All Forum Posts by: Michael Ramzy

Thanks Linda Weygant

Hi Guys, I'm from Ontario canada and I'll be closing on a property in New York in the next few weeks. I'm not renting the property. It's going to be a second residency. It's less than $200k. So the question; what is the suggested ownership setup? On my personal name or corporate? My accountant suggested to be on my personal name, instead of a corporate. To avoid corporate cost fees and handling another corporation year end and taxes...etc. If I did it under a corporation, then I can take advantage of many tax deductions like; loan interest, insurance premium, property tax, repairs and improvements, travel, utilities...etc. Any advice?

@Florence Lee @Larry Smet @Annabelle Lee If I read this conversation a day earlier, it would have been good to connect. Guys, please let me know if any future gatherings. Would love to connect! Enjoy the rest of the weekend.

@Dave Carpenter , I just came back from yesterday's event in Toronto. Chicago is next! I went for Tony Robbins cause I'm a big fan. The event starts at 8am and ends at 4:30pm. Guess what! Tony Robbins is scheduled at 4:30pm; the last few minutes. All the rest of the day is a big selling things one after the other. Each representative wants you at the end of his presentation to buy his membership and promising a whole life partnership. Apparently, they have been doing this for quit a while cause last time they were here in Toronto again, it was 10 years ago with Tony Robins, as well. 

Yesterday, I couldn't stand the sales pitch even if I'm missing to see Tony! The Groupon tickets were exactly the same as here. The $39 were very far from the stage. You don't see the stage, only on TVs. Good luck if you're going. Let me know your feedback, if you went.

@Dave Carpenter

thanks @Dave Vogt. That's true. 

Seems like that! @Rachel H. Thanks

Thanks @Roy N.

@Brian Gibbons I like your website! The fact that @Roy N. is recommending you, I've tried his recommendation before and it was great. Hinting @Gary McGowan ;)

@Brian Gibbons I'll PM you and check if there is something we can do in my scenario!

Thanks :)

@Roy N. The property is in the U.S. 

@Brian Gibbons at this point nothing happened, just thinking of different paths!

@Brooks Rembert thanks for the keyword. That was very helpful!

@Brian Gibbons & @James Wise Thanks for the advice. 

@Fred Heller Glad to know the "due on Sale'  clause.

@Roy N. , @Jovanny Smith & @Gary McGowan that makes me want to know more about assumable mortgages!

Now, Can I raise the bar a little bit and make the scenario a bit complicated? The seller is in Florida she just bought the property and had her mortgage 3 months ago! Now the buyer is a non-U.S. resident. I guess the buyer has try to know if the seller's mortgage is assumable. Let's say; it is! Is that still possible? Does it now depend on the seller's lender and their terms and conditions or what?

Another one here too from Mount Albert, Ontario!