All Forum Posts by: Larry Smet

Thanks to everyone who signed up by pushing the button - we have 10 people so far (some other investors not on biggerpockets are coming too).  It's this coming Wednesday... any more takers?

BTW, there won't be a meetup in July.

Hi Agnes, 

It's the blue button in the box above with the meetup details. You can see who else is attending the event in the box too.

Looking forward to meeting you. 

Regards, 

Larry 

Hi @Solomon Johnson

Wheelchair accessible apartments are particularly hard to find in Chicago because most smaller multifamily properties have stoops.  We found a frame 2-flat that was very unusual in that the lower apartment entry was at grade.  During the rehab we built a small concrete ramp (only had to go up a couple inches), widened all the doorways and built a roll-in shower to make the unit accessible. When we went to market the property for a prospective tenant we found a lack of resources to get the word out that the unit existed and its benefits.  Hopefully our tenant doesn't leave for a long time but eventually they will move on so please let me know if you create that website!

Please click the "Attend Event" button above or PM me if you plan to attend!  Address is in the box above.

This meetup is a networking event for anyone living in (or visiting!) Toronto who invests in real estate anywhere in the US. This is a regular event, usually on the second Wednesday of every month with it on Mondays every once in a while. No pitching or selling, just a venue to share experiences and resources for those of us actively investing in the US. Anyone interested in learning more about investing in US real estate is also welcome, of course.

I expect it will go from 6 until about 9. The location was chosen to be easily accessed from the subway (it's just a few minutes walk from Sheppard subway stop) and close proximity to the 401.

Thanks

Larry

PS - There won't be a July meetup since I'll be in California all month!

PPS - I'm pinging several people who've attended previously or expressed interest - please ping any others that you think may be interested.  @Glen Emery, @Robert Howell, @Hai Loc, @Jim Chuong, @Adam Tao, @Eric Delcol, @Suzanne P., @Oren K., @Mohamed Panju, @Bayard P., @Philip Robbins, @Ming Lim, @Neil Da Silva, @Chad U., @Dmitry Anoshkin, @Daniel Massicotte, @Quang Nguyen, @Robert Sun

Hi @Kiara Thompson

If you register your entity in another state you'll usually need a registered agent in that state as well.  There are several options for that usually (I've asked my RE attorneys to be my registered agent in 2 states (IL and AZ) - in the 3rd state (FL) I used to use my CPA but after switching CPAs I now use a registered agent service).

Another vote for the "about $500 flat rate" club in Chicago...

In Chicago all closing are done by attorneys @Greg H. - other jurisdictions you can do your own at a title company.  As @Nick Patterson mentions, always use an attorney in Chicago!

A note about the $500 per close - I've been using the same attorney for all my transactions in Chicago since 2012 (over 20 transactions so far - all SFH, 2-flats or 3-flats) so I suspect there's some preference there. I'm always happy to refer people to him as well, which reinforces the relationship and perhaps gives slightly preferential rates. A good attorney can be a huge help in connecting with others as well - it's definitely worth building that relationship!

Hi @Akash Y.

Yes, your intent could definitely play a role.  This is a pretty specific question and you'll get lots of best-intent answers which could vary (as you've seen).  In my opinion you need to talk to an expert who can understand your specifics and provide advice based on your situation.  You could try calling CRA directly for a start.  I've had mixed success with them... but it's a free call.  :)  And/or go to your cross-border accountant.  If you don't have one I can point you to the cross-border accountant that I use if you want.  In that case just PM me.

Hi @Akash Y.

It sounds like a good question for the lender as well as Canada Revenue Agency or your cross-border accountant.  They should be able to give you the advice you're looking for.

Let us know the verdict after those calls.

Good luck!

Hi @Michael Carrington

Unfortunately I don't have anyone that I can recommend - ironically the group that I host focus on investing in the US so we have better resources in the US then Canada many times.  As @Long D. suggests perhaps you can start with a local attorney and see what's required.  Good luck!

Hey @Quang Nguyen

I agree with @Thomas S. - for a first investment you will probably want to partner up with someone already doing it.  As a Canadian investor there's a number of moving parts that you need to manage but it's doable.

I run a monthly meetup for those of us in the Toronto area that invest in US real estate.  Usually we meet the 2nd Wednesday of the month at Yonge/Sheppard in the evening.  It's very casual with usually a mix of different experience levels and investment strategies represented.  PM me if you'd like me to add you to the list of people that I notify for upcoming meetings.

Regards,

Larry