All Forum Posts by: Frank D.

Thank you everyone....Sorry I should have clarified ..The 1031 exchange would be when I move forward and sell the US holdings a few years down the line ...(Phase 2) 

In Canada we do not have that opportunity to save taxes on each flip, as soon as we sell at a profit then tax is due....to CRA

Hi @Brandon Sturgill Yes I agree :)  ...I am planning on venturing outside of my comfort zone and into some new territory thats all ...

Thank you ....

Hello Everyone plenty of great information here...and lots of great advice so I have a question I need some opinions on...

I am currently  selling a 4 Plex and a 3 plex I own in Hamilton Ontario  Canada (Outrageous prices) I have owned these properties for 10 + years and have paid off the mortgages on both...

I have 2 offers coming within 24 hrs for a total of close to $1 Million CDN  after fees, commissions, lawyers, etc I will walk away with about 950k Cdn..

I want to start investing in states like Florida, Arizona, Vegas, Texas ....I want to take advantage of the 1031 Exchange and aggressively start expanding on doors using my capital...

Should I wait or is now a good time??  lots of talk of another correction happening ?? Opinions?? 

Your input is appreciated thank you ..

Frank 

We are at the end of our bubble here...hold onto your money right now

Try Sam Amore Construction

Nice Job!!! Congrats I also play in the Hamilton market...Prices are getting stupid thanks to Toronto...:))

If you don't mind who did the renos?? Im always looking for contractors

@Chris Habets If you are willing to go into the hard money relm of 10-12% then yes you can get financing 

but to me thats insane (my opinion) ...Might as well use a credit cards for your deals.. 

You will still need anywhere from 20-30% to get into any Canadian deal if you do not have the down payment nobody will give you anything..

 I know many people who pull the 30% from a line of credit because they do not have the down payments  and then finance the deal via a mortgage through a corporation to hide the fact that they used a LC but again you are now 100% leveraged...

You are young and your risk tolerance may be higher then some but I have bought and sold many deals

when you are playing the "no money down game" it usually never ends well....

 Very difficult in Canada or system of borrowing is very different from those of our American counterparts.

Very difficult in Canada or system of borrowing is very different from those of our American counterparts.

For starters you will need to pay 5 to 6% interest and in some cases even more..

Secondly definitely will need to go into private borrowing I'm having the exact same problem here in Toronto and this is the information that I have so far

@Brentmaxwell can you guide or advise on areas I should be looking at???

Thanks