All Forum Posts by: Cody Neustaedter

@Akeem Codner If you don't own a primary residence then house hacking is a great way to get your foot in the door with less risk then a traditional buy and hold. Like others have said, no magic pill for REI, just have to put in the time and talk to the right people.

Hi @Damikaz Tormen. This is not financial advice but consider starting a corporation and investing through that corporation without paying yourself out of it. Your corporate tax is significantly lower than personal income tax. If you want to pull money out of the corp then the tax is similar to income tax.

The Canadian system is not really setup to avoid paying taxes completely. You can defer taxes and use other strategies to maximize investments, but you won't be able to get out of paying taxes. I recommend consulting a CPA with experience to see if you can better optimize your investments to minimize future taxes.

I am hosting a FREE real estate investing workshop on Dec 9th! Attend if you are interested in learning how to achieve financial freedom through real estate investing! This is a great opportunity for beginner investors or inviting friends who are interested in getting into real estate. Get your tickets at https://lnkd.in/drTMK_fP or message me directly to reserve a spot!

Hey @Account Closed, this may be an unpopular opinion on a real estate investing forum but I believe you should focus first on increasing that savings rate. Find ways to decrease your amount of spending and find other ways to increase your income. Once you have mastered those two avenues and have extra money to invest, then you will be ready. Don't worry about missing out on investing in real estate. There will always be opportunities.

 Yes I agree that in the Macro sense I do believe Alberta will continue to grow. Especially with the lower tax rates and more favorable landlord laws then other provinces. I like to think of Alberta as Canada's Texas, which has seen tremendous growth due to a cheaper lifestyle and more affordable housing than the west coast of the US.

 Hi Tiamur! Welcome to Biggerpockets! I agree that the outlook for AB is good but I do know that there are some investors who live there and think its already saturated. It's all about perspective. What's even more important is the neighbourhood you buy in. Take my home city for example, Winnipeg, MB, has had a 6% appreciation rate per year over the last 19 years (compounded annually). However, there are some neighbourhoods that I don't even like driving clients through, and there are other neighbourhoods where the appreciation rate was too fast that it priced out a lot of buyers. I encourage you to do some more micro research on AB cities, as. There are some great realtors on here that operate out of Calgary. @Spencer Rivers and @Anthony Therrien-Bernard just to name a few.

Cheers!

Hi Matt!

With any market you can have either good or really bad tenants. Do a good job screening and consider the pros and cons of waiting an extra month of not having tenants vs the risk of having tenants who trash the place or refuse to pay rent for months.

I invest in my hometown here in Winnipeg and Manitoba has very friendly tenant laws. With that being said, lots of people choose to rent and it can be very easy to find qualified renters, especially when you buy nicer properties in the nicer neighborhoods. 

If you are interested in Winnipeg feel free to PM me. 

Hey Steve! I would recommend one of the prairie provinces! I work out of Winnipeg as an agent and invest in Winnipeg as well. Here in Manitoba we have good value for the dollar and you can acquire more doors from your hard earned capital! The market has been pretty stable throughout the interest rate increases. Happy to connect.

Hey Kevin,

I have not attended one but based on the research I have done and in discussion with others who have attended, it seems to be an unwelcoming community. Could totally be different than it was in the past but I am looking into attending the November event to see how it is for myself.

Cheers

Hey Akinwumi! 

I could help explain what you are after but Biggerpockets has some really good books on the basics of real estate investing and for a few dollars you can get a ton of knowledge. If you are just getting started I recommend Brandon Turners 'How to invest in Real Estate'.

Cheers!