All Forum Posts by: CO Yilmaz

Hi Nicolas - do you know any?

bump

@Nick Duarte Do you still have any lending options for Canadians

Hi BP Florida Forum,

I have a strange situation and I wanted to know what your thoughts were on it.

I've signed up with an agent (let's call him Agent A) to look for an investment property in Jacksonville. After a few weeks, we found a property and asked Agent A to contact the sell side agent/broker so that Agent A can provide a video tour for myself. Agent A contacted the sell side for four days straight but no reply.

I then under a different name contacted the sell side agent/broker via Zillow and was able to get a video tour within a day. After the tour, I asked Agent A to ask again for the video tour and Agent A was still ignored by the sell side (Agent A showed screenshots of emails/messages). While in the meantime, the sell side agent/broker was sending me emails and asking if I would make an offer.

Agent A And I then came up with a plan to submit a formal offer that would be 5K less than the purchase price so that the sell side would have to respond and provide access to the house for inspection. We submitted the offer, but no reply/response or counter offer from the sell side.

Is this normal in Jacksonville and could it be possible that the sell side agent/broker is blocking offers from other agents for some reason?

Near the universities would be a good area

@Justin Hui you should also look into the US - if you have 500k CAD - you can get a decent property in different parts of the US between 200-300K and get better cash flow. A few cities I looked at, have shops that offer all in shops for realtors/property mg/etc.

My memory might be a bit fuzzy - you could do a construction loan on a new build or on a major renovation.

I know Meridian and BMO will offer it and they will pay you based on the phases that are completed.

Theyll give the loan once the city gives you the ok for it and if you have the plans ready. But it doesnt hurt to ask them so you can get prepped.

Or you can go to company like domus financial corp

I don't cut the gross nor remove the snow

Another thing to note is if you want your passive income to avoid getting hit with the highest tax rate - you should look into hiring six people or more. That would cause your passive income to be treated as active income.

Since you mentioned that you have a few multplexes, this may be doable.

Another option is you can set up a three tier corporation, where you have a property mgm firm, real estate firm that holds the properties and a holdco that owns both. You can reduce the tax hit on the passive income by having the property mgm firm charge a fee to the real estate firm.

Also as mentioned before the yearly filings for a single corporation can cost 1k to 2k CAD per year.

You may try and look at a section 85 rollover and see if it's possible given your situation

https://www.marcil-lavallee.ca/en/resources-tools/monthly-newsletters/list-per-month/291-section-85-tax-free-rollover-to-corporations