All Forum Posts by: Jack Young

I like the lists everyone has here, but maybe mine is a little different. I want to come up with more deals just like anyone else, but I really want to get my business organized. I'm looking for ideas to make this easy and streamlined and although I'm trying out new ideas, I have no clue if they are the best.

here is my list but questions I have at the same time.

1 Find a great accountant with experience in real estate and Tax laws. What should I look for in this accountant?

2 Decide on my business and how it should look. Should I start a company before getting into more deals?

3 Get to know more people in the industry. I want to grow my circle of Investor friends or professionals in the industry to help me grow properly and give me insight into different ways of doing more so I can keep growing.

4 Find cash flowing deals. What exactly will make my deal cash flow as I need to know I'm calculating things properly.

I really like your idea of variable mortgage with a fixed style of payments @Roy N. and I have thought about doing something like this for some time, but was never sure what I should do or if I should. The idea at the time was a 30 year mortgage but increasing the payments to 25 or 20 years, as I'm not losing the money its just becoming equity instead and should something go wrong I can always decrease the payments down to the 30 year level.

@Alex Cons

One thing that attracted me to QuickBooks was the ability to use other apps that will sync the info with QuickBooks as you use the apps. For example, I was told you can use a property managment app to run your properties and another app to track your mileage and they would add the related info for you. Huge time saver and far easier way to organize I thought, but what they didn't tell me were the apps for this, they just said it can be done for what I'm doing so if anyone knows of these apps I would love to hear of them. I searched around and couldn't find anything for it and now feel a little let down, but I did get QuickBooks on a boxing day sale and pay $12/mo so I guess I really just have to learn how to use it. 

What I have been doing in the past was a lot of spreadsheets, I like spreadsheets because as long as you can make it, it does exactly what you want and there are a ton of tutorials to help you. The big bonus to this now is everything is online so updating, adding, summarizing and so much more can come from anywhere for anything and its easy. I can send everything off PDF straight to the bank or anyone else, I can store all the important documents as well for easy reference.

Hi Matt and welcome! Message me one day and let's get talking.

Ive been told by a number of investors to use quickbooks so I subscribed myself and I'll see how much better it is. 

That's great advice Roy and I do agree. I'm curious to know how investors are making their next move during the transition. Is the preference to stick with banks or are there other lenders out there giving competition as rates are poised to increase? What about other lenders in general?

Hey fellow Canadian's, great thread here! I was able to refinance into an open mortgage just before I sell my latest rehab. The rate is higher, but I won't have it long enough to pay much more than I would have and no penalty.

I thought I might see a little more about the new Canadian mortgage rules and how it's effecting investors, I would imagine this is more an effect on the smaller investors but I also wanted to know how they were finding funding.

@Roy N, can you comment further on how you hold the properties? Does it make a difference if you have formed a company or a corporation? Also I do not use CCA on one of them as I have understood it may not help if you plan on selling in the near future.

I suppose to add to this, If it could total amounts for the specific property or project, that would be good. Maybe a search option would be alright as well