More foreclosure properties for sale in the U.S. are being acquired by Canadians, according to North Carolina-based Pinnacle Property Solutions, which has operations in Toronto.
Canadian investors are taking advantage of bargain-priced properties with the help of real estate management companies. According to Rusty Shields of Pinnacle, nearly 27 percent of all foreclosed properties in the U.S. are being purchased by Canadians. He also said that Canadians are making the right decision in buying now, as prices are in record low levels.
Normand Haas, one of the clients of Pinnacle, said that he has accumulated a portfolio of real estate properties. Over the past five years, he has already earned a profit of 300 percent on three of his properties. Over the same number of years, his relative realized a profit of 280 percent.
Since Canadian clients do not live in the states where they buy foreclosure properties, they use the services of real estate management firms that specialize in foreclosures. Among these is Pinnacle, which uses a proprietary system to search for foreclosures and acquire them at low prices, administer them on behalf of their buyers or resell them at a profit.
Shields said that the business of helping Canadians buy foreclosure properties for sale is not solely focused on profits. He explained that his firm is also helping cut down the number of vacant untended properties that are devastating neighborhoods.
By acquiring repossessed homes for sale, fixing them and renting them out to families that need affordable housing, the firm is helping in the rehabilitation of neighborhoods and development of affordable housing and at the same time earning profits for its clients.
In the U.S., Pinnacle runs its charitable projects through the public foundation called Shield Foundation.
Among the most popular states for Canadian real estate investors is Florida, where record numbers of foreclosures have occurred since 2008. One proof of the popularity of Florida is the proliferation of ebooks and web articles advising Canadians on how to invest in REO homes in Florida.
Canadians are being advised to take advantage of the strength of the Canadian dollar over the American dollar and to borrow investment money in their home country by refinancing their homes if they have enough equity. They are also advised to look for a good real estate agent or reputable real estate management who can advise them about taxes, insurance, closing costs, home ownership and laws on purchasing foreclosure properties for sale in the U.S.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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