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Buying a property in US

Discussion in 'BBS Hangout' started by rn_xw, Mar 2, 2011.

  1. rn_xw

    rn_xw Member

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    Hi guys,
    l live in Canada and last year, I made some money out of the stock market and wants to reinvest it somewhere else. So I was checking the houses in Florida and found out 400k can get you a really really nice beach house! You can barely get a 2bd room condo with that money in Vancouver.. So my question is, as a non-US residence, is there restrictions on buying properties? And..California or Florida? I'm an engineer, and I sometimes thought about finding a job in silicon valley, but I like the job I'm having now. Do you guys see potential in investing in Florida?

    Thanks!
     
  2. vlaurelio

    vlaurelio Contributing Member

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    1 person likes this.
  3. Prince

    Prince Member

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    I have canadian friends here that own properties. Americans just care about if you can pay or not.
     
  4. rn_xw

    rn_xw Member

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    Thanks for the sites. Repped!
     
  5. Xerobull

    Xerobull Salve Dicit Mater Tua
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    You may want to look in to a beach house in Galveston instead. $400k can get you a mansion there, so spending half that will get you a very nice beach house on the West End. And it's close to Houston, where you can catch some Rox games.
     
  6. rn_xw

    rn_xw Member

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    Was the price always this low or it was caused by the recession? Thanks
     
  7. JuanValdez

    JuanValdez Contributing Member

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  8. AMS

    AMS Contributing Member

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    lol, welcome to Texas
     
  9. Xerobull

    Xerobull Salve Dicit Mater Tua
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    Prices have always been good compared to the national average. But obviously, recession has impacted it.

    I lived in Galveston until 2008. Last month my wife went to visit family in FL and said the prices of everything were outrageous compared to Galveston.
     
  10. Pole

    Pole Houston Rockets--Tilman Fertitta's latest mess.
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    Uhh........I'm not so sure about that. $400K can get you an OK beach house on the West end. $200K can get you a beachfront lot......and then only in certain places.
     
  11. krnxsnoopy

    krnxsnoopy Contributing Member

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    Texas is definitely cheaper. Were you looking for a beach house as a vacation home for yourself? or a property to invest in? Properties in Texas are cheap, but you might get larger returns somewhere else.
     
  12. StupidMoniker

    StupidMoniker I lost a bet
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    The price was caused by the proximity to Texans. :grin:
     
  13. mc mark

    mc mark Contributing Member

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    yeah, but the beaches....meh



    *ducks and covers*
     
  14. Ottomaton

    Ottomaton Contributing Member
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    In case you've never been to Galveston, if you like clear water, don't consider Texas. The current pushes the muddy runoff from the Mississippi River across the state. The water, therefore is completely opaque.

    Keep in mind the chance for Hurricanes, the related damage, and the related insurance. Erosion is very real as well. Also, if you've never spent extended periods in humid 90+ degree summers, you might want to visit before buying.

    What part of Florida? Tallahassee Florida and the rest of Northern Florida is essentially annexed to Southern Georgia. If you buy there, and show up expecting Miami Vice but find The Dukes of Hazard instead, you might be disappointed.
     
  15. professorjay

    professorjay Contributing Member

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    In what area of Florida were you looking at?
     
  16. weslinder

    weslinder Contributing Member

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    I don't think this is true. My cousin lives in Crystal Beach, and he paid $400K for his house on the bay side, and he said it's worth over $600K now. It's a nice house on a canal with a private dock, but it's nothing special. I think $400K is pretty close to entry-level there, and it's more on the beach in Galveston.
     
  17. bnb

    bnb Contributing Member

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    check the operating costs in Florida. Property taxes (non-res), insurance, maintenance, etc. You may be surprised how expensive that cheap house is. Plus the hassle of managing from afar (or the expense of an agent). And the added fun if there are a lot of empty foreclosures in your neighbourhood -- or worse -- your condo building who are no longer paying their fees....
     
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  18. pippendagimp

    pippendagimp Member

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    don't buy real estate in america unless you don't mind being under water for the next 12-15 years.
     
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  19. JayZ750

    JayZ750 Contributing Member

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    i'm surprised nobody has mentioned the hurricane risk yet. it's not as if you are at great risk of losing your house, but every year there will be 5-10 systems that you keep an eye on, once in a blue moon one of those systems will develop into a hurricane and one or two of those will impact your house, and if strong enough, it can be bad. at a minimum, it is added insurance and mental hassle.

    if you are just looking for a nice summer place, that isn't too expensive, that should also appreciate over time, in a warm climate, Florida certainly isn't the worst place you could buy. It does seem awfully far away from Vancouver, though. i think a flight to hawaii is plus/minus the same duration. can't get quite the house you could for $400k, but you could probably find something decent, and would be in Hawaii instead of Florida. The Oregon coast is probably decently priced (compared to California, Vancouver), but not as warm as a Florida.

    I just think if part of your goal is to actually have a spot you can vacation at regularly, don't discount the time it will take to get there. Considering Florida is also 3 hours ahead of Vancouver, you're looking at a whole day of travel just to get there. I'd try and find some closer or easier to get to, but that's just me.
     
  20. Space Ghost

    Space Ghost Contributing Member

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    ??? What kind of advice is that? If he's buying outright, he won't be underwater. If he was like most people and invested at the peak of the bubble, that might be true.

    I personally wouldn't buy on the beach, as JayZ has pointed out. Insurance is VERY expensive, that is if they will cover you in the first place. Many insurance companies have pulled out of the coast areas of FL. Hurricanes are a huge factor, especially if you plan on going for the long term. The Eastern seaboard around the jacksonville area is not a bad risk compared if you were thinking about tampa.

    I would however consider doing a condo if the conditions are right. Commercial real estate is not a bad idea either, but it will take quite a bit of research.

    Just make sure you distinguish between buying for a vacation home or for an investment.
     

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