All Forum Posts by: Brandon Parkes

I'm a Canadian citizen, living in Canada and for the past 7 years have purchased and self managed my sfh rental properties around the Greater Toronto area.

As I am sure you know, the house prices here are ridiculous and as a result, I incorporated in the US in 2018 and purchased a turnkey Duplex to start hopefully a series of great relationships in the US.

Being that everything is very different in Canada and the US, and always having self managed in the past, both everything US and trusting a property manager are all new to me. 

The property manager that I am signing up with needs bank info from me to be able to deposit net monies each month. She's requested my account and routing numbers, which from what I understand is all they need. Apparently it also gives them full access to withdraw funds as they like.
What's to stop them from just emptying your account? Anything I should be weary of, or any additional due diligence I can do?

Thanks everyone!!!
Brandon

Morning guys.
Vlad, the whole banking, accounting side of it was fun, and has actually turned other clients of mine that were interested, away.

The turnkey company that I bought through, actually arranged a connection with a lawyer who did my LLC. He's got someone who will be doing my first year's taxes and after that I can choose to continue with him or not.

I work as a financial planner and know the value of leaning on your specialists and resources. I won't be touching it myself.
I'll connect with you soon. It would be nice to meet more people like yourself up here that are interested in the US. Similar goals and challenges ahead!!
PM me on LinkedIn or FB if you like.
Have a great day.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

My first US Property. A duplex in Detroit. Startin classy !!
It's a turnkey property, which I would like to get away from soon, but the company was great for the hand holding that turned out to be very valuable, as a Canadian citizen living in Canada. The banking, legal, entity formation etc was very taboo from my perspective north of the border, and the turnkey company took care of that challenge.

I am planning on continuing to purchase homes as frequently as possible, hopefully through my own channels as quickly as I can.

What made you interested in investing in this type of deal?

Properties are getting too expensive in the Greater Toronto Area (Canada) and between the rising interest rates and ridiculous prices of homes, it's difficult to new much (if any) cash flow on a home up here. My wife has Lyme disease and we have a 14 month old baby. Anything I can do to help her have the choice of "work optional" would be incredible.

How did you find this deal and how did you negotiate it?

Met the turnkey company owner through a trusted colleague of mine.

How did you finance this deal?

Pulled the money from equity in my principal residence and bought the duplex outright.

How did you add value to the deal?

Turnkey company did for this one. We've reno'd properties up here and I would like to start doing the same in the U.S.

What was the outcome?

Ball has just started rolling. Closed, reno'd, and just recently tenanted.

Lessons learned? Challenges?

Trump has sure made it hard to get a business checking account in the US, as a Canadian citizen, when the business has no physical structure and the address is in Canada.

All those fun hurdles are behind now. Time to start BRRRRing, and exponentially growing our portfolio.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

In Canada, yes. Looking to start creating some great teams and new friends in the U.S. too.