# Seeking advice on my plan: Sell house in Calgary, move to Florida to purchase several



## Mike32110 (Oct 4, 2011)

Hey guys, I am brand new to this forum, although I have been reading posts for a while. I am a very novice investor whom is looking to get some opinions on my current plan. I am 28 years old and have been working as an RN for almost 4 years, and due to working a huge amount of OT, I have got a fair bit of savings. I bought my home in Calgary in March 2012 for 358, and due to the great oil market has surged in value in the last couple of years to a city assessed price of 445 (city assessment was 375 when i bought it, and I think I got a really good deal on the house). My plan is to sell my house in Calgary ASAP (listing in a week) with the assumption that the market will correct around 5-20% in the next couple of years. The plan is to then move to Florida, get my license to work and then apply for jobs, and then buy some property. I want to buy a smaller home for myself (maybe 200 or so), and at least two other properties (around 100 each) until my DSR is maxed out. The second assumption is that Florida real estate will likely appreciate in the coming years, which I believe will occur for a number of reasons. First, it seems to have only returned about half its value from the peak periods, and they seem to be steadily increasing with time. Second, I believe baby-boomers will continue to retire to Florida which will continue to grow the market. Third, as an RN, there seems to be no shortage of jobs in Florida. I also think that if low oil sustains, the USD/CAD rate will continue to improve, which seems to be speculation at least. Does anyone have any input on this plan at all?


----------



## OhGreatGuru (May 24, 2009)

Are you eligible to emigrate to, and work in, Florida?


----------



## OhGreatGuru (May 24, 2009)

Do some research on wages, salaries, and hours of work. Alberta is reporting average annual salaries of $63,922, with average weekly hours of work of only 28.8H. Florida is reporting average annual salaries of ~$63K, but I suspect average weekly hours is higher, because their average hourly wage is lower than Alberta.


----------



## CrashTestSnoopy (Jan 21, 2015)

I would first see if you are elligible to work down there first. Easier said than done unless you are specifically transferred.


----------



## Just a Guy (Mar 27, 2012)

You also want to look at the rules for Florida when it comes to investing. If you're a foreigner, they have different taxes for example. Also, being Canadian your financing options may be limited... I also believe Florida is one of the states where it's illegal for foreigners to work on the property (so don't even think about painting it, you need to hire a local), even if they own it (but I could be thinking of the wrong one). 

For a "newbie" investor, you're biting off a big chunk with little understanding. Not saying it won't work, just you're going in with a dream, and little fear of reality.


----------



## gt_23 (Jan 18, 2014)

I think you need to explore your reasons for moving a little bit more and if you still want to, go for it. I'm not sure that moving that distance to protect against a "potential" real estate market crash is a good one at all. You should consider your total economic and social opportunity if you go vs. stay. You're gross income might be lower, but your take-home and disposable income will likely be higher due to lower taxes and lower cost of living, respectively.

You can move and work there quite easily with a TN visa; if you intend to stay long-term, try and find an employer that will sponsor you for green-card and get the clock and legal process going as soon as possible.

Finally, if you want to purchase 3 properties, I think you will have to do it in a phased approach. It will be difficult to get US credit while your on visa and have limited in-country credit history. Work with a Canadian bank such as BMO, TD, RBC, who all have US real estate lending programs for Canadians. Most of them limit you to 2 properties (1 owner, 1 investment), so purchasing the 3rd might be tricky in the first year. Good luck.


----------



## banjopete (Feb 4, 2014)

An 80% increase in listings from this time last year, with an additional 2,700 listings over the last few weeks in Calgary might be a tough time as a seller. Good luck with the idea and I think it's a great idea to take advantage of your mobility and move where you're in demand and where house prices have some sanity. I would bet that $200k buys you a lot of house in florida. It would seem that if you started reaching out to employers and watching job postings that you could be brought down by an employer as an in need worker and hurry you immigration along that way as well. My big worry down south is health care costs, be sure to look after your own insurance needs in that regard if you choose to stay long term.


----------



## merevial (Sep 21, 2014)

Sorry for the bad news but you really decided this at the worst possible time, possibly in a decade or two. Calgarys housing market is being flooded with houses trying to get out.


----------



## none (Jan 15, 2013)

Totally. Anyone buying a house right now in Calgary is insane. If I was in the market to buy a house I would wait a couple months for the dusk to settle at least.


----------



## sags (May 15, 2010)

Today on BNN they used the word "imploding" to describe Calgary's housing market.


----------



## Letran (Apr 7, 2014)

Just a Guy said:


> just you're going in with a dream, and little fear of reality.


A few billionaires might have started with nothing just with this attitude.

There is nothing wrong with dreaming, or being ambitious. I didn't want you to get discouraged.

Don't get me wrong, I'm personally quite conservative. I'm not saying throw caution in the wind. YOU HAVE TO DO YOUR HOMEWORK. Assuming of course that you have done that all the best wishes to you.

By the way a 200k will go a long way in Florida it wont be a small house. Although property prices have risen since it is still very affordable.

There is an RBC US package that will allow you to get a mortgage in Florida (so I've been told) that will be based on your Canadian credit.


----------



## Mike32110 (Oct 4, 2011)

OhGreatGuru said:


> Do some research on wages, salaries, and hours of work. Alberta is reporting average annual salaries of $63,922, with average weekly hours of work of only 28.8H. Florida is reporting average annual salaries of ~$63K, but I suspect average weekly hours is higher, because their average hourly wage is lower than Alberta.


As of a year ago, I was (For my exp. level) one of the highest paid RN's in the world as an Alberta RN. However, with the strengthening USD and weakning CAD, my wage has been reduced to somewhat "average" compared to the US, maybe slightly above average. Once taxes and cost of living are factored in, I really don't see any advantage of living in Calgary with the wages. Here are some figures: At step 4 out of 9 of the Alberta RN pay scale, I make just shy of 40/hr CAD plus premiums, averaging say 2/hr. So lets say I make 84k a year CAD. The average Florida RN makes 50-60k USD, and notably a positive skew in the bigger cities. Assuming I would make 55k, this translates to about 70k CAD with the exchange rate. Now this is a loss of 14k/year in income, however, when I do a quick tax calculator with the respective incomes I am estimated with 63.6k after taxes in canada and I am estimated 46kUSD after taxes in Florida, or 57.5k CAD. Now it is extremely difficult to calculate cost of living into this equation, but I think it's a fair statement that the cost of living difference would easily offset the 6k difference in wages as my 450k home in Calgary would easily sell for less than half that in a non-large city in Florida. In addition, food is slightly cheaper, gas is cheaper, consumer supplies are cheaper; i think health insurance is the only big additional cost, plus liability insurance for working as a Nurse (the prospect of personal liabilities when practicing as an RN is terrifying to me!). 

Now here's where the calculation gets more interesting: As a general rule, Canada taxes the higher brackets more and the US taxes the lower brackets more, comparaitively. I invest a lot in the stock market, plus I am planning on purchasing investment properties, plus I tend to work as much overtime as offered. Therefore, it is a fair statement that my income in the US would be higher than the aforementioned 55k. 

This is the method to my madness, any thoughts on my calculations/theory? Thanks for the info! Oh, and regarding the average work week; I am not your typical Nurse who works part time and juggles three children at home. The more hours, the better!


----------



## Mike32110 (Oct 4, 2011)

CrashTestSnoopy said:


> I would first see if you are elligible to work down there first. Easier said than done unless you are specifically transferred.


The plan is to get my license when I go down there and rent for about 3 months, and I need to pass an exam as part of that process. Once everything is finished, I just need to find a job, which shouldn't be a problem as there are tons of recruiting agencies. Worst case scenario, I may work in a very undesirable area for a temporary placement just to get my SSN, and then I may look for better jobs, as it is the first job in the US that is the toughest to get.


----------



## Addy (Mar 12, 2010)

Mike32110 said:


> The plan is to get my license when I go down there and rent for about 3 months, and I need to pass an exam as part of that process. Once everything is finished, I just need to find a job, which shouldn't be a problem as there are tons of recruiting agencies. Worst case scenario, I may work in a very undesirable area for a temporary placement just to get my SSN, and then I may look for better jobs, as it is the first job in the US that is the toughest to get.


I work in Healthcare and know a fair number of RN's who have moved to US to work - mostly middle aged divorcee's feeling the need to "get away" (not all but most). All I have spoke with say it's the best decision they ever did, they are happy, able to work contracts here and there and take time off when they want to. I am fairly jealous of their lifestyle! I wish you the best of luck, I think you will find there's an abundance of work once you have your licence.


----------



## OhGreatGuru (May 24, 2009)

Mike32110 said:


> The plan is to get my license when I go down there and rent for about 3 months, and I need to pass an exam as part of that process. Once everything is finished, I just need to find a job, which shouldn't be a problem as there are tons of recruiting agencies. ...


Is there such a shortage of nurses in Florida that you can get a work permit on demand?

To answer my own question, this web page http://www.litwinlaw.com/CM/Articles/Foreign-Nurse.asp says there is a shortage, but makes it sound as though it still isn't that easy to get a work permit.


----------

