All Forum Posts by: Kevin Labonte

If you think the value is close to the municipal evaluation you could use that, if not, it's to know how much you need to actually pay in QST and GST before the conversion. The value of a semi-commercial building with no tenant is usually significantly lower if you have no commercial tenant, making you pay a lot less taxes (QST GST). If you wait when you sell the building they might apply it on the new value with the renovations ($$)

There is a lot we don't know about your project so it's hard to give a ''ball park'' price. Are you insulated? Is it just aesthetic? Depending on plumbing and electricity installations, it can go from 50k to 100k. It already costed me 100k for only one unit in the past (before covid prices)

Beware of one important thing, you will need to pay QST and GST right after the conversion. Make sure to get a professional evaluation of the actual building in hand before the conversion.

Every city has it's different system but taxation is the easy way to get the adress of the owners. For example, here is the link of Quebec city system. If it's owned by a company here is another link to get the names and address of the administrators. For the phone number, there is no easy way it's usually hard to find except if you see a rental number on the building itself, ask the people in the building, of look in the common area for a phone number.

Hope it helps!

https://www.ville.quebec.qc.ca...

I'm starting by saying that my point of view is a little affected there because I'm an inspection coach at CIIQ but here is what I saw through the years. (*I have absolutely no financial interest)

People that are only reading books tend to not take any action. You get a lot of knowledge but don't do anything with it. When you're in a group, other people that started at the same point you were are technically pushing you to do something with what you learn. There teachings are quite wide to make you understand what type of investment you prefer. Coaches are doing different type of investment, as the attendees too. In my group in 2018, we had ranges from 0 doors to more than 200, people in buying land, AirBNB, condos, flipping.....pretty much everything. Speaking with people might save you from doing the wrong type of investment, getting to know that investing in real estate is not a unicorn type of passive investing (even if there is a way of doing this also).

That being said, there are other ''schools'' in the province that are more specialized in a different type of investing, different prices and different people are there too, depending of what you prefer. If you have questions about them, I can give you info in private. But CIIQ is a good starting point from what I experienced. If you start some other advanced program and don't know what a cap rate is, you might get a little lost.

Beware, there is some ''Guru'' type of coaches these days!

I'm not from this area, but to give you an answer, it's pretty much like the ''Detroit'' of the whole province. Prices of buildings are cheap (at least they were before covid), but the rents are also. 

The city was actually trying to reach for tech startups to give a little boost to its economy

Yes it is, but there are certain rules to follow to make sure OACIQ doesn't see it (and that it's actually not) as brokerage. You should provide your professionnal services, or to be intended to actually be a part of the deal at the beginning.

You then should bill your services to your buyer, including GST QST if you intend to make more than 30k with this type of service within a year.

You could also protect yourself by having an incorporation making the offers, not yourself directly.

There is plenty of possibilities, but not all of them are accepted by banks.

You could buy the company which is holding the building(s) if they're not detained personally

You could create a company which the seller still hold a certain % by the time you give him his full amount of money

Put him in 2nd rank mortgage while you repay his selling balance. Sometimes bank accepts 50% of your down payment, if it still make sense financially

Basically, all of this is to make HIM (or her) save on their taxes, to make it a win-win situation.

Nothing better than a fiscalist to analyse what's the best situation on each case when companies are implicated. But, it could be a little complicated for a smaller building like duplex/triplex.

Richard D'amour is an absolute Go-To. He is an investor himself and a coach at Real Estate Investor Club. Every case is different so the idea of paying for that type of service is a great idea you had!

@Rodrigo Parada what are you looking for? (Multi, single house) and how big of a project you're looking for?

I would also suggest to ask for wholesaler in your area on the facebook group named Mordus d'immobilier, there is a lot of posts everyday but wholesaler find their clients there.

It's usually more direct contacts and they don't have a website, they'll ask what you are looking for and send you the information on the deals when they have accepted offers usually. It's a business based on trust as I can give you an example that I have been called lately by OACIQ as they were investigating on a transaction we made to make sure everything was legal.

Yes it's legal, even if real estate agents don't like it as it could be seen as being in conflict with their profession.

JF Tremblay with FLIP Academie gives a great course on how to do it in Quebec province