All Forum Posts by: Larry Smet

Congrats - this is the very definition of hustle!

You mention "Construction Partners" - did you call them that because they take a portion of the projects' profits?  Or do they just get paid GC fees.

Like @Mayur Patel, I'm curious how you're finding your great deals.

Keep up the great and inspiring work!!

I've been using Harris Bank for years (now a subsidiary of BMO) - they're great for out of country investors like us.  PM me and I'll give you some contact info of who I deal with.  And no - you don't need to go to the US to set it up.  There's some other benefits that are great for real estate investors - I'll fill you in when you PM me.

Insurance is absolutely mandatory!  Not all builders risk includes theft unfortunately.  And they all have different deductibles too, so it probably pays to shop around.  

There's a certain amount of risk that you always have to take on when doing a flip.  Having said that, there's ways to mitigate the risk (e.g., get 3 or 4 quotes - not just one!  Get an alarm system and/or night watchman after you get your plumbing in, etc.).

Half the battle is just pulling the trigger - as scary as that is (and it's a very scary thing that all RE investors have to face when they start).  Before I started I remember a mentor telling me that RE investing is like potato chips - it's impossible to stop after just one!  lol  Pretty soon you'll be telling us how you've just completed your 10th flip.  Keep pushing!

Good luck @Jerry Stanford - let us know how it goes

Welcome @David S.

You should also post in the Chicago Roll Call that @Brie Schmidt started:

https://www.biggerpockets.com/forums/664/topics/21...

There's 100+ posts of Chicago investors all getting to know one another.  It's a great way to meet other Chicagoland investors.

I also have a suggestion of you're still interested - PM me and I'll tell you what I do.

No, but it's a good "throw in" that you can use in negotiations

I second the opinion that it's imperative you find a good cross-border accountant that can explain the ins and outs of the tax implications of investing across the border. It's not how much you make - it's how much you keep! For example, be very careful of "standard" advice from US accountants to put holdings in an LLC - depending on how it's structured you could get double-taxed (once in the US and again in Canada) since CRA doesn't view LLCs as flow-through entities. Personally I use LLLPs to invest in US real estate but everyone's situation is different. Check with your professional.

You're right that every locale in the US has its own rules, so it takes research to get familiar with whatever target market you are aiming for.  With some work, networking, (and practice!), etc. you'll become an expert in your farm market.  It does take time and effort, but is well worth it in the end.

I'd also recommend finding an attorney that specializes in entity set-up that is familiar with working with foreign nationals.  This will almost always be a different attorney from the one you use for your real estate transactions.

Feel free to PM me if you have any questions or would like to know who I use for accounting and US entity set-up.

Hi @Dennis M.

There's a number of us Canadians investing in the US.  Send me a PM and I'll share with you who I use for entity set up.  What part of Chicago are you scoping out and what type of investments are you planning on doing (i.e., flips?  residential rentals? commercial multifamily?).

Chicago is the market I've been focusing on for several years now... Let me know if I can help out.

Welcome @Matt Bernthal

What part of Chicagoland did you do your flips in?  Also, tell us about your plans to do the new build - that sounds very exciting!  Congratulations on grabbing the bull by the horns! =)

I also live in Toronto but invest in the US.  Since 2012 I've mainly been doing flips and now also starting to pick up rentals - all in the Chicago area.  If you'd like to get paid in US dollars, let me know!  :D