All Forum Posts by: Penny I.

Welcome to BP @Ashlee Reimer

Its always great to see more fellow Vancouverites here ;-)

I'm curious about your interest in investing in Chicago - is there a particular draw for you?

I echo what's already been said - it's critical to set up your legal structure first - and have an excellent team on the ground in your chosen area.

Marc Ramsay and Steven Huang, are also from Van and are investing in the US - have a look at their posts. There's so many resources here - you've come to the right place!

All best! Penny

Hi Steven,

Great to meet another Vancouverite here! And, great message for young people! I would love to know more about how you and your sister are buying, fixing and managing your properties, ie, sounds like you have good people on the ground in these locations.

Congratulations! Penny

Hi Charles, I'm just doing some of my own research as well, and one law firm said "Although the term "silent partner" connotes secrecy, there are as many reasons for a person or company to become a silent partner as there are investment opportunities".

So, it may not be so scandalous after all ;-)

Thanks Joel, yes, I agree - always advise having a lawyer and an accountant look at contracts. I've just never run across something like this...maybe I'm just very curious as to why someone would want to be a silent partner...and not be listed as a shareholder....

Hello All,

I have a question regarding a request one of my clients has had to partner in some commercial investments. He's been presented with an LOI from Mr 'X' that essentially has my client as the 'front' person and the owner of 100% of the shares of a new limited company. This company would purchase several commercial properties that Mr X has arranged financing for, to re-structure/renovate etc to increase revenues and build equity. My client would be in charge of all operations. Mr X has asked my client to also sign a 'side agreement' that splits shares 50-50 between them.

Is this worth even taking to a lawyer and accountant? Are there any legal and accounting brains out there who might shed some light on what could go right...or terribly wrong in this scenario?

Thanks! Penny

Hi JT, yes, I'll send you a message.

Hi Lorene,

What area of Mexico is this property? You can get a good summary of buying real estate in Mexico here: http://www.mexonline.com/propmex.htm

It looks like the laws will be changing in term of needing a 'fideicomiso' or bank trusts to own land in the restricted zone, along the border and coastlines. However, even when/if it does change, and you can buy property without a fideicomiso, it won't apply to commercial property, and this includes vacation rentals.

We bought a vacation home north of Puerto Vallarta 4 years ago and have done well with revenue. We also purchased land with the idea of building a couple of homes, and that didn't go well. Long story but this was just when the economy tanked - so the project went sideways. In short, if anything goes wrong with a development project, you're in another country - with it's own system, laws etc.

It's a buyers market in our area right now - lots and lots of inventory. The market is just starting to pick up....slowly. I have a good friend who's a broker there, let me know if you need a professional opinion on this development, private message me.

All best, Penny

Thanks Zachary!

What apps/software are you using that make your REI business really sing? What is one super important (or two ;-)) task it covers? What is one way you use this app/software that is such a huge time saver....you can't imagine how you would live without it? Thanks!

Third that @Greg Rulfs

@Greg Rulfs