Hi all,
long time lurker, looking for some help.
I am looking to buy a house in the US, as a Canadian resident. I have one house in the UK which is let out, and am living in one in Canada. Now I'm looking to round out my retirement portfolio with one more place - something with an awesome rate of return.
I have one contact (real estate agent) in Texas, but living near Ottawa I got to thinking that I'd be better off with something a bit closer.
So. I am looking for this to be a hands-off, managed property. I may or may not get a mortgage with the US branch of the Royal Bank of Canada, as they will do a pull on my Canadian credit history. Up to 60% loan-to-value.
I am plannng on taking some of March to find this property. I am looking to cashflow $100-200 per month.
The issue is.. where? The US is a big place, and I intend to have no emotional connection to this house at all. It is an investment (which goes against the "somewhere closer" - Texas should be fine, as should Spain, New Zealand, etc!)
Texas - sounds fun/nice but it's a long way away. My contact is in Lubbock.
Other thoughts - closer. Not New York/New England generally as it's expensive. I think.
How about St. Louis, MO - not Detroit, but lots of cheap houses, seemingly. Where do I go to ask these questions? I basically need a starting point - stick a pin in a map?
Looking at paying max. $50k for a place, maybe $10k or $15k of "real" money in, the rest financed through this mortgage or a line of credit.
Alternatively I can forget this whole idea, pay off the remains of the mortgage I have in the UK at ~5%, and buy index ETFs.
Thoughts/suggestions?
Thanks!