All Forum Posts by: Account Closed

Hi @Owen Langis, 

Specifically, I am looking at all the options to get started on my real estate investing journey without using my own money, so, yes, I'm looking at using funds from the LOC for the investment. If you have any ideas/suggestions, I'm interested to hear. Thank you.

Also, I'm a Canadian citizen interested in investing in the U.S. so perhaps I'd be better to start with small commercial  MF (?). 

@Kyle McCorkel Thank you for your input in this conversation, Kyle. If I may ask... what do you think are the keys to your success? 

 Hi @Tim Johnson -  I'm very sorry - I should have clarified. I may live in Canada, but I'm looking at investing in the U.S. Therefore, house hacking is not an option, either. 

Hi - can you all suggest best ways to use an existing personal LOC of $5-10K when starting out? At this point I just need capital to build funds. I was thinking that partnering up with a private or hard money lender might be good using the BRRRR method, but not sure. I'd value your thoughts. Thank you

Oh, that's funny! Small world - crazy! :)

Hi Zorya, I'd be grateful for their contact information. The only one I've heard of so far is Lauren Cohen of eCouncil Global, and they are quite pricey. It would be great to have more options. Thank you! 

@Melanie Dupuis Thank you so much for this. Yes, I understand - I do have a Canadian-based a cross-border accountant in mind, as well . Of course, as a brand new investor, I'll be diving deeper into all of this. It may be a bit premature as I'm still learning so much of just the investing part, where to find properties, how to finance, etc. I really appreciate you taking the time to share your comment, as I'm sure you're very busy with your own business. 

Thank you, @Zorya Belanger - Yes, I've already looked into setting up U.S. LLCs as a Canadian and it is viable. The U.S. and Canada have the Canadian/U.S. Tax Treaty and foreign tax credit to avoid double taxation. I've got my financial advisors in line and are consulting them regularly.  Plus, I know of several other Canadians who successfully invest in MF properties in the U.S. and this isn't an issue. Granted, taxes may cost more to have done, but the gains are well worth it. 

@Matthew Crivelli Thank you for your input! I'll be sure to consider that when looking at properties. 

On second thought, though -- Why would DSCR even be an issue when the property is the collateral? Perhaps non-conventional lenders would be better (?). I know there are answers to this, so I'll do some digging and see what I can learn. Thx! :)