Property 10: Tennessee Avenue

May 20th, 2013 Savy1

5118256_0It’s been awhile since I’ve posted updates on our properties.  I’ve been so busy with a bunch of things lately.  I will be updating the blog this week while I am away in Atlanta.  We closed on one of our newest properties last week.  This property is a property in which be partnered with another local Canadian who buys in the Atlanta market.  We will be flipping this property.  We have a 90-day restriction on the deed since this is a Fannie Mae property.

The rehab itself is nothing major.  One of the biggest issues with this property is the front steps will need to be re-done.  There was a crack in the concrete below it and has caused the stairs to be cracked as well.  I will post the before pictures in the next day or so with our budget.

I was hoping to the renovation started right away but seems like construction and remodeling is extremely busy right now in Atlanta.  I’ve already ordered my granite, since that usually delays my projects the most.  We’ll see how this week goes while I’m in town.

 

My top concerns in the Canadian Real Estate Market

May 12th, 2013 Savy1

Canada-real-estate-housing-property-crash-MoneyAccumulator_com_For many investor’s the Canadian market has always been the place to purchase and hold real estate.  Many markets have been appreciation at records speeds.  But like all markets sooner or later the market cools and yields drop.  Here are some of the biggest concerns with the Canadian Real Estate Market:

1. Increasing Interest rates

2. High Home Prices

3. Over supple of new construction condos

4. Increasing consumer debt

5. Lower global energy prices

These factors are a combination of many other things but these highlight some of the biggest issues.  As a Canadian I believe that now is the time to start to purchase and build a portfolio in the United States.  Record prices are still available throughout many markets.  This is a great time to leverage and purchase 1-4 properties in the next 5 years.

www.USfasttrack.ca has been helping Canadian purchase in the United States for the last 3 years.  If you are interested in purchasing your first or next U.S property please feel free to call us or e-mail us for any questions.  See how you can profit with us, with no stress.  See you on the other side.

Happy Investing

Flipping Tip:How to save 25% + on materials

May 8th, 2013 Savy1

As Savy Picture 1investor, I am constantly looking for ways to save money for my bottom line.  So I am constantly looking for local and national deals on my materials for my properties.  This is a great way to save 25% or more on your next order.  I really try not to pay retail price for anything unless it’s a small inexpensive thing.

I also discussed in an earlier blog post about working with Home Depot and Lowes Contractor’s desk.  This is another great way to save money by bulking your material list at these stores, in one big order.  By doing this, you will be able to get a 20-25% discount on your order.  I don’t suggest buying everything at the big box stores but majority of your materials may come from there.

Last month  www.HardwoodLiquidators.com had their annual 4 day massive sale.  They are advertising Pre-finished hardwood Floors starting at $1.39/sqft and Bamboo pre-finished hardwood at $1,49/sqft.  These are savings of over 50% on hardwood.

As you can see it pays to pay attention in your local area for up-coming deals.

Also get use to always looking in your local stores in their clearance section.  This works great for rentals sense having an odd different light here and there is not a big deal.  You can end up saving a lot of money over the year.

As investor’s we need to know how to save $$$ in every aspect to make up for the unknown expenses that tend to occur throughout the year.

Saint James Place Update

May 1st, 2013 Savy1

IMAG0772

It’s been awhile since I last gave an update on one of our newest properties.  We’ve had a bunch of delays on this property.  Mainly due to permits. But we are finally making head way on this property.  We also had some issues come up with the front of the property retaining some water due to the heavy rain falls Atlanta has been getting.  Our driveway will be going in and we will be grading the front to limit this issue.  Other than that we will be finishing up in the next 2 weeks or so.  The house itself is coming along very nice.  We will be hitting the market at a good time to be selling property.  Should go very fast once we start advertising this property.  I will hopefully have more to talk about in the next few days.

What is FIRPTA withholding tax?

April 19th, 2013 Savy1

So your thinking of buying in the United States but you keep hearing about a withholding tax called FIRPTA.  FIRPTA stands for Foreign Investment Real Property Tax Act.

This is something to keep in mind when investing in Foreign real estate.  If you fall into this category buyers purchasing your investment are required to hold 10% of the gross sale price and submit payment directly to the IRS.  Yes! I said GROSS, not net of your profits.

How do you know you fall into the FIRPTA? Read more »

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