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Buying property in Florida  Actions...
Posted: by MsGinny on Wed. 28 Dec., 2011 at 9:36:24 AM
Has anyone done so?  An opportunity has been put forward to invest in a house in FLA. I am very cautious about such ventures.  Does anyone have any experience they wish to share? Or any stories (horror or otherwise) that they can relate?  Any tips? TIA

MsGinny
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I have a couple of links for you:  Actions...
Posted: by Amoura on Wed. 28 Dec., 2011 at 9:51:38 AM
In reply to: MsGinny "Buying property in Florida"
buying property in Florida


Based on the information in these links, I would be very wary of purchasing property there.

“L'envie d'autrui a, du moins, cet avantage parfois de nous faire découvrir notre propre bonheur.’’ ~Charles Régismanset 

ॐ नमः शिवाय                                                    


Amoura
edited Wed. 28 Dec., 2011 @ 9:52:54 AM by Amoura
 
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Run away  Actions...
Posted: by Carol_cp on Wed. 28 Dec., 2011 at 11:00:04 AM
In reply to: MsGinny "Buying property in Florida"
There are so many issues involved.First,there are tax issues.And if you are buying it with someone else,you need to be clear about usage.Then there is property insurance which is through the roof.It's almost impossible to get insurance in some areas. If you need financial help in the US,the banks don't lend money.And with so many properties sitting on the market for a long time,the homes can be filled with mold and mildew and termites and any number of problems.Renting it out can be a headache and the income must be declared.

Take the time to look at the links provided but my advice is to stay away.Anyone that we know who even has the "means" to consider a purchase is not biting.






Carol_cp
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Agree  Actions...
Posted: by tigsw_tigsw on Tue. 3 Jan., 2012 at 2:01:45 AM
In reply to: Carol_cp "Run away"
my cousin bought last Dec. wish I could have talked to her before rather than after.

there is some tax I just heard about but have little data...if you are out of Canada x number of days...and most snowbirds are gone whatever the number is... Canada can hit you with a tax...see if I can find more about it...maybe Carol knows.It applies to non homeowners too.

bad stuff anyways.

        

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tigsw_tigsw
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I was reading about that  Actions...
Posted: by MsGinny on Wed. 4 Jan., 2012 at 12:17:51 PM
In reply to: tigsw_tigsw "Agree"

If you are in the U.S. a certain no. of days, you may be required to file a U.S. tax return.

i.e. 182 days in current year, + 1/3 of the days past year and 1/6 of the total days in the year prior.  It's a complicated formula.

One does need to be careful.

MsGinny
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Thank you both  Actions...
Posted: by MsGinny on Wed. 28 Dec., 2011 at 1:25:26 PM
In reply to: MsGinny "Buying property in Florida"

The links will prove useful ( haven't looked at them yet, but will).

I am thinking the same as you Carol...

MsGinny
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Just to add to my post  Actions...
Posted: by Carol_cp on Wed. 28 Dec., 2011 at 4:25:40 PM
In reply to: MsGinny "Thank you both"
We owned a couple of properties in Florida back in the late 80's.The problem arises that if you need rental income to keep up the property,then you need to rent out during the desirable months.So then,it becomes virtually impossible to use it yourselves.As I said,you would need a trust agreement on the side to cover all kinds of issues such as if one owner wants to sell or any other reason that might come up.It can really ruin a friendship.I can tell you that from personal experience.






Carol_cp
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Income taxes  Actions...
Posted: by Nanny G on Wed. 28 Dec., 2011 at 7:53:03 PM
In reply to: Carol_cp "Just to add to my post"

you will have to pay in both countries. If one of you dies, you are liable for the death tax in the States.

Some properties are sold and do not belong to anybody...then what. Some of the brokers who bought the mortgages do not exist anymore. Wait 3-4 years before investing , it will still be there and the sharks will be all bankrupt. Only 5% of those mortgages took a whole country down..think about it.

Nanny G
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We lived there  Actions...
Posted: by Nanny G on Wed. 28 Dec., 2011 at 8:01:52 PM
In reply to: Nanny G "Income taxes"

and never invested in a house. After 5 years in Fort Lauderdale   for business we came back to Calgary.

We needed lawyers in both countries, some friends invested with "Friends" in a villa and  the man died right there in the States..Not pretty at all, they had to sell and half went to the IRS.

If you want to spend your winters in Florida,  RENT..cheaper and less problems. It is the most beautiful state as long long as you do not owe them anything.

Nanny G
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