All Forum Posts by: Gustavo R.

 My wife isn't happy but 2 weeks in Baltimore and 2 weeks in Toronto. 2:30h flight or 9h driving. My partner moved to Orlando last month but he will be flying there to visit as well.
Will be my first time doing it, wish me the best of luck.

Hello everyone.

I'm glad to be part of this community. I'm definitely where I should be, surrounded by well-versed people with way more experience than me. So let's move to my question. I'm starting my first flip with a partner in Baltimore/MD and I'm looking for contractors that might be interested in working with us. Contractors who are familiar with working for investors. House with approx.  3300 SF. Any recommendations? 

PS: I've already heard that investors don't share their contractors because they don't wanna lose them. Is it true? 

Thank you!

Gustavo

For this flip property - who holds the contract is my partner's LLC I do not have shares. Nothing in mine yet because I'm still preparing myself to open an US bank account but the banks I saw online requested ITIN which I don't have.

I have another source of income in Canada, but it is not related to real estate or my LLC in Maryland.

 Thanks for the answer. What do you mean by structuring your investments properly? 

Because of the tax benefits in the US for those who invest in real estate. Isn't it possible to declare in the US (pay the taxes there) instead of declaring in Canada where I live? Well, I think I can deduct a lot more things in the US.

And in Canada I say that everything has already been declared in the US.

Thank you! I've sent an invite to Elliot but I don't how active he is in here. Would you mind sharing his contact information on my private?

Hello guys! Glad to be part of this community.

I live in Toronto, Canada but I'm starting my first flip now at the end of September in Baltimore/MD, closing is September 20th. The reason why I decided on Baltimore is because my friend-partner lives there and he had done 20+ flips in the last 3-4 years. I have a few questions and need guidance from people more experienced than me. 

Can I be double-taxed by the USA (IRS) and CANADA (CRA) when doing my flips or holding rental properties in the USA while living in CANADA? If yes, is there a way to avoid being double-taxed without the need to move to the US?

It seems the US has more tax benefits in Real Estate than Canada (I'm not sure) - How can I take advantage of it while residing in Canada?
Any recommendations of CPA that are familiar with that type of scenario I described above?

And last thing, my LLC has EIN but I don't have ITIN - I'll be physically in Baltimore in few days. Is it possible to open a bizz bank account without ITIN?

Thank you

Gustavo

Hello everyone,

I started looking around some properties to wholesale in Baltimore MD and I live in Toronto, Canada.  I would appreciate if you guys could tell me the zipcodes that I should stay away/dangerous neighborhoods. The ones I know so far are: 21225, 21230, 21202, 21226, 21205 and 21226. I got them from the internet, don't know if they are accurate.

Thanks

Hey Kirk,

I'm the same boat as you. I started recently wholesaling properties in US based in Toronto. I didn't conclude any deals yet but you can wholesale anywhere as long as it allows you to do it. Some states require a real estate license to do. I've seen people wholesaling US properties from Brazil, Africa, London... About taxes, I'm not so sure but I believe we will pay the taxes in Canada since we reside here and this will be a source of income as an entrepreneur. 

I opened a LLC on legalzoom.com the price will depend on where you want your business located. I believe Florida is cheaper.