The Experts In Real Estate And Mortgages

I am sure that all Canadians are aware of the real estate slowdown and the mortgage meltdown that has occurred here in Florida. For those of you that don’t what it means to you is .. low, low prices.

Right now and for the next 2- 3 next years , may be the best time to buy in Florida, price-wise. there’s no time like the present to educate yourself about the Florida market.

Buying a home in Florida can be a confusing prospect for many people, and this often stops them from making their move.

There are many good agent that can help you through the process so please do not even consider trying to do this on your own. Remember that a buyers agent works for you but gets paid in essence by the seller.

 Many thousands of people are losing their homes in foreclosure and many new home builders have lots of pre built homes and condos just sitting there. This spells opportunities for Canadians  with there high dollar , equity in their homes and proximity to the sunny south.

If you are a Canadian, you can be in Florida for up to six months only (the entire winter, eh.) - without any visas or permission from the U.S. or the state of Florida

If you decide to buy a property in Florida, you:
 *or your agent must  write an offer
 *and then give your deposit money, to an escrow agent who holds it until

 *you either close on the property and get the deed or the deal falls through and you get your money back.

During the escrow period the title company does all the due diligence necessary to make sure that you are protected, that the seller has clear title, that there are no liens or other encumbrances on the property etc.

You also should have an inspection of the property to make sure there are no unseen physical problems as well as an appraisal to ensure the value of the property.

Homes that were built after 1992 are under the toughest construction laws the state has ever had due to Hurricane Andrew. We have not had a hurricane of that magnitude hit the state since then and in the last 2 years we have not had a major hurricane at all.

Florida  property taxes are around $1600.00 per year for every $100,000 of property value, and are assessed annually.
They will be first base on your purchase price and then by the assessed value which is always lower than the market value by about 20%.

As a Canadian from Toronto I know that it is much more difficult to buy rental properties that cash flow due to the strong Canadian real estate market.

This makes Florida a much better option for an investor.

Also interest rates are still great, even for second homes and investment properties.

I have suggested that Canadians and other vacation home owners rent out there second home when not in use to short term vacationers as this helps subsidize the expenses and may also give you a tax benefit as a part time investment.

 Check with your accountant or tax advisor for more information.

Here is a website than will help you rent to vacation home seekers from all over the world and is the same company I use to keep my home rented when ever I want for 1,400 to 2,00 per week. It is a 4/2 pool home in Fort Lauderdale 1.5 miles to the beach.

So whether you are thinking of purchasing a vacation home or an investment property I think Florida is the right place and now is the right time.

Here is a link to a previous post on Canadians getting mortgages in Florida-walks you through the process

and another one on renting your vacation home to part time vacationers for great income.

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I recommend the following sources of additional training if you want to make the most profit as a real estate investor.

Suggested reading:

Learn how to buy Foreclosures.

The Ultimate Real Estate System-Become a real estate investor the right way– Learn how to buy with no money down, bad credit, create bulletproof contracts, lease options and a ton more. World renowned investor tells all.

Massive Profits In Foreclosure-Earn $10,000 in 30 days with Foreclosures

Fix your credit– Raise your credit scores and remove negative credit

Free Nationwide Foreclosure Lists-Look for foreclosures in every state 

Get Your FREE REPORT “The Home Buyers Handbook“ Save you thousands, answers the most frequently asked questions  about buying a home, a glossary of home buying terms, and tips on getting the best mortgage rates and lowest closing costs. Great for first time home buyers, renters and move up buyers. Simply enter your name and email address below to get it immediately.
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Posted under Canadians and Foreign Buyers & Real Estate & florida & real estate investing |