All Forum Posts by: Cameron Andrews

Thanks for the insight, @Ben Van Gaasbeek

Hi everyone, Looking to get set up with a RE-focused lawyer in the Chattanooga, Tennessee area. Also open to neighboring cities in terms of their location. Any suggestions would be welcomed Thanks in advance Cameron

Dean Letfus I see lots of great responses from knowledgeable investors here, a lot from a few years back. Wondering if you or anyone else can provide an opinion on Carrington Ave in 38111? A basic look via google maps shows a house half burnt down on the street, but like others have said, there are some nicer-looking houses too (and I'm not aware of the details or current status of the burnt picture on google maps) Price range is listed at < $50k so I do appreciate that it can be a more transient type of tenant Thanks

Thanks for the input Tony Wu, I think that further supports my desire to avoided an LLC. As a C-Corp isn't a pass through vehicle though, I still am rather confused as to the actual benefits. Would they just be the reverse of what you pointed out for LLCs (ie Canadian tax credit)? Greatly appreciate all the advice here Cameron

Alex Deacon thanks for the advice! I will need to have a discussion with a CPA and attorney, because the priority is to start building credit and having a history with lenders Rick Pozos great advice, I think I'm leaning towards being on title vs separate partnership agreement. Completely agree with your recommendation of being upfront and transparent from the start. Really appreciate the input here. It would be good to have a mortgage advisor chime in with how the bank would perceive the structure of partnership agreement versus being on title Cam

Hi Alex Deacon thanks for the response I don't think it'll be possible to add me to the LLC, as he uses this same LLC for other properties. I'm referring to the ability to be on title alongside his LLC Cameron

Hello,

I am JVing on a single-family home in Pittsburgh with 2 other Canadian investors.

The purchase closed recently, bought by one of the partners's LLC. The other two of us also want to show ownership of the property and mortgage loan, for two reasons:

a) security in the JV agreement of owning equity in addition to the cash flows

b) build a credit history and show proof of owning US real estate 

Can we be added to the title after the close? We are using a private lender to finance the purchase, so my thoughts are that they won't be as stringent as banks about this. Any insight would be really appreciated.

Thanks!

@Ozzy Sirimsi thanks for the advice, you're right- hopefully the floors will attract more buyers, but maybe it won't warrant a certain $ amount increase. Like @Max T. said it'll be determined by the market

Appreciate the insight!

@Todd Plambeck Thanks for the input, I agree that it'll either be tile, or some synthetic product.

@Max T. Appreciate your take on it too! Completely agree with you, just wanting to see if cheaper vs. high-end maintenance solutions are more advisable. It's a B+ property in a B or B- neighbourhood, so I'm wary about paying too much to have the nicest house in a poorer area.

I'm leaning towards a higher-end solution that will hopefully need the least amount of future repairs.

Greatly appreciate the advice!

Cameron

Hi @Andrew F. and welcome.

I am closing on a JV in Pittsburgh this week with 2 other Canadian investors. As foreigners, it's helpful to have trustworthy 'boots on the ground' locally who can vouch for a certain area, potentially take video walk-throughs of houses, etc. and make some money doing so.

Thinking out loud here, but that's an easy way for you to quickly add value. Best of luck!

Cameron