All Forum Posts by: Paul MacInnis

good thread.

I'm tracking some bank owned properties in rural NS that are deeply discounted.

Location plays a big part - and 'out east' the deals can be significant.

best of luck!!!   

I learned this exact technique from @Roy N.!!

I have changed all of mortgages  by applying the difference between the BOC's rate and the variable residential rate (so 4.64-2.5ish) directly to the principal.   Hedges the interest and builds equity, win-win.  Only regret is how long it took me to find the info!  Thanks, Roy!

@Lee Babin - nice to meet you.  I'm from Halifax but have lived in Windsor for a while now.   

Id love to connect about some deals that I've found here in terms of cash flow.!

Cheers, Phillip.

Again, I don't know with certainty - and this needs to be confirmed but in my insurance policy - I have a section for legal liability.   As to the exact specifics of what that covers - I need to check!!   

Hope that helps!  Keep us posted when you're thinking of coming over!

@Phillip Johnson - very cool!  Roy can tell you LOTS about Fredericton!!!  Well, he can tell you lots about anywhere to be honest!!

The incorporated thing - from what I understand - will only make sense once you're past that highest marginal tax bracket......as you're right, it (incorporated entity) gets taxed at a high rate. 

I have all my properties in my wife and my name.   Income splitting there is excellent as my wife makes quite a bit less than I do.

I am nOt saying that  I'm right - but my path has been to keep all properties (17 units as of next week when i close on a new place) in personal names.   It has worked well for my wife and I.

@Phillip Johnson - Roy said it perfectly!   Get a good accountant!   You can deduct a lot of things on your tax return - especially if you're organized.  I keep a log of gas used, mechanic bills for car, cell phone bill, partial meals if you're talking business, etc.   I definitely recommend a very good accountant.

Where will you be relocating in NS?

Sean - curious to hear how you proceed.  I have a few multi-unit buildings and plan to have a mgmt company in the next 2.5 years or so.   

I've found no real need thus far - I just claim everything on my personal taxes and like Roy said, with expenses (and depreciation) it's usually no big deal on your return. 

Makes sense to me!   

Ian - there are some awesome podcasts here on BP about wholesaling.  Most of them are American based - but the concept is obviously similar at least in how it works.  I have never done wholesaling - but i've certainly learned through the podcasts!