The ads are everywhere. US real estate at rock-bottom prices. Posh homes in gated communities devalued 50% from a year ago. US real estate agents with nowhere to go in their own backyard are targeting Canada and other countries to attract buyers to the land of the foreclosed and the home of the bushwhacked. As the US housing market remains in crisis and foreign currencies increase in strength relative to the US dollar, foreign investment into real estate in America is reaching new highs, particularly in the sunbelt states. The opportunity to invest in these properties, either as an investment property or a vacation home, is made even more attractive in light of the record number of distressed properties (AKA foreclosures) on the market or in the pipeline due to high levels of unemployment in the US, high consumer debt, and ongoing fallout from the subprime crisis. But what does “opportunity” really look like? What due diligence must an investor do to buy with confidence? What are the pitfalls? The legal and tax considerations? While the property and price may look good on paper, how can you ensure that your investment is a sound one? Philip McKernan and his crack team of experts teach you everything you need to know about investing in distressed properties in the United States, including sourcing distressed properties; building the right team of real estate agent, finance expert, lawyer, and accountant; understanding the tax and legal issues; and having an exit strategy. Make sure you’re getting the best deals possible and avoiding any nasty surprises. Be prepared and aware, with Fire Sale: How to Buy US Foreclosures.
Book Details:
- Author: Philip McKernan
- ISBN: 9780470948576
- Year Published: 2010
- Pages: 320
- BISAC: BUS036050, BUSINESS & ECONOMICS/Investments & Securities / Real Estate
About the Book and Topic:
The ads are everywhere. US real estate at rock-bottom prices. Posh homes in gated communities devalued 50% from a year ago. US real estate agents with nowhere to go in their own backyard are targeting Canada and other countries to attract buyers to the land of the foreclosed and the home of the bushwhacked. As the US housing market remains in crisis and foreign currencies increase in strength relative to the US dollar, foreign investment into real estate in America is reaching new highs, particularly in the sunbelt states. The opportunity to invest in these properties, either as an investment property or a vacation home, is made even more attractive in light of the record number of distressed properties (AKA foreclosures) on the market or in the pipeline due to high levels of unemployment in the US, high consumer debt, and ongoing fallout from the subprime crisis. But what does “opportunity” really look like? What due diligence must an investor do to buy with confidence? What are the pitfalls? The legal and tax considerations? While the property and price may look good on paper, how can you ensure that your investment is a sound one? Philip McKernan and his crack team of experts teach you everything you need to know about investing in distressed properties in the United States, including sourcing distressed properties; building the right team of real estate agent, finance expert, lawyer, and accountant; understanding the tax and legal issues; and having an exit strategy. Make sure you’re getting the best deals possible and avoiding any nasty surprises. Be prepared and aware, with Fire Sale: How to Buy US Foreclosures.
More than 300,000 homes in the US received a default notice, bank repossession notice, or went to auction in February 2010-a 6% increase over February 2009. It marks the 50th consecutive month of year-over-year increases in foreclosure activity. The top six countries of origin for foreign home buyers, in ranked order, are Canada, the United Kingdom, Mexico, China, India and Germany. The percentage of Canadian buyers doubled from last year, from 11 percent to 23.5 percent. Expert and authoritative information. Foreclosures are heaviest in the Sunbelt states-destination points for Canadians Canadian real estate agents are pushing US real estate. US realtors are coming to Canada to push their distressed properties. International currencies are strengthening against the US dollar.
About the Author
Philip McKernan, Irish-born, now resides in Vancouver, BC. He has business dealings in more than 55 countries and his real estate portfolio includes properties in Ireland, the United Kingdom, France, Finland, South Africa and North America. McKernan is an in-demand speaker, coach and mentor, and is the co-author of South of 49: The Canadian Guide to Buying Residential Real Estate in the United States. Contributors: Tom Wheelwright (Phoenix, AZ) is the creative force behind ProVision Wealth Strategists. For more than 25 years, Tom has devised innovative tax, business and wealth strategies for sophisticated investors and business owners in the manufacturing, real estate and high-tech fields. Tom is a published author on partnership and corporation tax strategies and his ideas have been featured in two books in the Rich Dad Poor DadTM series. James Burns (Phoenix, AZ) is an in-demand asset protection and tax attorney. He is author of several books including the widely acclaimed financial book The 3 Secret Pillars of Wealth. He is Principal of The Law Offices of James Burns and CEO of White Diamond Properties, Inc. which is a real estate investment firm. Jim Sheils (Jacksonville, FLA) is an author, speaker, and international real estate investor. He is also the co-founder of Titus Group & Associates, a private real estate company that invests in single-family homes in Northeast Florida. Jim specializes in the acquisition of foreclosures and has purchased hundreds of investment properties in his career. Brian Scrone (St. Augustine, FLA) is co-founder of the Titus Group companies based in NE Florida. He has purchased hundreds of cash flow investment properties, both nationally and internationally over the last decade in every cycle of the market. His expertise is directing and managing all renovations and property management across his companies’ portfolio.