Renting myself from my corporation in US

[Dan 7612]

I have an opportunity to be transferred from Canada to the US. As part of this, the company will subsidize my rent but not the purchase of property. The area that I am looking at has a number of new condos but the rental market is nasty.

I would like to hear the pro and con of starting a US corporation (or using my Canadian one) and renting from the company keeping in mind that my employer would subsidize my rent. Also, are there legal implications to this?

 

[Thomas Beyer]

I think you should definitely consider that. Keep in mind financing that is tough for non-Americans for single units. Very tough. Ideally you buy in cash, via an LOC on a Canadian property. Or buy a condo and assume a mortgage. Mortgage rates are quite a bit higher than here.

Since upfront buying and loan costs are also higher than here it may make sense to rent for a while until you know fore sure you'll be there for at least three years. It also takes quite a bit of time to evaluate an area of a large city, incl transit or commute issues, neighbors hoods, shopping, après, crime etc ...

What city is that ?

 

[Dan 7612]

Thanks for response. I currently do have a US social security number, three US credit cards and a bank account (this was from a previous work VISA that I had). My credit score is about 770. My question is can I set up a US corporation and lease the house to myself? BTW - it is a full time salaried job with a large multinational company.

 

[Thomas Beyer]

Thanks for response. I currently do have a US social security number, three US credit cards and a bank account (this was from a previous work VISA that I had). My credit score is about 770. My question is can I set up a US corporation and lease the house to myself? BTW - it is a full time salaried job with a large multinational company.

Contact a US mortgage broker. Likely with a US job and a US social security number it will be far easier to get a loan. If in a corporation then loan might be lower or more difficult to get. Why should you not be able to lease the house to yourself ?

Have an address different form a personal address for your firm though. Easy to incorporate online for a few hundred $s. Annual filing costs and paperwork will cost $1000 or so easily though as the IRS and state forms make Canada look like paradise.

 

[Albert710]

There is a book you may find interesting with respect to buying real estate in the United States.

Buying Real Estate in the US: The Concise Guide

ISBN = 978-1-77040-068-9

It would allow you to consider various methods to purchase real estate

See Chapter 2.

There might be other ways than buying a house through a corporation.

If you go to amazon.cA it mght be possible to read some portion of chapter 2 online.

Hope this helps.