All Forum Posts by: Chris Baxter

@Account Closed   tax rates explained here:  https://contenu.maruche.ca/Fic...    if yours don't match, reach out to the tax department

@Shiv Dutta if you are investing hundreds of thousands of dollars, it's OK to spend a little on analysis tools... 

@Ashwin Samtani  The Landlord Credit Bureau is a business that charges fees for anything above its basic package for both tenants and landlords.  Since their database only includes tenants and landlords that sign-up, the database will never be complete. Landlords should continue to push provincial landlord / tenant bodies to establish bad tenant / landlord registries.

@Bekir Seyhan assuming you live in the condo, you won't pay capital gains on the sale. You can then exit a market that you are showing concerns abut and reinvest where you feel more comfortable. 

@Erick Wynter, I've been a PRO member for a few years. For me, the value is in having access to the pro forum, webinar replays, and BPInsights.  I don't use the calculation tools as the ones I have are more comprehensive. They are good for a quick analysis, though, especially if you are getting started.  

@Conor Kelly you make it sound like you can parachute into a market (Edmonton, Winnipeg ?) and make money 'flipping'... that's a great recipe for losing your shirt. You really can't flip remotely; you have to fully understand your market and be able to weed through hundreds of listings to find the one (or maybe two) that work. Any REI success relies on local knowledge. This is your best defense against failure.... get boots on the ground and build a team for success.

@Jovan Lewis  you would have to appraise at $486k to start seeing untapped equity. Likely nothing there for you... 

@Marc Rice  1031 doesn't exist in Canada (our governments want to tax us every way possible), but is available to Canadians that invest in the USA....

@David Cam there are lots of ways to add value by increasing income or decreasing expenses (or both). Our last buy was building that was under-rented and poorly managed. We assumed the mortgage as the NOI was out of whack (units were rented at ~$100 below market value and expenses were poorly managed). As units turned over, we renovated them and increased rents to market. We renegotiated all service contracts and installed a more efficient boiler. These measures have added ~450k of value to the building, which we will leverage as down-payment for our next buy. BP's BRRRR book is a good read on this https://www.biggerpockets.com/... 

Hi @David Cam... I would recommend that you get your hands on this book to understand tax implications:

https://www.amazon.ca/Accounti...

You will pay capital gains on the increase in value when you sell a property that you don't live in. 

The key to accelerating your growth is to buy properties that you can add value to. In essence, forcing appreciation by increasing rents and decreasing expenses.  Otherwise, you are looking at a slow grind to wait for market appreciation and principal pay down. 

I'd personally skip condos and SF homes and jump right into MF. I'd also look outside of Ontario, which is not friendly to landlords.  Balance these opinions with those of others, and you'll find a strategy that works for you.  Good luck