Richard Dolan - Buying U.S. Real Estate

Praise For Buying US Real Estate

I would consider this the bible for any Canadian wanting to invest in US real estate.

W. Brett Wilson, entrepreneur, philanthropist, adventurer and Dragon, and recipient of the Order of Canada

Buying US Real Estate is a must-read for any boomer who wants to spend the next 30 years fulfilling dreams, leaving a legacy, and living a purposeful life.

Dr. Sherry Cooper, chief economist, BMO Capital Markets, and best-selling author of The New Retirement

This book encourages you to take the time to figure out who you are, what you like, where you will love and what you value. If you ask yourself the tough questions, the odds on finding your passion and living your dream dramatically increase.

Patricia Lovett-Reid, host of the Pattie Lovett-Reid Show and former chief economist, TD Bank

The book's thesis is that the older people get, the more likely they will buy a home-away-from-home. The spoils will go to those who act in the next two years.

Jonathan Chevreau, editor of MoneySense magazine and author of Findependence Day

Every now and then a book comes along that fundamentally changes the game. This book draws upon real science and substance to permanently elevate the way people and place come together.

Dr. Paul Stoltz, visiting professor, Harvard Business School

As a proponent of education and lifelong learning, this body of work represents the foundation for anyone in the world to begin their journey to learn.

Rod Paige, former secretary of education of the United States of America (20012005)

Brilliant collection of insights, education, research and direction.

Phil Town, MSNBC financial commentator, New York Times bestselling author of Rule #1 and Payback Time

Insightful. Canadians, especially baby boomers, will find a place on the planet to enjoy family life more.

The Right Honourable Brian Mulroney

Many Canadians are buying US property as retired or retiring individuals. This book is a smart start to buying south of the border.

David Sersta, vice president, Zoomer Media

I understand tailoring solutions and suggest starting with this invaluable guide in tailoring your education about US real estate.

Harry Rosen, founder of Harry Rosen Inc.

This book captures the essence of why owning real estate internationally can be a profitable venture in so many ways.

Dr. Richard Ragatz, president, Ragatz and Associates

This is Canada's quintessential guide for buying US real estate today, wisely.

Hunter Milborne, chairman (ret.) and partner, Sotheby's International Realty Canada

Anyone thinking about making an investment into US real estate will want to be educated. To make a final decision with comfort and ease, start here with this book.

David Pelletier, Canadian Olympic gold medalist

A guide for Canadians with property dreams that's right for the time.

Jamaal Magloire, Toronto Raptor

These authors are the world's greatest real estate educators, in my personal opinion.

Juwan Howard, Miami Heat, 2012 NBA Champion

Copyright 2012 by Richard Dolan, Don R. Campbell, and David Franklin

All rights reserved. No part of this work covered by the copyright herein may be reproduced or used in any form or by any meansgraphic, electronic or mechanicalwithout the prior written permission of the publisher. Any request for photocopying, recording, taping or information storage and retrieval systems of any part of this book shall be directed in writing to the Canadian Copyright Licensing Agency (Access Copyright). For an Access Copyright license, visit www.accesscopyright.ca or call toll free 1-800-893-5777.

Care has been taken to trace ownership of copyright material contained in this book. The publisher will gladly receive any information that will enable them to rectify any reference or credit line in subsequent editions.

Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com . For more information about Wiley products, visit www.wiley.com .

Cataloguing in Publication Data

Dolan, Richard, 1974

Buying US real estate: the proven and reliable guide for Canadians/Richard Dolan, Don R. Campbell, David Franklin.

Includes index.

Issued also in electronic format.

ISBN 978-1-118-43120-7

1. House buyingUnited States. 2. House sellingUnited States. 3. Residential real estateUnited States. 4. Real estate businessLaw and legislationUnited States. I. Campbell, Don R II. Franklin, David, 1946- III. Title.

HD259.D65 2012 643.120973 C2012-905176-4

978-1-118-43978-4 (ebk); 978-1-118-43979-1 (ebk); 978-1-118-43977-7 (ebk)

Production Credits

Cover design: Adrian So

Typesetting: Thomson Digital

Editorial Credits

Executive editor: Don Loney

Managing editor: Alison Maclean

Production editor: Jeremy Hanson-Finger

John Wiley & Sons Canada, Ltd.

6045 Freemont Blvd.

Mississauga, Ontario

L5R 4J3

Foreword

by Ambassador Frederick Bush

Foreign investors are investing in US real estate at a record pace, and Canadians are a major part of that trend. Four-plus years of economic stagnation, combined with interest rates at an all-time low and the Canadian dollar at par, have resulted in billions of dollars flowing into the US. Should you join the crowd?

There is a lot to consider when investing over distance. How do you know if you're getting a good deal? What neighborhoods are worth looking at? How can you best manage the purchasing process? The writing team of Richard Dolan, Don R. Campbell, and David Campbell walk the potential investor through all the steps they need to take to acquire property in the US.

Buying US Real Estate is an info-packed road map for finding a property that meets an investor's wish list. The authors have covered the topic from A to Z, including the selection of investment properties, financing and ownership options, legal pitfalls to look out for, and the essential need for proper tax planning, as well as how to carry out renovations and work with a property manager. The authors are careful to warn against buying emotionally and provide excellent advice on the importance of investing with one's head and not with one's heart.

This definitive manual is easy to follow and provides the reader with all the tools needed to understand the financial implications of what has to be one of the most exciting real estate buying opportunities ever witnessed in North America.

Frederick Bush served three US presidentsGerald Ford, Ronald Reagan, and George H. W. Bushin a variety of roles. He helped found the Canada Institute at the Woodrow Wilson International Center for Scholars while serving as the center's associate director. Frederick is currently an executive with the Vail Valley Foundation in Vail, Colorado.

Introduction

As professionals in the real estate markets, we have worked with thousands of real estate investors and businesspeople, and we know that there is something different about the mindsets of successful individuals. They approach life with a certain set of assumptions, enabling them to apply analytical strategies to their decision-making and, as a result, create positive professional and personal lives.