All Forum Posts by: Chris Walters

Good stuff Mathieu! How long have you been investing in that area? 

Montreal is in the house!

@Brandon Hall Thank you very much! :)

@Brandon Hall Thank you so much for that advice. Besides referrals, would you say google is the next best way to find real estate accountants? I called the regional CPA board but they have no specific database of real estate CPA's. They basically told me

That I have to conduct the research myself and I can check with the board whether or not the firm has any previous or pending complaints.

Hi BP, Can business owners give me any insight on whether or not you selected a real estate accountant or a regular accountant when starting your business? I am in Montreal (Canada) and fully aware that laws are different. However, maybe some of your stories (good or bad) might help me with my decision. I already have an accountant who files my personal taxes and i know his office deals with businesses but not real estate specifically. Therefore, i am wondering if it might be wise for me to deal with a real estate accounting firm even though I am at the beginning stage and that firm is charging anywhere between $100-$300 per hour. Your inputs are greatly appreciated. Thanks,

Hi BP,

I am trying to find a good real estate accountant in or around the Montreal region. Can anyone hlp? 

Thanks,

If you have the funds to bail him out and plan to do so, i suggest you carefully review the contract, offer to bail him out of the situation with the condition of becoming a partner/part-owner only if the number are right for you. If he agrees, run all the numbers to see if it's really worth it and if the investment will be profitable. You just might notice that he has far too many debts than you thought and that you will be dragged down with him. It can be a great opportunity for you to invest, but it can also be a big problem. Just be careful and conduct your due diligence. Lawyers and accountants will be of good help if you are considering to make the move. Never finalize anything without having them look into the matter. Good luck

Well if the owner still had a good amount left to pay the bank for his mortgage, the bank would most likely have stepped in because they wouldn't want to lose their investment. To have a commercial property and not turn to your financial institution who financed the property is either a sign that the relationship with the bank is not good or the owner was clearly not thinking straight. I honestly think there is more to this story. As to why the first agent referred him to a private lender? A few other important questions would be how urgent did he make it seem he needed the funds? Why did he agree to the terms if he knew he would have the short end of the stick? Why did he not go to his bank first? The agent who referred him either did so out of good will or is probably getting something out of it. To owe that much in back taxes means something is not right with the business or location. My question for you now is what does your friend intend to do and do you see an opportunity for you to step into the equation?

1-Determine your market of interest, criteria and terms

2-Run the numbers and make sure it's a deal and convenient for you.

3-Have money ready (whether it be your down payment or lender's amount pre-approval)

3-Have a plan B in case Plan A doesn't work

4-Start making offers

5-Repeat as many times needed until successful

do any of these softwares offer different languages? In the province Where is reside we speak English and French.