All Forum Posts by: Chris Seveney

Yes this is a pipe dream, but had me thinking about real estate of course:

If Canada ever did become part of the United States, what would happen?

Would we see increased cross-border transactions and a surge in property investment opportunities?

Would real estate prices in certain regions rise rapidly due to demand from both local and international buyers? 

Tax structures and mortgage regulations might also shift as canada mortgages are very different.

What do you think would happen?

 Why are you paying $15k for a program for them to do everything for you?

I can see paying for a program where you learn something but this sounds like they do it all. What do you get for $15k?

Here is another post on this subject from BP:

Learn to Live Life on Your Terms through Real Estate Investing on BiggerPockets

Please note I have not taken this course or have info on it, just posting what I found on a quick search of this site.

 interesting we are researching different sites right now and are testing propertyradar. I saw dealmachine looks cool but the reviews from others here on BP have not been positive so I have stayed away for time being.

 correct accounting only and yes there are bank accounts (of course)

Quick Question to the group:

lets say you have a LLC which owns properties - call it Property LLC.

Property LLC is owned by Holding LLC

Holding LLC is owned by Jane Doe.

If you were shutting down the LLC and wanted to just put the property in the name of Jane Doe who owns the holding company who owns the LLC.

Do you actually need to transfer monies back and forth or would this be done by a journal entry as a non cash distribution?

 Are you spending money on a title report? Typically I do not spend a penny until I get it under agreement (inspection etc). The pros of not using an agent are you save a few grand the cons are who is going to be negotiating and creating the offer and purchase and sale agreement. Are you going to negotiate inspection items, contingencies etc. If you are only offering $100k I think its worth speaking to an agent and letting them make the $3-5k as an agent (if they would do it for that) on this deal. 

Question you also need to answer is how are you financing this? If it needs that much work will a traditional lender finance it and are you qualified to get financing?

 you can thank 2008 and all the fraud that went on for that. Like any state or federal government, something happens and they swing way to far in the other direction,

I applied for licensing in california and they will not accept federal fingerprints. They need their own set for their requirements and not accept the ones in the FBI database - like WTF - what a money grab. Georgia fines you everyday you submit a late quarterly report... Off by a day its like a$250 or $500 fine. Its insane.

Yes it would. The IRA has to be treated as completely separate from you.

But lets say you have $200k in a IRA. You pay 10% penalty plus taxes (lets say state and federal of 25%) - so you are paying $70k in taxes so your $200k is now $130k. This is why I never recommend this as if you invested $200k vs. $130k your earnings are the long run are far different.

 For now I would keep what you got unless a killer deal comes along. Right now its slim pickings in real estate for properties that will cash flow or see any significant appreciation. of course they are always out there but a lot harder to find.

The other question is why do you want to continue to grow? Sometimes the more you grow the bigger the headaches become and this is where you also need to look at everything else you have going on (young, old, kids, no kids etc). Owning real estate can be a full time job at times. Just make sure if thats what you want you undersatnd that.

 There are lenders out there but the risk is very high so your rate will be 13-15% plus the loan to value will most likely need to be less than 60% (or even 50%). So you will need to have skin in the game. If people tell you to get a loan with 500 credit and no down payment and they can do it, I would run as they are most likely trying to scam you and request you pay $2500 or $5000 upfront and you will never see that money again.