All Forum Posts by: François Gauthier-Drouin

Hi BP!

I'm having a legal questioning regarding a financing method brought to me by a local wholesaler in Quebec City, Canada. I visited a triplex this guy had under contract and wanted to sell for 190k.

When I told him I might have the down payment (19k) in a few weeks only, he suggested that we put the triplex under contract at 205k (so I would have to find 20.5k for down payment), but he would immediately transfer me 15k back (putting it in writing on a different contract). That way, my down payment would only be 5.5k for a 190k building, and my mortgage would be based on a 205k price purchase.

Is this even legal? I ended up turning him down.

Thanks BP!

Thanks @Michael Clanton, appreciate your input!

Hi BP,

I'm trying to get an estimate for the cost of some cracked foundation and bricks repairs on a prospective property in Quebec City, Canada. I haven't been able to get a clear number from contractors in my area. Can anyone help me out? Does this look like a 100 000$ repair or more like 5000$? Thank you all! 

Hi, I am in my last year of college (mechanical engineering bachelor) and am planning on buying a duplex or triplex next year. I also want to move out of my parent's house and move in with my gf. Logical plan would be to live in the building I'm going to buy, right? Except that we would like to live in the nicest part of town (Montcalm, near the old part of Quebec City), and buildings are unbelievably pricy. I am therefore considering buying a building in the part of town right next to it (St-Jean-Baptiste) where the housing market is more affordable, and renting a place in Montcalm for a year to live in. Any stories about owning a building and renting somewhere else? Would this be a bad plan for a first time owner? Any do's or don'ts? Thanks BP!

Thanks Roy!

Hi, I have started getting interested in rental property investing recently, and I have a lot of questions coming to my mind. 

Here is my first one: does anyone know where I can find info on rental property investing laws in Canada, or better yet in the Province of Quebec? Is there an equivalent to the famous 1031 tax deferral law a lot of people like to use in the US?

Thanks!