutely have a bash at it.
 
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Reply: 1.1.1.1
From: Anonymous


Appreciate your reply Jeremy. Is there any way that you can lighten the path for me even though it is in different countries?
Do you still own property overseas? ANY little snippet of info would be appreciated. Facing a brick wall here.
 
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Reply: 1.1.1.1.1
From: Jeremy Laws


Find an agent you like and can trust. I spent about 3 weeks looking constantly and found one the last couple of days that actually helped me. In fact I wont deal through anyone else in US. Then tell them honestly how much money you have. I would stress that you will be a multi buyer if it works well, and then hope for the best! I assume you have bank accounts etc. if not get that done first.

Good luck, its a lot of fun!
 
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Reply: 1.1.2
From: Michael G


Hi,

I onced looked at buying a ski unit at Silver Star in BC. Didn't go through with it, but it was an interesting exercise.

First I found out that non-residents require a 30% deposit (thats the banks position).

Also banks here will lend you the money but they want 100% collateral, ie, a waste of collateral.

Apart from those issues, its all pretty normal stuff like here.

But, what may be possible is see if ya can haggle vendor financing !

You see if the banks will only lend ya 70%, see if you can get 25% from the vendor, then you only need 5% of your own.

Negotiate terms for price, if the cashflow will sustain their asking price.

Read all the various ways to do creative financing, and invent some new ones, personally I'm thinking this is the best way to get a foot in the door.

You just may need to read up on foriegn investment laws, for example, in Oz, non-resisdents, can only buy new.

Michael Gruber
 
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