All Forum Posts by: Account Closed

My name is Connor McGuigan from Guelph, Ontario, Canada. I have a couple posts on BP already but have not introduced myself, so here I go. I am 21 years old working full time as a truck driver, making what I would consider good money. I am looking to get into real estate, particularly rental properties with positive cash flow to start. I've been pre-approved for a mortgage and I am researching more and more every day. Whether it be listening to podcasts while driving, browsing the forums, looking at news related to the market, browsing the MLS, analyzing deals, I keep busy. Of course no one knows for sure where the market is going but as everyone says, pulling the trigger for the first time is the hardest part... So I'm looking to get in now. I am looking at house hacking a 4-plex to allow only 5% down while, hopefully, achieving positive cash flow. I still have a long way to go in improving my analyzing process but I have a spread sheet half set up that I've been using so far. Do to the nature of my line of work, I travel a lot. This makes me comfortable with buying somewhere not so close to where I'm from as it wouldn't affect me nearly as much as if I had a family or other things tying me down (I am open to relocating for a good cash flowing primary residence deal). Although I never took business classes in high school and I do not have any post-secondary education, I've always loved business in general since I was just a little kid. I started a property maintenance business of my own (self-employed, essentially just 'giving myself a job') for about a year, a few years ago (part time). If I stop trucking full time, which I could see happening in a couple years, I would also strongly consider starting a property management company as long as whatever area I am involved in has a need for a QUALITY PM company (it sounds like many areas are, in general). I have always had a tenacious work ethic and love building wealth.

Roy, That makes sense. Thanks for the reply.

I would also recommend Vistaprint. About 6 months ago my post office where my PO box is located failed to inform me of the oversized Vistaprint package waiting for me. I didn't catch it until after they were supposed to return to sender (10 days) so I contacted Vistaprint and explained the situation. Without hesitation they immediately produced and sent out a 2nd order to me free of charge (this was 1000 business cards along with multiple other items) and were very friendly in our exchange via email.

I pass on this experience as I was genuinely surprised with their amazing response to the problem they had nothing to do with (post office was 100% at fault here).

I am looking to buy my first property. I am new to the game and have a lot of research to do before I get there, but anyway...

I want to buy the property through my new corporation but I don't have a 20% down payment. But I could make 5% happen. I am not looking to quit my current job or anything else, I currently live alone rent free and would be able to take on payments myself with my income as I also have no debt whatsoever. This will be relatively low risk to an investor (and myself). I want to borrow through the corporation with a personal guarantee from myself to begin building credit for the corporation so I can grow my business in the future. Furthermore, If I'm not mistaken, by keeping the earnings within the corporation to reinvest I will also be saving on taxes until I pay myself. The big question is, can I somehow buy to 'house hack' (making the property my primary residence) through my corporation?

I would be looking for a residential duplex in this case.