All Forum Posts by: Hai Loc

@Hai Loc appreciate the insight, Hai! I'm guessing any CRE position brings unique skill sets to the table, but are there any roles you think are especially valuable?

If your not a real estate broker I would say real estate appraiser. Maybe a commercial mortgage broker because you underwrite income statements and rent roll of assets. Property Management and Leasing agent has some perks but not much to do in regards to investment analysis..

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Commercial Real Estate make a whole world of difference. Almost all the formulas on real estate investing is derived from commercial real estate. As a broker starting off with residential real estate. If I was able to turn back time I would have started with commercial real estate first. Here I am today well rounded in many aspects of real estate including development and building. You will eventually investing in CRE if you want to scale your portfolio with multi family, MHP etc. You cant be buying single homes and condos forever.

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If your looking for a book to learn about being a real estate agent it would be

The Millionaire Real Estate Agent by Gary Keller

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Originally posted by @Daniel Strange-Dedier:

Originally posted by @Hai Loc:

S Martel = scam artist

I am glad I only paid for gold package.. Platinum got ripped big time

What Gold and platinum package are you referring to?

This is old like 9 years ago.. Those packages don't exist anymore

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Originally posted by @Eric S.:

@Hai Loc thanks again for the help. The frequency of the flips, I hope, will be pretty frequent. I'm assuming turnaround times of 2 months and then on to the next one. So in your experience would that be considered business income? And for example we sell the home for 150k over what we paid for it, we have 75k in expenses (closing costs, carrying costs, material, labour) and are left with 75k profit, how much tax will I have to pay on that if I'm not incorporated?

Disclosure is I am not an accountant. With that frequency it is highly likely to be business income. And yes all those expenses you mentioned above will reduce your net income. $150 profit - $75 expenses = $75 taxable income..

Last question is I do not want to answer as its best an accountant does but one thing I will tell you is

$400k profit as an individual will get taxed 50%

$400k profit as an Ontario # company is I believe 12.2% in 2021 under small business (Over $500k is taxed higher)

Having an Ontario # Company gives you the ability to pay yourself as an individual or dividends..

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S Martel = scam artist

I am glad I only paid for gold package.. Platinum got ripped big time

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Originally posted by @Nicolas Jimenez:

I'm looking to buy a rental property in Toronto, ON, CA. Does anybody know the rental market here well and can provide me with any tips or information? This will be my first real estate investment property so my strategy will be be to house hack it (living in one room and renting out the rest). From my knowledge so far a lot of what they preach here at BP is that every market works you just need the right strategy. So do rental property work in Toronto? I know taxes, utilities and such are a bit higher here as well, just trying to gather as much info as possible before I seal the deal!

Also, feel free to connect with me to chat more!

#1 is land transfer tax. Its double vs everywhere else in Ontario as you pay a municipal portion. The good thing its a one time fee upon purchase. Property taxes it really depends on which part of town your in Scarborough is really affordable in good pockets. Make sure you set a reasonable % split between you and your tenants on utility costs. Feel free to reach out to me for more info

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All Forum Posts by: Hai Loc

Hai Loc has started 56 posts and replied 2177 times.

Post: 2021 Real Estate Goals ??

Post: Long Distance Investment Properties

Post: 2021 Real Estate Goals ??

Post: Will CRE career be advantageous to becoming an RE investor

Post: Will CRE career be advantageous to becoming an RE investor

Post: Books, suggestions, tips, etc. for a beginner

Post: Canadian Investor looking for best method to invest in the US

Post: Questions about investing in Toronto Canada

Post: Canadian Investor looking for best method to invest in the US

Post: Looking to Buy a Rental Property in Toronto, CA. Any Tips?