Posted by GL(ON) on July 08, 2004 at 08:56:45:
I’m convinced that if I lived in the US I could make twice as much money with half as much work. Friends who have spent time in the US and worked there, have confirmed that this is probably true.
Rules for overseas investors in Canada? - Posted by Al
Posted by Al on July 06, 2004 at 06:43:07:
Hi,
Is it going to be a challenge to buy investment properties in Canada if you are not a Canadian citizen?
I was thinking that if I was to use a local bank there they would probably need to review my credit rating, residency status etc therefore it would be a problem. Are there lots of non-bank lenders there that I could use to fund my investments?
Thanks.
Kind regards,
Al
Re: Rules for overseas investors in Canada? - Posted by Chuck Rosenberg
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Re: Rules for overseas investors in Canada? - Posted by GL(ON)
Posted by GL(ON) on July 06, 2004 at 15:16:35:
I live in Canada and as far as I know there are no special restrictions on non resident real estate investments. There are only 5 or 6 banks in all of Canada and there aren’t a lot of non bank lender either. There used to be a lot of trust companies and credit unions. The trusts have all been bought up by the big banks and the credit unions only finance houses for live in owners, not investment property.
What did you have in mind?
Re: Rules for overseas investors in Canada? - Posted by Al
Posted by Al on July 06, 2004 at 19:06:40:
Hi GL(ON),
What I was thinking is maybe going to Canada and staying there for while to become more familiar with the realestate market then eventually buy investment properties.
My concern though is that if I need to go through banks to borrow money to buy investment properties they would treat me differently cause I am not a Canadian citizen. My plan is just to do full time investing (using flips, lease options for short term and buy and hold for long term)therefore I am not interested in applying for any jobs while I am there. Based on my experience banks do not prefer to lend money to people who does not have any local employment history that is why I feel that the only solution is use creative financing to purchase properties. I am talking about using vendor financing combined with hard money lenders, private lenders etc to get no money down deals. Is creative finaning common in Canada or are banks my only option when wanting to borrow money for investments?
Thanks.
Kindest regards,
Al
In Australia, most people wait for their property to go up in value before they can purchase another property. They use conventional sources ie banks to purchase
Re: Rules for overseas investors in Canada? - Posted by GL(ON)
Posted by GL(ON) on July 07, 2004 at 17:50:13:
There are private lenders and mortgage brokers but they charge big interest, like 10% or 12% on a first versus 5% or less at the big banks. I live in a small town and the people are pretty conservative about new fangled ideas like vendor take back mortgages, lease options etc.
Maybe you could do the creative thing, there is no reason you can’t. But it would be uphill work if you ask me. On the positive side, there is practically no one doing creative RE in Canada that I know of so the field is wide open if you want to give it a try.
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Re: Rules for overseas investors in Canada? - Posted by Al
Posted by Al on July 07, 2004 at 23:49:16:
Hi GL(ON),
Thanks for answering my questions. I guess Canada is very similar to the Australian realestate market. In Australia, creative financing is also not very common. They only have got a handful of hardmoney lenders here who unfortunately charge very high interest rate normally double of what the banks are charging.
I think the US is still the best place to invest in realestate using creative financing to land no money down deals.
Thanks for your help again.
Kindest regards,
Al