All Forum Posts by: Carter Wong

@Hai Loc Hello Hai! Thank you for offering to connect us with your contacts. Yes, please reach out to them. Maybe you can pass my contact to them or vise versa. I'll send you a DM.

Hello all. Looks like there's some interest. Let's meet, share ideas and experiences. I'll make myself available every Sunday 12pm starting March 1 2020. Meet at Burnaby, Brentwood area, Solo District plaza, Starbucks: #4-4415 Skyline Dr, Burnaby, BC V5C 0H6. My office is there as well so we can use the lounge area if needed.

DM me for contact info.

Disclaimer: I'm new and have not bought a REI yet. I don't have experience to share. All I can share are some research I've been doing.

There are a few REI groups on meetup.com. They're not very active but there is a $10 event on March 11. There's also free seminar by incomepropertyformula.ca this Sunday but they'll might be promoting an expensive course at the end so be mindful. I'll be attending both, maybe i'll see you there.

Hi Tychua. I'm in the same boat as you; looking for my first OOS REI property. I'm not a seasoned investor yet but I'll share the best advice I've gotten when asking the same question about how to trust people.

Get referrals then fly there to interview several realtors, contractors, PMs, etc. Check their previous work, personality, presentation, office, testimonials. Hire them, test them out (get vid/pics of work from contractors) until you're comfortable, fire them if they drop the ball, hire someone else, repeat.

OOS investing is just like local investing, except you're not there. So you really have to focus on finding the right people. Of course it's uncomfortable trusting someone else with your property but this is the risk and nature of OOS REI. No way around this.

@Mitch Messer That's good advice to visit for relationships instead of properties. In the coming weeks, I'll start reaching out to Texas BP members and network.

@Ali Boone I've read a few BP recommended books, read many forums, listened to many BP podcasts, to the point where some of the information is becoming repetitive. I think I know enough fundamentals just to get started but still paralyzed to take action. What/where did you learn REI before you started? Perhaps I may glean from it as well!

-Other reasons for investing there? Mainly fastest growing. But also no income taxes, low property taxes, landlord friendly state.

-Hoping to achieve with a property? Hoping to cashflow enough to quit my 9-5. After that, maybe focus more on flipping houses; a $10k profit on a 3 month flip would take renting 2 years at $200/mo profit. But i haven't thought too much about that. I just wanna get out of the 9-5 and control my time again. First things first.

-International investor taxes. From online research and consultation with accountants, there is no double taxation bcuz of a USA/Canada treaty. Luckily I found an accountant that specializes in this. I do need to check if Texas has something like "foreign investor" surtax though.

-Lose your life savings investing and mitigate risks? Nothing is certain but I believe REI is worth the risk. I plan to follow the rule of thumb: purchase price = (ARV x 70%) - rehab costs. So even if i make a bad decision, I'll have 30% leeway to break even.

-Rehabbing a property for a specific reason? Rehabbing is where the risk and value-added comes from. Otherwise I'd have to pay top dollar for turnkey or pristine properties.

Hello! I'm an out-of-state long-distance investor from Canada. I'm completely NEW to this industry. My local market is overpriced. I've chosen to invest in Texas because Census say it's the fastest growing state (https://www.census.gov/quickfacts/) and a lot of companies are moving there.

My question is, if you were me, would you:
1) fly to Texas, get to know the city, then visit again to inspect rehab work? (most involved)
2) not visit, trust the local eyes, realtors, contractors, PMs?
3) find local investors to partner with? (least involved)

I definitely suffer from analysis paralysis. I'm so scared to potentially lose my life savings. Any input would be greatly appreciated. Thank you so much!

Hello! I'm a NEW long-distance out-of-state investor from Canada. My future properties will need local contractors and property managers to do the work. I might never see them, their work, or my property in person. This is risky and intimidating especially for a newbie.

David Greene's book Long Distance Real Estate Investing says it's possible. It says one of the best way to mitigate risk is to require video/picture proof of rehab work and get referrals/references for everyone you work with. But even so, there's still risk and uncertainty.

My question is:
1) How do you get over the mental hurdle of trusting someone else will do a good job without you being there in person?
2) Can you share any long distance investing tips?

Speaking of finding quality people, if you know any good people in Texas, please let me know.
https://www.biggerpockets.com/forums/12/topics/801192-long-distance-investor-looking-for-partnerships-in-dallas-tx

THANK YOU SO MUCH EVERYONE!!!

Hello. I'm in Vancouver as well looking to invest in the states. Perhaps we can start the first local group! =)

@Account Closed Is there another ownership option besides LLC and personal? I read on another thread that LLLP might be good. I looking at how I can enter the US REI and am considering partnering with a local investor. Thank you.

Can anyone refer an accountant familiar with Canada/US cross-border laws, LLC, LLLP, etc? Thank you.

Hello! I'm a Canadian looking to invest in US real estate. I'm very new to this site, this industry, looking for first property, and have some questions:
1) Which state charges the least rental income tax?
2) How are their property taxes calculated?
3) This map shows landlord/renter friendliness. Is it true? 
https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters/

Of course I have many more questions about foreign ownership and lending too. If you have an accountant or mortgage broker to refer, please let me know. Thank you everyone for your help!