My husband and I have been discussing become landlords since we first moved in together. Now, after investing more time into learning about personal finance and wealth acquisition, the timing really seems right.
Initially, I looked at properties in our city, but the student properties are exorbitant and the non-student tenants could be a little less than desirable in the neighbourhoods we can afford. Thus, I extended my search to another nearby University/College town, were values are much more economical.
But, then I stumbled on a few blogs about owning and renting out US properties and my ears perked up. With the depressed economy, I can easily buy 2 properties for the price of 1 here. The catch of course, is that my monthly expenses would be higher, since I would have to pay for a property manager and possibly more as an alien. Then of course, is the nightmare of income tax and navigating the US tax system.
So, I’m at a crossroad, trying to figure out whether to buy in Canada or the US. This weekend we go to look at some Canadian properties, so hopefully we will have a better inclination afterwards!