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Excellent investment properties and ideas. We also deal with rentals and first time home buyers.
I have 3 questions; what are the possibilities for overseas investors without having the citizenship?
And how can an overseas investor manage his property, I know there are professional firms who do that for you but still its not the best way of operating, is it?
Real estate is cheap there, with very low rentals so what is usually the payback period of your investment?
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Hi MBS, In answer to your questions:
1) you can invest as a foreigner in real estate in Canada you do not have to be a citizen or resident. If you intend to travel here they actually have an investor visa as well. I do believe the concern would be determining your income source, mainly that the money is obtained through a legal source and there are certain processes one has to follow in terms of paper trail, banking and identity verification. There are a number of Mortgage brokers who I can refer who deal specifically with foreign investors, as well as, a real estate lawyer who would handle your legal paperwork.
2) yes there are property management companies here whose core practice is to take care of foreign investments so it is actually a safe option. You want to make sure you choose one correctly, as a Realtor in the business I will be happy to suggest some options depending on your investment.
3) Real Estate is cheap here? I am not sure what you mean by cheap. Real estate in Canada holds its value and appreciates so it is a good investment vehicle.
4) Currently, mortgage rates are record low which means its cheaper to own then rent. From an investment point of you the rent you earn will more than cover the mortgage on the property. It may provide a small income stream but if not it will definitely cover your investment cost so essentially you have invested in a property which will appreciate 30, 40 50% in the next 2 or 3 years and it's cost you next to nothing. Key is making sure its always rented which a good property manager would be able to take care of.
Do you have an idea what kind of investment you are interested in? Residential? Commercial? Rental units? Let me know if you have more questions.