All Forum Posts by: Jonathan Wilks

I'm not sure about in Canada, but many berkshire hathway homeservices will partner with agents to do flips on properties using their money. It allows realtors to do normal real estate activity, but it helps berkshire to leverage its cashflow and great a great partnership. I would check into them to see if they have a similar opportunity in Canada. If not i would try to find a investor that is a broker that will allow you to learn and grow with them. 

The Bigger pockets meet-ups are personally my favorite out of all the real estate meet-ups. The diversity of real estate experience and the willingness to share information is like something, not usually experienced in real estate groups. 

Yes LLc's are pass through entities as the taxes pass through to the owner. The Five main things you can use to write off as business deductions that are expenses that your Business incurs.  First your mileage for performing your services. you can write off 57.5 cents per mile. 

your intial expense of going into business, your books, legal, and professional services, bad debts, and business entertaining. if you operate a home office you have a few other deductions that you can use. 

For my business i personally write off my cell phone, internet, some square footage for my home office and mileage deduction. 

The Contractor can perform those duties, and they will usually charge you a hourly rate for it. In my area they usually charge $150.00 minimum, so sometimes it is better to go file the work yourself. However most contractors will perform these duties. 

Welcome, Khal

 This is a great place to learn from the forums, podcast and the meetups. 

That is one method that i know has been very successful for a lot of investors.  However i personally would have to look at the numbers to see if it works. I would want my renter to cover taxes,  insurance, mortgage, and property management.  Another factor would be your personal income, i wouldn't want to over leverage myself. If the renter wasn't covering those cost. I would instead lower what is left of the mortgage and save money for a down payment to get the return more desirable. 

In california the cost of the garage will be too much to see a return, and if the majority of the homes on the block have carports. i wouldn't get fancy with a garage, its just not necessary. 

Don't get on anyones buyers list.  they are not the investors you want to meet.  Initially just try to learn more about other people, you have to learn to discern between the real investors and those that just came from the local guru meeting over the weekend. 

I personally believe having a system and right now you are building that system. For instance i use the same color paint in all the homes i renovate. if i use carpet i use one singular kind. I limit my options to make things easier. I also initially try to tackle the big projects kitchen, bathrooms, ceiling scraping before i move in. It makes it easier during the time you live in the property, and any additional renovation. 

Just a tip instead of looking for investor friendly agents, look for agent investors. A investor friendly agent might not know a true deal, and a agent that is a investor is always looking for themselves and others.