I was just looking around online the other night and started to kick around the idea of buying a home in Arizona to help get through these long, cold winters that we have. I would not be looking at spending much money but saw what appeared to be some great values in the $30,000-50,000 range (I believe that the ones I was looking at were located in Arizona City, AZ). These properties had sold a few years back at much higher prices and my goal would be to hold long term and use as a personal vacation property for 5-10 years and to hope that the market has picked back up in that time. I guess I have a few questions in regards to purchasing US real estate and more specifically in Arizona.

What area would be the best to purchase in to meet the goals mentioned above (preferably in the same price range as mentioned)?

What concerns should a non-resident have in purchasing real estate in Arizona (are taxes higher for non-residents, etc.)?

I understand that I could only stay a max of 6 months out of the year (I would not be staying anywhere close to that anyways) but are there other concerns that a Canadian buying in the states should be informed of?

What sort of tax issues would there be if I were to sell a few years down the road at a profit?

This is just an idea that I have started to kick around and am not certain if it is something that I will actually do (or that my wife will allow!!) but any help would be greatly appreciated.

MHT,

I am in Vancouver, BC and bought a condo in Scottsdale AZ this month and my parents bought a house in Fountain Hills AZ last year...

Arizona and Florida are the 2 best states for Canadians to buy in for tax purposes... However you will be taxed once in the US and again in Canada for any profit you make on the property...

Even with the tax issues, I think you will still see a better return on your $50,000 investment in property you buy across the line tan buying in the current Canadian market.

Jeff

Thank you for the input...I certainly wish I owned a property down there right now in order to escape this weather!! lol I am about 30 minutes away from the 402 which has the 350+ stranded vehicles.

My uncle previously file for bankruptcy because of his newphews fault. He asked me to co-sign so he can purchase a home in Palmdale. The real estate agent just sent the paperwork to me to sign the offers made to the homeowners. I have never bought a home before so I did not know the process, next thing I knew the house was already on escrow and the real estate agent sent me a letter for my boss to sign.

On that letter it stated that I am purchasing a home and I have a flexible schedule at my job in carson and I would not have a problem commuting from Carson to Palmdale.

My boss did not sign the letter and I did not like the fact that he is making me lie in order to get the mortgage loan because I would not live in that house since I am only co-signing.

In the beginning I was willing to help because I was only the co-signer and he said my name could be taken out in 3 months but someone told me it would take a year and only if they refinance.

The last day to close the escrow and submit the paperwork was last week and I told the real estate agent that my boss did not want to sign any letters. I did not hear back from him until yesterday. He told me the letter from my employer was taken care of and when I asked for a copy of the letter he said they did not need it anymore and it was waived.

I am very concerned that this agent is only lying to me so he can get commission. All his lies are very fishy and I am not sure if I should still help my uncle.

any advise?

It's been my experience,that one should never co-sign on a loan. If they default, then you're on the hook for the debt. I've seen ruined credit scores by well meaning people trying to help relatives.

Usually your "gut" is right. You don't want to be involved in a transaction that may cause future liability for you. If they wanted you and your boss to lie on a letter... well, that's could be mortgage fraud.

That's what I thought that it would be committing fraud and I even told the real estate agent that my boss got upset at me for asking her to lie and I knew I could get in trouble with the law for lying