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1 September 2016 | 2 replies
You might be able to do this as an annual subscription to an information service versus getting involved in transactions.
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2 September 2016 | 9 replies
While banks will lend at lower interest rates they tend to have stricter guidelines and act slowly.
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7 September 2016 | 6 replies
Hi Shannon, He was living with his father who is elderly but his name was not on any of the transaction or escrow paper work.Also I spoke with another real estate attorney he mentioned, since this sale was a done by one agent (I had to use the sellers agent ) The realtor has failed to do her Fiduciary Duty in protecting the rights of the sellers' which in this case my wife and I.
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1 September 2016 | 1 reply
Of course you'd be inheriting any unknown liabilities of the LLC, and you'd be assuming the llc's basis in the property and depending on the LLC original purchase price and depreciation taken, a much lower basis than your actual "purchase price", increasing your taxes when you sell.
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4 September 2016 | 13 replies
Outside of a few major centres (Vancouver, Toronto, MTL, Calgary, etc) you do not have density to sustain a wholesaling business (if it is your only source of income);Mortgage arrears/delinquency - Mortgage arrears in Canada are historically far lower (<1%) than in the U.S.A. and delinquencies are less than half the amount of arrears.
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2 September 2016 | 5 replies
I was looking to do a cash-out refi to take money out while locking in lower rates, but now that the properties are in the S-Corp, I am unable to transfer back into my name to refi without creating a taxable event.I am wondering if there are any strategies to moving these out in a tax advantaged way (I expect there will be some cost to doing so).Some strategies that have come up in other conversations are:1) Form LLC and issue a note to the S Corp with the properties as collateral... then if S Corp defaults on the note... the properties will be transferred with out triggering taxes (although cost basis would remain the same)2) Have appraiser apply discounted valuations on properties due to lack of marketability (I am only a 50% owner of the S-Corp).
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1 September 2016 | 2 replies
This type of transaction is often referred to as tenants-in-common transaction and specific rules apply.
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2 September 2016 | 8 replies
If you don't intend to occupy one unit ("house hack") you might consider looking at some of the cities outside of the metro area that still benefit from the population growth of the city but have a lower price point.
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1 September 2016 | 1 reply
Can you refi, right after close of transaction on a 1031 exchange to pull money out for other investments or use?
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21 September 2016 | 3 replies
Cash closings must happen within 30 days, financed transactions must happen with 45 days.