Almost 8% of all resale homes bought in the U.S. during 2010 were bought by Canadians, and Canadians currently own $50 billion of Florida real estate. Smart move. The best place in the world to buy real estate is in the good Ol’ U.S. of A. In my opinion, over the long haul, investors who purchase today will greatly enrich themselves. The caveat is that you need to do your research and understand some vital points.
- Investment property needs to be managed properly.
- 2nd or 3rd homes need to be visited or used frequently to be worth investing in.
- U.S. financing is hard to arrange, and will likely be this way for a while.
- A managed investment with financing available is a good option.
- Most foreign buyers are buying with cash, as financing is difficult.
- Avoid desperate areas – I personally like South Florida, New York City, Chicago, Los Angeles, San Francisco, Boston, and Philadelphia. As a wild card, I like Las Vegas, as casinos are not going away.
Buying when no one wants to is usually the best time to buy.