All Forum Posts by: Shahriar K.

Hello again @Alok Sood . I was in summit NJ last summer and I loved it there. I actually thought of moving down there as I met couple of guys that were buying houses tearing them down and building new ones with impressive profits. although the amount of property tax they pay over there is crazy.

welcome to bigger pockets @Erika Di Salvo I also live in the lower mainland. It would be great to hear how you got started on long distant investing. I myself am trying to do flipping in the local market and then start investing in rental property in the states.

last night waking up for no apparent reason started thinking about investing in distant locations and how to keep track of issues my building PM would be looking after. I like to think big :)

At the moment we are using a ticketing system at work called RT which is open sourced but only is supported on Linux. The tickets are created via incoming emails to designated email address. To get the tickets created I thought tenants could either email in or simply using a simple phone device like magic jack which when someone leaves a message it sends out an email to a designated email address informing of a message. Its not perfect but I thought its better than nothing. This way you can also track cost associated with each call easier and search for past tickets.

http://www.bestpractical.com/rt/

another tool I use and love personally is XMIND which it pretty much is a software you do brain dump on. write all your ideas in it and then you can put them in order. Its great to figure out which steps should be taken first and the steps after. Best part this is also Free if you just want to install it on your computer.

http://www.xmind.net/

Everything here is a free tool apart from Magic jack part.

@Roy N. @Dion DePaoli @Ali Boone

I thought to make it possibly easier I would bring some hypothetical numbers in to this conversation to see what the cost of running a multi family unit would be for Canadians or foreigners.

If we have a multi family property with a gross income of $40,000 a year, taking the %60 rule from podcast 47 we have $16320.

If I am getting this right from this $16320 IRS will want %30 on worst case scenario which will make our profit $9792 and then the Canadian Gov. wants to take certain percentage.

is there any other cost I am missing out on and is this the correct way of calculating the cost?

thanks again

This is amazing info everyone. I appreciate all the inputs and please if anyone else with experience has any other info myself and I am sure others will appreciate it.

thanks for the reply

If the first property is in a LLC with both our names on it, would that make a difference. Or still the Refinance would require the money first to be seasoned in my family members account. Also would you know how long the money has to be in their bank account.

Thank you

Hi Everyone
I wanted to run this idea by the BP experts that someone gave me. If me a canadian citizen partner with a family member who is a US citizen to buy rental properties, I am providing all the funding and he will be taking care of paperwork's and looking after the properties. My question is if we buy a property with my cash can we then refinance with a US bank and buy second rental property and keep repeating this step.

Hi Carly

Although I am few days late still wanted to say welcome to BP. Amazing amount of info here, and amazing group of people here. Wish you the best

Welcome to BP. The biggest advice I can give is be very patient and take your time. At the end best way to learn is getting your hands dirty but its good to know the solid basics before jumping in to real estate.

I was hoping for some advice on a property that has me interested. The house is about 30 years old with a large lot, but almost all the houses in the neighborhood are about 10 years old and about 5 or so new houses are being pre-sold right now. My questions is this house I am interested has 13,000 sqft lot and 2200 sqft house which needs updating, but its price same as the houses that are going under construction which have about 3,500 sqft land and 2400 sqft house. the houses built about 10 years ago are about 150 thousand more expensive and have about 8000 sqft land 3000 sqft house. what is you guys opinion, will people pay for an updated house with a large lot if I can get the ARV price to come close to the new constructions(by lowering the purchase price) or are buyers still going to gravitate toward the new construction with no land. this would be a fix and flip project btw.(btw I will be calling the city to see if the land can be subdivided).

thank you in advance