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Right, but isn't there some minimum income that one needs to be generating in order to be incorporated? Or else why wouldn't everyone out there who buys a house buy it under a corporation?

Lodon seems to be a pretty good market to do some rental investments, since the market has not exploded like it had with Toronto real estate. A SFH is about 200 - 250k on average, about half of what it is in Toronto. There are rumors of lots of outside money coming into London since the rest of Canada has leveled off in prices. I am excited to see what is to come here!

Hi all, this is my first post here on this forum after the intro in the new member area!

Here is the situation, my fiancee and I are thinking of purchasing a duplex to maybe a fourplex for us to live in and rent out the other suits to pay off the mortgage faster.

I have read a thread that recommended the investor to set up an LLC or some kind of coporate entity in case of legal problems. My question is, as a investor buying my first property, is it worth while to setup a coporation right off the bat which will hardly be making any money (after mortgage payments, expenses etc.) or will it be wiser to wait until I have a couple properties and more steady cash flow first? Will I have to pay taxes on the property if I transfered it from being my personal property to the coporate property?

I am in Canada, but I don't imagine things are drastically different else where.

Thank you all for your advice!
WiLL

Hey you all, a little background on myself before I start posting all the questions that I have accumulated over the last couple of months reading the forum.

-I have recently settled down in London, Ontario. Prior to this I was living in Montreal, Quebec and before that I was living in Toronto.

-I have purchased a condo in 2002 for my own residence. The condo market was just leveling off at the time in Toronto so after I sold it, the 10K of equity pretty much went to the real estate agent.

-I was educated as an architect, which to this day I have not decided if it will be a help or hindrance to my plans of going into the REI business.

-What prompted me to do more researching the topic as after reading "Rich Dad, Poor Dad", which really shifted the way I think now about work and financial planning.

-It has been really interesting reading blurbs that have been written by all the veterans and I do hope I will one day have things in my head as clear as they have.

-I will be looking to buy a house as soon as I get married in two weeks. After reading up on this forum, I am now thinking about getting a Duplex or a Triplex, live in it and rent out the rest.

Look forward to chatting with you guys.
wiLL