Posted on: November 15, 2012
Purchasing an investment property in any market can be challenging, but particularly when purchasing in a foreign country. The Globe and Mail recently highlighted the “importance of getting advice to identify the optimal way to own a property south of the border.”
MSR Americas removes the frustrations from purchasing an investment property in Florida. We take care of everything—seamlessly from end to end—so that you can enjoy immediate rental income from a renovated investment property and incremental capital appreciation, and steady rental income.
But you’re going to purchase entirely on your own, then you should be aware of these four pitfalls:
(1) Managing a Rental Property: Not having a trusted local property manager can be disastrous. Property managers interview and screen tenants, address tenants’ concerns, collect rent, and ensure a smooth overall process day in and day out.
MSR Americas provides this service for you, ensuring that your property is rented to a quality renter who has stable employment in a fine community. Don’t make the mistake of trying to do this yourself, as the headaches associated with finding and maintaining reasonable renters can be stressful.
(2) Obtaining the Right Insurance: Not having the right insurance for your investment property. Theft, accident, fire, casualty, and property insurance are all applicable and required for peace of mind.
MSR Americas obtains all relevant insurance for your property on your behalf as part of our comprehensive package of services. Eliminate the guesswork regarding insurance and let us cover you in all the ways that you require.
(3) Accounting Issues: Failure to understand tax implications. U.S. federal tax is based on a self-reporting system, which means that you are responsible for determining your tax responsibilities. Not making sufficient tax payments can result in a lien on your property.
MSR Americas retains a cross-border accounting and tax specialist who can be made available to you. We know the system and understand the U.S.-Canadian tax treaty and how this applies to you. It is important for you to know all of the tax implications from owning an investment property.
(4) Maintenance: Ignoring property maintenance. If you’re purchasing an investment property on your own, you should carefully consider the quality and condition of the property beforehand. The last thing you want is to be bogged down in a series of near endless repairs and outlays of cash on a run-down property.
As part of our winning formula for investing in Florida, we renovate your property for you to prepare it for new tenants. This can range from painting and changing out carpets to more extensive work. Either way, maintenance issues will not be an immediate concern for you as the exterior of the condo is not your responsibility and the interior will be newly renovated. The result? 100% satisfaction and peace of mind knowing that you have a quality investment that is incrementally appreciating while providing a reasonable return on investment.
MSR Americas removes the headaches from purchasing investment properties in Florida by working with you throughout the entire process, end to end, from purchase, through renovation, to capital appreciation and income acquisition, to the sale of your property when you’re ready.
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