All Forum Posts by: Paul MacInnis

@Roy N. - interestingly - this section 44 is of utmost interest me as my small multi-family that burned earlier this year (aka - involuntary disposition) will HOPEFULLY shelter me from a somewhat large cap gain this tax year!   I have multiple accountants looking into this for me! :)

@Marco C. - one of the best reasons i've heard to incorporate for REI purposes - is if you have another operating company.....which I can explain to the best of my ability if you wish........beyond that, I agree 100% with Roy - it often makes little sense at the beginning of one's REI journey.

Thanks @Steve Macdonald. I see you're from Antigonish - I was born there! Small world! I've actually had some good success in hte past 6 months and have done multiple JV deals as well as a vendor take back! Glad to hear your portfolio is rolling!

@Roy N. - I was just in Freddy - I can't believe I didn't let you know.....wasn't thinking!    Hope all is well.   I would agree @Avery Pemberton-Smith - be leery of the 'awesome' deals you see.....especially in St. John - there is high vacancy there and some people I know have had some issues with every facet of investing there.....that being said, i'm sure there are awesome deals too.   I'm from Nova Scotia - and find that there are some excellent deals here as welll.....as Roy said, Hfx is the only highly appreciating area, but there are some excellent cash-flow areas for sure.  

@Roy N. - I will be switching to not depreciating - my accountant has been....and to be honest, I was being lazy and not fully understanding the repercussion......it's a good short term tax saver....but long term im kicking myself.  I also need to learn more about the holding company concept....especially bringing in non-real estate company shares, etc

@Roy N. - I've also learned that lenders are also using rental income based on tax returns now....which can be problematic for investors who are depreciating their properties and basically pushing the net income down to nothing.   It's  a balancing act now of showing enough return to continue qualifying but minimize tax hits at the same time!  Accountants are key!

@Kenneth Broniszewski - welcome to BP! Tons of good info on the BRRRR strategy on the site - just search it! Have you used the BRRR calculator?

Also - @Roy N. is a local resident expert in our area!   

@Roy N.- I believe Olympia Trust is one.

@Brandon White- there are a TON of threads on BP about creative financing - and Brandon Turner wrote a book on it (low and no money down investing) or something to that effect.   

A lot of investors will use partners in one way or another to help acquire properties.....to do this you have to bring something to the table - knowledge, deals, experience, or any combination therein.   Get educated on your market, find deals, and approach people who may want to be partners!   Sounds simple...it isn't, it takes time and dedication but it's most definitely possible....as Andrew Syrios just wrote a post about....it's  a get rich slow game!   

Good luck!

@Ryan Alguire - there's lots more deals to come!  We're just getting warmed up!