Rental Property Investor · Dubai, Dubai · Member since 2016 · 33 posts · 4 votes
I’ve basically lived my whole life in Ottawa/Gatineau and then went off to live in a tax free country to hoard some savings. I’ve been registered as a non-resident for the past 5 years.
I’m estimating I’ll probably stay here for another 5 years before going back. But I’d like to come back with already a few doors under my belt, kickstarting a career switch “nest”.
Which kind of difficulty am I looking at to start with the first property from a distance, then to eventually have around 30 by the time I get back?
All I know is that a property manager is a must, but home inspection before purchasing and rehabbing with videos/images from a contractor I have no idea where to start.
25% withholding tax is a killer but an accountant could help apply for tax reduction, etc...
What kind of team would a first time investor from distance start with?
Start with a Realtor, a Property Manager, a Mortgage Agent, A Home Inspector, A Lawyer for closing the purchase, A general contractor or at least connections from the other team members for tradespeople for repairs and renovations.
Start with a Realtor, a Property Manager, a Mortgage Agent, A Home Inspector, A Lawyer for closing the purchase, A general contractor or at least connections from the other team members for tradespeople for repairs and renovations.
Hi Erik, the bigger pockets book on Long Distance Real Estate investing is a great read, the book applies to Canada very well. I'll also echo @Roy Cleeves , those are the key personnel you will need.
You are welcome and I would start with the Realtor and I recommend the West Team - Josh & Richelle West. They are excellent and they can probably recommend some of the other team members. We are not allowed to put a link or phone number here so you will have to google them.
Why not partner with a group syndicating multifamily apartment purchases. You come in as a limited partner or as a key partner through joint venture agreement. Your partner(s) are your foot on ground doing the ground work and you support the team remotely (analyze deals, review documents etc). When you return in five years, there will be a system and structure in place you can build upon.
I'm pretty much in the exact same situation. I'm also a Canadian non-resident in the gulf region at the moment but mainly looking into areas surrounding Toronto. Yes, that withholding tax definitely hurts. Find yourself an accountant that specializes in Canadian non-residents and you'll probably save some money that way.
JVs are a good way to have your properties being looked after while you're remote. Perhaps look into that? See if you have family or close friends that are interested?
@Chris Habets, I’ve searched what turnkey was yesterday, Wikipedia definition gave something to the lines of a property being the responsibility of the contractor or something similar.
Is “turnkey” people on here referring to the name of a company?
@Jonathan Ho, yes this is definately what I'm looking for at the start while getting a grip into things.
I just bought the audiobook Long Distance Real Estate that was recommended above. I hope it goes through it, as I have no idea how to find this "turnkey" property. It's not really a search term I can input on REMAX for example while home searching.
@Erik Pilon If you have any questions about the Non-Resident Mortgage program, shoot me an email. I can send you the guidelines to qualify for a mortgage.