All Forum Posts by: Larry Smet

Hi @Dmitry Anoshkin  Thanks for letting me know and I'm looking forward to meeting you!

I should've mentioned it above (useful for future reference) - for those attending it's helpful to push the Blue "Attend Event" button in the announcement box at the top.  It then lists how many people are coming.  See you tomorrow!

Hi @Neil Da Silva,

The conventional US wisdom of holding properties in an LLC doesn't work for Canadian citizens paying taxes in both the US and Canada since the CRA doesn't acknowledge LLCs as flow through entities - they view them as corporations. This ends up creating additional tax liability for the Canadian.

Best advice is to consult with a cross-border accountant that's familiar with Canadians investing in US real estate.  You can also consult with an attorney familiar with cross-border entity formation for any nuances there.   There's a number of threads on BP about this as well - a common discussion is using limited partnerships to invest but beware since CRA has also recently been changing their rules on how they treat LLLPs from different states.

Sounds good @Neil Da Silva - we'll see you there.

Hi @Eric Delcol

It's in the box at the top of the page:  

The Currach Pub & Grill House, 4916 Yonge St, Toronto, ON M2N 5N5

I already have some non-biggerpockets folks confirming they'll attend as well.  Should be good.

Thanks,

Larry

Oops - I forgot to ping @Chad U., @Bayard P. and @Joseph B. in the original

This meetup is a networking event for anyone living in (or visiting!) Toronto who invests in real estate anywhere in the US. This is a regular event, usually on the second Wednesday of every month with it on Mondays every once in a while. There are no plans for pitching or selling, just a venue to share experiences and resources for those of us actively investing in the US. Anyone interested in learning more about investing in US real estate is also welcome, of course.

I expect it will go from 6 until about 9. The location was chosen to be easily accessed from the subway (it's just a few minutes walk from Sheppard subway stop) and close proximity to the 401.

Please confirm by responding to this post or PMing me so I can confirm with the establishment how many people would be expected. I don't have any ties to the establishment but they are running a business so I would hope that everyone showing up will show their appreciation by ordering something other than water! :)

Thanks

Larry

PS - I'm pinging several people here who attended or expressed interest - please ping any others that you think may be interested. @Glen Emery , @Robert Howell , @Linda Labbe , @Hai Loc , @Jim Chuong , @Adam Tao, @Eric Delcol , @Suzanne P. , @Oren K., @Mohamed Panju, @philip robbins, @bryan g., @Ming Lim

Hi @Kris Parks

I agree with @Chad U., the best way to set this up (until you start doing this on a regular basis) is to simply lend the money to your friend's LLC for a set percentage return. If you start investing with your friend on a regular basis you could set up a US limited partnership with him which would prevent any LLC double-taxation issues. Having said all that, I'm not a cross-border accountant (although I know some) so my advice is to get professional advice on this - to make sure you're doing the right paperwork since the rules change all the time.

Don't forget to do your due diligence on your friend's experience AND the specific deal!  In addition, make sure you put everything down in writing and protect yourself - ideally you'd have a promissory note, lien on the property and be named as an additional insured on the property insurance.

I run a regular meetup (typically the second Wednesday of every month) here in Toronto for US RE investors and they're always happy to share their experience.  Please shoot me a colleague request if you'd like me to notify you of the next one.

Good luck!

Larry

Hi @Philip Robbins, @bryan g. and @Mohamed Panju - looking forward to seeing everyone tomorrow!  @Ming Lim - were you planning on coming as well?

Hi @Ming Lim - no, I just advertise it on biggerpockets and directly via email to other groups of US investors I know in Toronto.  Thanks for asking!

Hi @Philip Robbins

Sounds good - we'll look forward to meeting you.  We had 6 people out last month but now that the weather is getting better in Toronto I expect to see more people showing up.

Regards,

Larry