All Forum Posts by: Jim Chuong

I drive a very old sedan. Most of my tenants drive nicer cars than I do. Now that I am considering purchasing a new(er) car that probably will be nicer than theirs,  I am wondering whether to keep the old one to commute to rental properties or sell it. I heard and it makes sense that it's better to avoid driving a flashy car to rental properties, otherwise tenants may feel they are the ones who are paying for landlord's fancy car, therefore feeling less obligated to pay rent on time etc.  It's better to appear broke! So my question to my fellow landlords, what do you think should be done here? If you drive a nice car, do you maintain another not-so-nice one for rental properties? I would love to hear your take on this. Thanks.

Maybe I wasn’t exactly clear on my post, was more looking for ways to prolong having to pay the taxes, by continuing to purchase property with the capital gains made with the property.

At the end of the day you will always have to pay taxes, just hoping not to have to pay every time I’m looking to transfer funds into a larger investment.

I hear about all these ways to avoid taxes in America with tactics such as 1031 exchange but how do we do that in Canada.

I found a 57 unit $4mil property in default, as a newbie should I. I have read all the particulars, analyzed and analyzed. I figure I can get investors to hold the $4mil for 4 years and I sweeten the pot somehow. All of the buildings are very nice and in a good upscale area. Rent is not cheap. It seems the owner tried doing things he should not have and got in a little trouble. The property is more than $4mil it's only in default for the $4mil. it's more of a $8mil property. I have been studying and learning since December 28th, my daughter says I should start small. Am I shooting to big or not? I have a couple of people in mind to bring aboard to help my Dream Team. At 55, an army vet I don't have fear of the unknown, at the same time I want to know what others think. I am sure I am not the only one who had a very large first deal. I do have another smaller one, but for some reason that seems like it is harder to get anyone to invest in. Ahh haa, the higher the risk the greater the reward. Please give me your thoughts. Thank you.