All Forum Posts by: Valerie Lam

Hi everyone,

I'm new and still trying to figure out how wholesaling works. So I am a Canadian resident and was wondering if you can wholesale US properties, and how does that affect my taxes? Is this possible? any help would be appreciated

thanks.

and when should i be consulting with a lawyer? now or when I have it under contract?

thank you for the advice. i am taking out the initial HML, once the company is formed, the bank loan will be taken out on the company based on the value of the property. This contractor is a friend who says that everyone will win in this deal. The deal is not possible without his mentor who is arranging everything. the project involves multiple units and we will each own a unit in the end and the rest will be sold. him and his mentor want 10% each and I will get the rest (after all construction costs are paid).

I will be taking a hard money loan to fund a project my contractor has brought to me. The loan I take will be the primary source of funding and bank loans will be taken out as the project progresses on the value of the property. My contractor says that we will start a corporation to protect everyone involved. he says that him, his mentor, and I will form this corportation together. I have a lot of questions, should i talk to a real estate lawyer? or is there someone i can call?

Thanks everyone for all the wonderful tips. It's kept me busy :)

Greetings All,

I'm am starting out in real estate and came across this platform called biggerpockets. As a newbie to all this, it is quite overwhelming! It is reassuring to know i can connect with others with similar interest or who are already doing the same things. I am looking to buy and sell to start out and eventually lead to passive income in commercial property. Would really like to meet more people in the area here so please feel free to message. Happy investing to all!