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All Forum Posts by: Jay Gill

Jay Gill has started 2 posts and replied 45 times.

Post: Public Sold prices for Commercial Real Estate?

Jay GillPosted
  • Brampton, Ontario
  • Posts 47
  • Votes 10

What type of commercial real estate are you looking at? I can look them up for you to help you out.

Post: Newbie from Tillsonburg, Ontario

Jay GillPosted
  • Brampton, Ontario
  • Posts 47
  • Votes 10
Originally posted by @Abe Peters:

Hi everyone,

My name is Abe Peters, i live in Norfolk County, Ontario.

I recently learned about the Brrrr method, wish i would've known about it before we purchased our first home.

My wife and i are planning on purchasing our first multifamily in the next year. Any thoughts, comments, concerns about the following cities?  Chatham, Tillsonburg, Aylmer, Norwich, Delhi, Simcoe and Woodstock Ontario?

Any referral's for quality contractors would be appreciated as well.

 Hey Abe, welcome to the forums. I am currently considering a multi-family in both Chatham and Woodstock. Being from the GTA there are pro's and con's to both locations specific to me. I will shoot you a PM.

Post: Help me analyze this deal in Brooklyn, NY

Jay GillPosted
  • Brampton, Ontario
  • Posts 47
  • Votes 10

Hi I don't see any details or attachments, if you could double check for them and add them it would be great.

Just as the title says: What impact, if any, do you think the new PC government will have on Real Estate and Real Estate investing in Ontario?

I am interested in seeing what happens to the foreign buyer tax. I don't think any changes will be made to rent control.

Originally posted by @Francisco Cimon:

Jay Gill from Brampton, Ontario

Hello Jay,

Just curious: Have you invested in STR in st-Kitts? What is your RE experience on the island?

 No experience with short term rentals or dealing with tourists. My experience is dealing with all the American and Canadian students at the health care related schools there. The properties in Frigate Bay were mostly investor owned and had a lot of students. Golfview and Christophers club in particular at that time, but I think there has been a lot of new development there.

Birdrock had a lot of students as well, but I don't think the properties there appreciated as much because it was more of a mix of students and locals.

Post: First Time BRRRR vs Home at AVR and Rental Unit

Jay GillPosted
  • Brampton, Ontario
  • Posts 47
  • Votes 10

Hey Robert, Matt is great no sales b.s and straight to the point informative videos that even beginners can understand. I've recommended his videos to quite a few people.

Chris did highlight a few of the concerns.

A few questions that might help people guide you:

What area are you in?

Can you borrow extra cash for a few months if needed?

How handy are you? Can you learn how to do things off youtube?

If the ARV isn't favourable will you be okay living in the place for a while?

It can be challenging investing in these areas, but that's always the case when you want to make good money isn't it?

I have good experience with St. Kitts so I can help answer any questions on the island. I would recommend getting a place where foreign students stay, there are pretty much no vacancies this way. There are small pockets in which they mostly concentrate. These properties not only cash flowed really well, but they have appreciated A LOT!

Post: New Standard Lease for Ontario

Jay GillPosted
  • Brampton, Ontario
  • Posts 47
  • Votes 10

More fun being a Landlord in Ontario :D

Originally posted by @Jacob Perez:

Bought a property yesterday, well accepted offer. I have until Wednesday to close on the final condition which is viewing one of the four units that wasn't viewable on the weekend.

Won the deal in competition. Inexpensive fourplex in the Niagara region. 

Pros: The numbers are very strong, at existing rents, the property cashflows $800 & purchase price is only 275K.

I can raise rents $100 each unit and this thing would be a $1200 cashflow producer. All units separately metered, electric heat for the whole place but the tenants pay so not too bad.

Cons: Condition - not great, tenants, not-great. About an hour from where I live.

I'm starting to lose some enthusiasm towards buying. I find that my head makes better investments than my gut. My head loves this deal. My gut is pretty meh on it, borderline just not interested.

Have you ever been in a situation where the property was very strong but you just didn't really like it? 

Jacob, I'd love to hear what you ended up deciding. The cash flow for the property sounds great, I definitely get you when your just not into due to factors outside of the #'s. It's similar to how I'm feeling lately about some deals I'm seeing so I'd love to hear your input.

Post: Tax advantages of incorporating

Jay GillPosted
  • Brampton, Ontario
  • Posts 47
  • Votes 10

There can be a lot of reasons for this. Here are a few from my personal experience in investing.

1) The expenses and depreciation offset the income to a point that your company really isn't making any net income. In the GTA cap rates suck, but appreciation has made up for it, this means you aren't paying taxes on income at the end of the year. (take recapture into account)

2) Part of a tax saving strategy in passing the portfolio down to your children.

3) Sale of a startup business and cash sitting in a corporation, withdrawing it would have tax implications so it's invested through the corporation and this kind of looped back into point # 1.

4) You pay half of your money to the government anyway on personal taxes.

It all depends on your exit strategy, your personal financial situation and your future plans with the property.

For larger groups with investors or for larger apartment buildings there are a whole bunch of different reasons, but I assume those won't apply to you.

Hope that provides a bit of insight. 

(I'm not an accountant haha)