All Forum Posts by: Adeola Ade

Thanks for the advice @Roy N.  

I agree with your suggestion and will take it into consideration.

Thanks @Roy N.

How is your business set up? Is it as a sole proprietorship or corporation?

also would you recommend using an accountant since I can set up a basic one to start with on the government website.

Thanks

Hello fellow investors.

my specialization is in Rent to own and wholesaling.

I have been talking to a lot of sellers lately and i'm close to closing a deal.

While I work on that, I'd like to know how other experienced Canadian investors set up their business in a legal and tax friendly way.

I took an American course and they recommend setting up an LLC, which in Canada is an LLP. The only problem is that it's for lawyers and accountants.

The closest one would be a limited partnership or sole proprietorship. Since I don't have a partner and it's just me, what would you recommend I get set up with. I am in talks with a lawyer who charges $500/hour for consultation, which I can't afford right now.

I'm aware you can always change your legal structure down the road, but I'll rather do it right at the beginning, without spending too much money.

So I'd like to hear what your recommendations are.

Thanks

@Michael Lee, I've only contacted yellowlady.com. Ron Legrand's recomended yellow letter company. I haven't looked into the others yet

Thanks @Roy N. for the advice. The training is by an American, so I am trying to convert his recommendations into the Canadian way. He used to do training in Edmonton actually, so he's quite knowledgeable on both sides. He also recommend closing with an Attorney who can caution you against any foul practices, so i don't intend to do everything on my own.

I attended a REIN conference last fall and I met a handful of people who are doing RTO and lease options. Barry McGuirre even offers a course on it here in Edmonton, which goes to show that it's a common practice here. I bought a RTO book at the conference as well that talks about how to do this in Canada and the process is the same as that of the states.

I will look up Doug's posts to see how he's doing it in Waterloo.

I will do my research on investing with registered accounts, I have some knowledge on arms length mortgages, but my understanding is that I can only lend money to someone that an arm's length from me, which means that I can't invest from it.

Jeeze, I can see why Canadians invest in the States!

I know there's a gold mine in my back yard though, so I will start with it first :)

Thanks again Roy. Can't wait to do my first deal ;)

While we're at it, do you have any experience with Yellow letters in New Brunswick? Another system that I'm trying to Canadianize

Thank you @Roy N. for the detailed explanation. My initial plan was to do what you suggested, but then I heard that it's best to buy your properties under a trust, in case of a law suit. This way, no one can personally come after you. 

The training i'm also taking also recommends investing in real estate from a tax free account such as the TFSA for us Canadians here to reduce taxation.

I plan to do RTO, which is not the traditional rental.

I guess i have to go network with an accountant who specializes in real estate investing to help me map out my plan, like you suggested @Thomas S.

Hi There,

I have heard that yellow letters work. But upon contacting a company that can do the letters for me, I was told that I will need to go and get my own list, because they don't have Canadian customers.

I tried to google how to get a list in Canada and I found out that Canada post can rent you a list.

This means that I can only target my list based on neighborhood, which is a good start.

But for anyone who have been successful with yellow letters in Canada, can you please share how you targeted your marketing efforts, how you saved on postage (almost $1 now), and other tips and recommendations for me.

Thanks for your help

Hi there fellow Canadians.

I am in the process of getting my business off the ground and I've been advised to set up a legal entity so that I can buy houses with it. My training is by an American who also has students in Canada doing Real estate Canadian way. 

I would like to know how to set up an entity that's equivalent to an LLC here in Alberta Canada. 

I have done some research online and I am still confused.

I am a sole investor with no office address, and so I am not sure if i'm supposed to set up a limited partnership, corporation or limited liability partnership (which i heard is only for professionals). I haven't sought after a legal advice from an accountant or lawyer yet. So I would love to hear what you have to say on this topic.

Thank You

congrats on your win @Account Closed. I'm in Edmonton and I am still working on getting a tenant to an old condo that I purchased in August. 

Love hearing success stories, we all have to start small while thinking BIG.

Thanks @Thomas S. thank you for the website recommendation.  I will be sending you a PM regarding a wholesale deal that i might have.