Q: I have heard that the U.S. will bottom in February, 2011. House prices are as low as $25,000. I also heard about foreclosures. Do you think it wise to look there now?
A: Wow! In February, eh? First, the U.S. is a big place, markets that had the biggest price collapses – Miami, Phoenix, Las Vegas and parts of California – have bottomed right now. Second, every state is different for Canadians. In California you must declare your world income, in Florida your property taxes are more than double than for a Floridian. Third, that $25,000 house (likely in Detroit) you can only visit with a gun in your pocket. Fourth, in my Real Estate Investment Course I tell my students that if they do not look at the property they want to buy for themselves, I am going to hit them with my laptop. Whether it is a foreclosure or not. But particularly if it is a foreclosure. Sixty per cent of the foreclosure deals offered are NOT a deal. If you go to our website at Jurock.com there are 24 articles on U.S. investing. There is learning to do!