All Forum Posts by: Andrew K.

Hi folks,

We're fairly new real estate investors in Toronto, Canada. We've been looking at rental investment properties in the Buffalo area and we're getting ready to make our first purchase. We'll be creating a new entity to handle the purchase and management of our Buffalo properties.

Can anyone recommend a local or regional bank in the Buffalo area that might be friendly to Canadian real estate investors?

Any advice or specific individual recommendations would be very much appreciated.

Andrew

Note: This post is NOT looking for a lender.

We also have land transfer taxes here in Canada, which means significant taxes are paid by the purchaser on each real estate transaction. 

I'm not sure what the rates are in BC, but in Toronto, as an example, a $500,000 home purchase (which is well below the average price) would be taxed $12,200.

Here's a link to more info and a calculator: http://www.ratehub.ca/land-transfer-tax

So, for re-habbers you have to consider paying the $12M on purchase and then consider that the buyer will again have to pay (a higher) tax when they buy the property from you after you complete the re-hab.

Thanks Beverly.

Just for a giggle, how much do you think this Proof of Funds later is worth? Would any credible seller or agent accept this?

http://store.keithyackey.com/sample-digital-product-p1.php

Thank you Andrew and Michael. We will likely be looking for accounting help in both Canada and in the U.S.

Hello all,

My wife and I will be investing in US rental real estate, likely in the Buffalo area. Before we do so we would like to make sure we have created the appropriate entity, specific to Canadian investors in the US. We will also likely need a good lawyer as well.

Can any recommend a good accountant and lawyer in the Buffalo area.

We live in Toronto.

Thanks very much,

Andrew

Hello @Bayard P., thanks very much for the response - I'm glad I asked!

Andrew

Hi folks,

We're Canadians living in Toronto and are planning to do some RE investing in the US (the local market in Toronto is absolutely nuts). We're just starting out and doing our homework into US opportunities. It looks like we need to create a US-based LLC to conduct our transactions and do business.

We would be grateful for some advice about how do this properly:

1. We have a home in Florida so we were thinking of setting up the LLC in that state. Does it matter which state we set up the LLC in? Can we do business in all states?

2. Of course we want to minimize administration costs, but we understand that these are needed. What are the filing requirements once we've set up the LLC?

3. Can we retain a professional that would handle all of this? An accountant? Do we need a lawyer?

4. I expect the answer to Question 3 is "Yes", so I will ask if anyone can refer a good, inexpensive accountant that we could talk to help us with the LLC and all future transactions.

Thanks very much. Your advice is very much appreciated.

Andrew

Hello all,

I'm a Canadian investor looking at opportunities in the US. I came across what appears to be a funding company that specializes in providing capital for Canadians investing in US real estate.

Here's a link to their website: http://canamfunding.com/proof-of-funds/

It looks like they are providing 2 things:

1. A "Proof of Funds" letter

2. A list of "potential" investors in the area - and oddly, this list is available for free download on the site.

And "Our processing fee for each real estate deal submitted for Canam funding is only $495"

There is something that seems odd about this. Does anyone have any experience with them?

Thanks,

Andrew

Hello @Bayard P.,

Thanks for the reply. Much of the appeal to the Marco Kozlowski seminar is that 1. he guarantees the first deal, and puts up all the cash for the first deal, and 2. He offers to fund 95% of every deal that meets the qualifications (must be 70 fair market value and show positive cash-flow).

So I do agree that we could probably learn in other, less expensive ways (we hadn't) discovered BiggerPockets at the time we signed up for Marco's course), but the tools he's bringing to the table do also have appeal.

Of course, it remains to be seen if they are able to deliver, or if there's some catch, which is why I wanted to ask the community if anyone has experience with this particular course "Wealth in U.S. Real Estate".

Thanks again!