Hi fellow CD'S,

Hope you are having a great day. Once again, it's time to share your views, opinions and experiences. I value your suggestions and hence this posting.

After years in the waiting, my green card has been approved. The file is currently with the National visa Service center at NH, and hopefully in the next 8 weeks, I should have an interview at the US consulate here in Toronto. I myself, am a Canadian citizen, having immigrated in 2000.

Now that changes the entire scenario in my life, what with so much happening.

1) I hold a steady job with a Canadian Satellite entertainment company. I provide tech support for my customers. I will have to quit and look around for work in the US.

There are no alternatives at this time, unless I get hired by a US company, and get posted here in Canada. That seems remote, so I won't give that much thought.

2) Schooling: My daughter is in grade 7, so the transition wouldn't be difficult.

3) My house: That's where I need your advice, suggestions and thoughts. Thanks in advance for all of these.

I bought a house in 2004, and my mortgage is coming up for renewal in May this year. I have no choice but to renew it, either with my current lender or another one, depending on the terms.

At this time I am looking to renew it for 1 or 2 years, as I think I will have to sell it within this time frame... any suggestions about this?

Since the housing market is still bad, I don't think it would be wise to sell it at this time. At the same time, I have to move to the US, in order to keep my green card.

My questions are:

My house is a 3 bedroom freehold townhouse with a 2 bedroom finished basement, close to Square one.

My questions:

*** What are the possibilities that I can lease the entire house for say a year, to cover my mortgage?

*** How do I ensure that the tenant pays rent regularly each month? Are there companies that collect the rent each month, for a fee?

*** If I were to lease the house, what safeguards should I take, and what is involved?

Is there anybody in similar circumstances, who could share his/her experience & advise me on the options available to me?

I'd appreciate your valuable inputs on this subject. Thanks again!

I will recommend to use a property manager, that's there job.
They will be able to give you an estimate about the rent you can get.
They will do paper work, credit check, rental history check, employment check etc and will also ensure that property is kept in good condition.
Typical fees is around 10% of the rental.

Best of luck for your move, but can i ask why you are moving to USA ?

Quote:

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Originally posted by ILOVENA

Since the housing market is still bad, I don't think it would be wise to sell it at this time. At the same time, I have to move to the US, in order to keep my green card.

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Thank you for the valuable inputs.

To Kabutar: The reason I am moving is to unite with my immediate family (mother, sisters and a brother) who moved from India years back.


The idea of using a property manager is good. Is there a place where I can find one, on the net?

Thanks!

There will be tax implications once you moved to USA.

There will be no issue as far as you are return to USA within six months after getting green card. Make sure you get return permit if you leave USA for more than six months before you leave, or your green card may get canceled.

As far as your property concerned, once you move you will become non-resident of Canada and subject to 25% non-resident tax on your rental income.


do you calculations before you rent out while becoming non-resident of Canada for tax purposes.

It may not worth it to keep the house.

HTH

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Regards,