Author Topic: Owning out-of-town rental properties  (Read 3332 times)

LazyDoc

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Owning out-of-town rental properties
« on: April 09, 2012, 07:46:44 PM »
Hello,

I live in Canada and planning on buying one or two houses in South Florida as rental properties. We already own a vacation property there so we go in Florida for two weeks every other month. Anybody with similar experience with out of town rental properties? Any advice on managing companies in general and in south florida in particular? Any advice regarding the type of ownership (personal, llc, etc) we should go with? Thanks!

AJ

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Re: Owning out-of-town rental properties
« Reply #1 on: April 10, 2012, 10:21:10 AM »
Have you been to the BiggerPockets site? I'm betting there are a ton of threads there on this issue.

LazyDoc

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Re: Owning out-of-town rental properties
« Reply #2 on: April 10, 2012, 02:25:03 PM »
Wow! I didn't know about this blog. Very interesting! Thanks a lot.

Mattamatics

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Re: Owning out-of-town rental properties
« Reply #3 on: April 11, 2012, 03:00:59 PM »
Hi Lazy Doc,

Not sure if you knew there is a Canadian Money Forum (with a sub RE forum) there's a couple threads about CDN's buying US property, (Note the majority of the board is rather bearish on Rentals & RE in general) but still alot of useful information and first hand experienced shared on it.

http://canadianmoneyforum.com/forumdisplay.php/5-Real-Estate


LazyDoc

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Re: Owning out-of-town rental properties
« Reply #4 on: April 13, 2012, 07:08:03 AM »
Thank you! I'll look at it.

HeidiO

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Re: Owning out-of-town rental properties
« Reply #5 on: April 14, 2012, 05:07:44 AM »
  Not sure if you've heard this (being in Canada) but there is an expectation of increased foreclosures in Florida this year, which may drop prices a little bit for the next year or two.  Forclosures in states that require judicial review (about 30 of the 50 states) have slowed down while the banks were getting sued by the gov't for illegal foreclosures.  Now that case is settled it is expected the banks will start moving through their backlog of houses.
   I would love to buy a rental in FL, it just doesn't fit my life right now.
Heidi