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More About This Title Fire Sale: How to Buy US Foreclosures
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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.
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Introduction.
Part 1: What Distressed Property Is And How To Buy It.
Fundamental #1: Learn to Properly Identify a "Distressed Property."
Fundamental #2: Understand the Fundamentals of the US Foreclosure Process.
Fundamental #3: Commit to the No. 1 Rule.
Fundamental #4: Look for Local Market Data.
Fundamental #5: Avoid the Snake-Oil Salesman.
Fundamental #6: Recognize That a Bad Area in the US Is Very Different From a Bad Area Elsewhere.
Fundamental #7: Look for the Stability of a Good Neighborhood.
Fundamental #8: Choose Your Exit Strategy Before You Make the Deal.
Fundamental #9: Know Your Financing Options.
Fundamental #10: Become Knowledgeable About the Real Estate Cycle.
Fundamental #11: Find the People Who Can Help You Find Foreclosures.
Fundamental #12: Benefit From the 5 Profit Centers of Real Estate.
Fundamental #13: Be Wary of What a Full-Service Real Estate Investment Group Offers.
The Real World: Performing Due Diligence.
Checklist for Entering US Real Estate Markets.
Part 2: Renovations And Management.
Fundamental #14: Work Smartly With Contractors and Subcontractors.
Fundamental #15: Weigh Reno Needs Versus Nice-to-Haves.
Fundamental #16: Dial Up the Intellect (Dial Down the Emotions).
Fundamental #17: Do the Big 4 Renos on a Rental Property—Now.
Fundamental #18: Get Everything in Writing.
Fundamental #19: Make Curb Appeal Count.
Fundamental #20: Run If You Spot Any of the Top 3 Reno Red Flags.
Fundamental #21: Hire the Right Property Manager.
Fundamental #22: Make Money by Delegating to Your Property Manager.
Fundamental #23: Communicate With Your Property Manager.
Fundamental #24: Be Smart About Rent Collection.
The Real World: Mitigating Your Risks and Going Behind the "Foreclosed" Sign.
Part 3: Tax Planning.
Fundamental #25: Understand How US Tax Laws Can Work to Your Benefit.
Fundamental #26: Choose the Right Entity to Structure Your US Business.
Fundamental #27: Use Your C Corp to Win the War on Double Tax.
Fundamental #28: Increase the Depreciation Deduction and Benefit From Depreciation Recapture.
Fundamental #29: Use the Like-Kind Exchange to Boost Your Tax Strategy.
Fundamental #30: Boost Your Cash Flow by Using Your Tax Losses.
Fundamental #31: Obtain Tax Benefits From Your Worst-Performing Property.
The Real World: Limiting Your US Taxation If You’re a Canadian Snowbird.
Part 4: Legal Planning.
Fundamental #32: Cover Your Ass(ets).
Fundamental #33: Develop an Asset Protection Plan and Be Prepared to Avoid Lawsuits.
Fundamental #34: Counter Threats to Your Wealth With Foresight.
Fundamental #35: Draw Up a Blueprint for Your Estate Plan.
Fundamental #36: Expect That Every State Will Want a Piece of Your Pie.
Fundamental #37: Steer Clear of Asset Protection Fakes, Scams and Planning Errors.
Fundamental #38: Be Extremely Wary of the "Best" Plans.
The Real World: Putting Someone Else’s Legal Experience to Work.
Part 5: General Information About Investing In The United States.
Fundamental #39: Understand Cross-Border Issues.
Fundamental #40: Insure Your Investment.
Fundamental #41: Carry Insurance Beyond the Property Line.
Fundamental #42: Familiarize Yourself With US Mortgage Financing.
Fundamental #43: Buy US Real Estate Property With Other People’s Money.
Fundamental #44: Arrange Pest Inspections for Your Real Estate Purchases.
Fundamental #45: Decide Whether You’re Buying a Lifestyle or an Investment.
The Real World: Looking for Investments in a Foreign Location.
Part 6: How To Make Investing Work For You: What You Really Need To Know.
Fundamental #46: Apply the Right Mind-Set to Foreign Investments.
Fundamental #47: Be Clear About Why You Want to Buy US Real Estate.
Fundamental #48: Learn to Believe Big.
Fundamental #49: Choose Your Mentors Wisely.
The Real World: Going From Fast Track to Right Track.
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