U.S. Tax Sales

[Sasha]

Hi,

Reading the newspaper on Friday, I read a lot of articles about the U.S. and foreclosures (and that means tax sales as well) since people can't carry their mortgages, higher rates etc...  Remember, theres a lot of empty land in Ontario, with most people crowding in and around urban centres, unlike the U.S. there's little to no empty land and land or houses have more of a value, even the one's away from urban centres.  Anyone know if a Canadian Citizen can put a bid on a U.S. property, what the related costs are and if could be rented?  The C$ is getting close to the U.S $.

Sasha

[Rob]

What states are you looking to purchase in?  Many of the auctions you must be present to bid.

[taper guy]

I am by far no pro when it comes to tax sales but I would think renting is long term hassle, if it was me flip it and let the lawyers do the paper work. If you cant keep an eye on things from home its a chance your taking. Things can get out of control really quick when your dealing with renters, remember if its not theres they don't care. Thats just my opinion

[Sasha]

Hi,

I'm sure you'll know by this note that I'm not that young.  I'm Canadian though lived near the border then and went to college in Buffalo (just outside of Buffalo).  My family lived in Toronto and I got rides back to T.O every now and then.  I met a Torontonian that I shared a ride with, this was in 1987, the value of our dollar was above 90 cents U.S. then, instead of buying a cottage in Muskoka, that he couldn't afford, he had bought a chalet in the Olean mountains at a tax sale.  I spent a few days there, it was beautiful.  He said he couldn't possibly lose any money since he got it at a tax sale, he knew our dollar wouldn't stay up forever and he'd make money when our dollar went down (or theirs went up - which is what eventually happened) and he'd make money when he sold since he'd bought it at a tax sale, invited friends to stay for free, ski etc.. and help paint etc...  I've gotten quite a bit of good advice in the past, mostly when I didn't have the means to do what they had done.  I could now, though I'm a little hestitant.

Sasha