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Canadian looking to buy a investment home in Vegas for future.....

Discussion in 'Living in Sin (City that is)' started by JohnnyD, Jun 14, 2014.

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  1. JohnnyD

    JohnnyD Tourist

    Joined:
    Jun 13, 2014
    Messages:
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    Hi Everyone,

    Just signed up other day and i was looking into some help with some questions.

    1. I live in Ontario, Canada and looking to buy a home in Vegas already rented around $100 000. Would like to retire their in about 10 yrs from now. i have been to Vegas 60+ times and love it.
    2. Do i need to have american citizenship to purchase? How to go about getting dual citizenship for future??

    Any help would be great.

    Thank u!

    JohnnyD
     
  2. GogglesPizano

    GogglesPizano Tourist

    Joined:
    Apr 6, 2014
    Messages:
    12
    Hi Johnny,

    I had a friend buy an investment property a few years ago. Here's the basic rundown he was told:
    Foreigners can buy property. Finance it yourself in your home country, by taking a second mortgage on your own house etc. if need be.
    The tricky part is the rent collection. You need to hire a property manager to collect the rent. If you collect it directly you're a foreigner working illegally without a green card which can get you deported if caught.

    Best to ask a realtor, they'd know all the ins and outs. Third party hearsay probably isn't the best investment advice. :)
     
  3. NickyDim

    NickyDim VIP Whale

    Joined:
    Dec 6, 2012
    Messages:
    1,103
    Location:
    Long Island. LV starting in 2016
    Trips to Las Vegas:
    22
    We bought a house in May 2012 just before the upturn in values. The first few homes we tried to buy with pre-approved mortgages were turned down for cash offers. It was at a time that almost 70% of offers were cash. So we refinanced our home on Long Island and offered cash and bought a lovely 3 bedroom 1800sq ranch in Lone Mountain for investment and retirement. We are planning to retire in summer 2016 and move into the home as our retirement home. The realtor we used also owns a property management company. He helped us close on the house, acted as our general contractor for some small renovations like flooring, carpets, paint and appliances, found us our tenants and now acts as the landlord. The management fees are 8% of the rent. So other than that 8%, we pay for basic homeowners insurance, and taxes which are $1400/year. He's made it so easy, we just collect a check each month, and if something arises like a repair we pay for it out of the profit once the $75 deductible the tenant is responsible for. Tenant is also responsible for sewer and trash. It's been easy a pie as promised and we have no regrets. We are looking to also buy a 2 bedroom condo close to the house inside of 6 months of moving and we'll probably move into that first, then end the lease with the tenants, remodel the house with the profit from renting for 3 years, then move in. At which point we'll rent the Condo for supplemental income. And even though we'll be in Vegas, I'll still use the management company to act as landlord so I don't have to do or worry about squat.

    If you would like his number, PM me and I can point you in that direction.

    As far as not being a US citizen, I'm sorry I don't know those answers.
     
  4. JohnnyD

    JohnnyD Tourist

    Joined:
    Jun 13, 2014
    Messages:
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    hi nickeydim, can i get his phone number.

    thnx
     
  5. paperposter

    paperposter VIP Whale

    Joined:
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    i rent and actualy the person who owns its it as an investment is from canada,[ives theres

    he uses http://epronet360.com/ they manage his stuff and do all the research on the renter and everything , hes does nothing ,i never meet him . they collect all moneys and do all contracts
     
    Last edited: Jun 15, 2014
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