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Buy and sell a house while on a Tourism Visa

steaky

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COPRQuestion said:
I don't think this has anything to do with haters. The guy is suggesting buying a property for 3 months in one place and then another one in another place for 2 months and then leaving.

Do you think that's remotely possible?
I thought you would agree more since you are from Hong Kong. In the past, speculators hold properties for some weeks, sell by assignments to another buyer and made very good money.
 

scylla

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ALRIVAS said:
For more info go to alrivas .com I know a lot of haters will criticize this post but unfortunately for them they just don't own real estate.
So how many properties do you own?

This "hater" owns 4 right now (down from 5 just a few months ago).
 

COPRQuestion

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steaky said:
I thought you would agree more since you are from Hong Kong. In the past, speculators hold properties for some weeks, sell by assignments to another buyer and made very good money.
Haha, I think there are too many technicalities in this scenario which would mean the buyer would lose money rather than make any. Plus HK has made it almost impossible for this type of thing to happen. Even in my own case at the moment, I have to hold on to a property for another 2 months before selling or face an additional tax of around CAD 200k, which I'm not prepared to do.

And not wanting to be mean about the OP but if he was some kind of property magnate with the funds to buy a place outright then spin it in 3 months then buy another I doubt he would be on this forum asking for advice. My first port of call would be to a realtor in the city I'm going to.

Just my penny's worth
 

Gregor.Samsa

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COPRQuestion said:
I don't think this has anything to do with haters. The guy is suggesting buying a property for 3 months in one place and then another one in another place for 2 months and then leaving.

Do you think that's remotely possible?
It's possible but complicated.

You need the cash, not mortgage as visitor probably.

When you buy, the possession date is not immediate.
There are at least 1-2 weeks for paperwork and more if the previous landowners wasn't move yet.

Hook-up utilities is faster but needs to learn which companies provide services

Property taxes (city)


A headache to do it twice in few months

Also the monetary risk involved due to not be aware of local market, you can buy something that's not easily sell later.

So it could take 3-4 weeks to buy a house, you'll stay in a hotel in the meantime which is expensive?


Don't expect to make money selling after 3 months, it's not probably, and you could need weeks to finally sell the property



Definitely it's possible but absolutely not recommended, even if you're rich enough

You can rent something good with less issues.
 

Gregor.Samsa

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In some markets is possible to buy/sell quickly making money, but you need to know very well the market, as visitor could be complicated without professional advice
 

steaky

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Gregor.Samsa said:
When you buy, the possession date is not immediate.
There are at least 1-2 weeks for paperwork and more if the previous landowners wasn't move yet.
The paperwork can be rushed and shortened to less than 1 week. This scenario was especially common when the BC government announced its 15% tax on foreign buyers in the metro Vancouver market.
 

ALRIVAS

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Yes he can purchase 2 or more properties without canadian status as long as he gives 40% downpayment.
 

COPRQuestion

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ALRIVAS said:
Yes he can purchase 2 or more properties without canadian status as long as he gives 40% downpayment.
I don't think the debate is about whether it's possible or not. Of course if he has the money he can buy them outright no problem at all.

The debate was around the timing and he would have to be the luckiest guy in the world to have the process work in his favour
 

steaky

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I don't think the debate is about whether it's possible or not. Of course if he has the money he can buy them outright no problem at all.

The debate was around the timing and he would have to be the luckiest guy in the world to have the process work in his favour
Flipping in a short time is a common thing in Hong Kong.
 

COPRQuestion

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steaky said:
Flipping in a short time is a common thing in Hong Kong.
Think we're talking about Canada now? and the loop on flipping in HK is closed unless you want to pay an additional 10% stamp duty or buy a company that owns the property (which is a loop they are closing next)
 

scylla

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COPRQuestion said:
I don't think the debate is about whether it's possible or not. Of course if he has the money he can buy them outright no problem at all.

The debate was around the timing and he would have to be the luckiest guy in the world to have the process work in his favour
Exactly. Technically doable on paper vs. doable out there in the real world are two completely different things.

Any decent real estate agent would of course make him fully aware of this.
 

COPRQuestion

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scylla said:
Exactly. Technically doable on paper vs. doable out there in the real world are two completely different things.

Any decent real estate agent would of course make him fully aware of this.
Thank you, this is the point I've been trying to make
 

ALRIVAS

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The answer is yes,yes and yes.
As I always mention I only work in the gta toronto.
 

COPRQuestion

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ALRIVAS said:
The answer is yes,yes and yes.
As I always mention I only work in the gta toronto.
Ok mate, tell me how this is possible, even the greatest real estate agent in the world can't predict that someone can buy a place and flip it after 2 months to give yourself time to buy another place in another city.
 

Gregor.Samsa

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COPRQuestion said:
Ok mate, tell me how this is possible, even the greatest real estate agent in the world can't predict that someone can buy a place and flip it after 2 months to give yourself time to buy another place in another city.
And making money..

The trick is:

Property 1
Buy it something in an interesting area from someone in a rush to sell and get a immediate posesión date. That's possible but you will need to start digging in the market before come here and contact a realtor just online.
Pay in cash.
Get the realtor start selling the house inmediately after get the keys.
Hope someone buy it quickly accepting your leaving date as possession date.

Property 2
Same thing, start searching before go there.
You may needo additional cash if you couldn't get the money of the first house on time.

Doable? Could be, hiring the best realtor and lawyer in every area.

Chances to get stuck? Yes, specially if the house area is not the most demanded area

Affordable? Well, I'm assuming money isn't a problem

Making money? After taxes, fees, duties.... Not too much probably

Interesting? I don't like complications on my vacations but if it's more a "business" trip could be interesting

I don't know New Brunswick nor Ontario market but I bet ON is more dynamic than NB, specially GTA.