All Forum Posts by: Paul MacInnis

@Kyle J. - awesome!!!!  Thank you so much!!!   For some reason I was thinking it was early - so i was listening to all of the older ones again!!!   Cheers!

Hi everyone - I listened to a great podcast and the guy being interviewed was talking about how he will make offers on portfolio deals at a discounted price and then get the seller to indicate the value of each one, subtracting the price from the total portfolio price, until he gets down to a (low) price for the one property he really wanted.   

Does anyone know which # it was???   I've been searching but I figured i'd just throw it out to see if anyone knew offhand!!!

Cheers!

@Roman S., as @Lorin K. mentioned - there are definitely CHEAP rental properties in Eastern Canada!  I've acquired 6 buildings and I've only totalled 670k in purchase price totals!!!   

@Jack Young - welcome to BP, it's an amazing place with amazing people.  To further the comments of @Thomas Franklin - I would add that this is the point where is real estate investors separate from those who just watch. Now is where you have to sift, dig, call, look online, drive, mail, and do whatever you need to do to find the deal which WILL provide a Win-Win. They're hard to find - which is exactly why not everyone will do it. It sounds like you have both some experience and drive to do it so you'll be successful!! Good luck! I can send you details of some JV deals I have if you wish.....shoot me a PM!

@Siobhan D.

Siobhan, you're right - in Canada you can do owner occupied at 5%.....unless it's 4-unit (and possibly 3) and then you need to put down 10%.

Your plan seems great!!   Depending on location - you could possibly get more than a 4-plex with that kind of money!!!

Brie - I just listened to your podcast!!!!   Loved it!!!!  

@Roy N. very interesting!  Thank you very much!

In quasi - related news - the place we spoke about in Windsor - was 210k, dropped to 198.5k, an offer of 130k was straight rejected, and 140k was countered at 189.  They have indicated "no lower"!   Based on due diligence - 150-155 is about max......place should sit for a while now!!

Sorry @Roy N. I meant in the eyes of the CRA!

Very interesting!

What about the idea of starting an 'investment' company and acquiring commercial (5+ units) properties....Do lenders require similar personal guarantees?   moreover, where do lenders require the capital your company has to come from?   Can it be from investors you collect from?  Equity in properties (currently In your own name), will they give you a loan of capital to use as downpayment for a new property? 

@Roy N., is your company (Louer Louer Ltd) an investment company?  Or is it a mgmt company, or does it even matter in the eyes of the bank...I'm curious in terms of what rate they will charge....meaning - is the designation to be charged the ~44% tax rate simply "does the company earn passive income"?  Or are there other things at play?  

it definitely gets more challenging after your 5th property..I now have 5 (17 units total) and banks get a little apprehensive.  I now work with an awesome broker and she's finding me places to go as needed.  I hope to have another deal in the next couple of months. I know you can also incorporate - but this comes with a series of issues too.....having capital, it's another 'tax entity', etc

@Rajat Narang - awesome!!!   I will past the link for registration below!  See you there!

http://royallepage.yamm-track.appspot.com/Redirect?ukey=1NyU3hU2VBDEdpzIJFwfetRCXGqmI_cl2dm6-JRfNS7I-1086256847&key=YAMMID-49743987&link=http%3A%2F%2Fbit.ly%2F1ToO1Ex