All Forum Posts by: Steve Schneider

Hello everyone,

I was hoping to get some advice in regards to how rental income can affect your spouse who is on maternity leave. My fiance and I are currently looking at purchasing a four-plex but we have gotten some conflicting advice when it comes to how the income generated from this four-plex will affect her mat leave income. 

We are obviously going to quiz our accountant and also will have a chat with the CRA EI department to get there 2 cents as well. But if anyone has or is currently going through something similar to this any advice would be greatly appreciated. 

Thanks in advance,

Steve

@Roy N., thank you very much for the information. I will definitely pick up that book and give it a read. Have a good one. 

Hi there BP community,

This question is for my fellow Canadian Investors. I was just curious how other people have went about structuring their Real Estate Investing companies. My fiance and I meet with our accountant next week to discuss some options but I was hoping to get some advice on what has worked for you guys. Are people just starting up a proprietorship or are they going straight to a corporation? Is this something I even need to think about at this time or should I wait until we have a few properties under our belt. Our plan is to buy 3 properties this year and grow our portfolio larger each year. All advice is appreciated and thanks in advance.

@Rick Lachance, welcome to BP. Glad to see another fellow Canadian investor. Enjoy all the great information BP has to offer. I'm still in the process of starting out as well but what I found was really helpful was picking out the strategy I wanted to use (buy and hold, BRRRR, flipping, wholesaling etc). I then researched that strategy like crazy and began analyzing properties that fit that strategy. Once you start analyzing properties and seeing actual numbers that are going to apply to you in your area you can then draw up some goals and a financial forecast. It really helped me get my head wrapped around the capital I was going to need to come up with and the returns I would be getting. Hope this helps a bit. All the best and good luck in your Real Estate adventure.

Buy three properties

Thanks everybody.

@Jeff Lewis thanks for the heads up. I have joined and will be attending. 

Have a great day everyone. 

Hello BP!

My name is Steve Schneider and I currently live in Edmonton, Alberta. I have a beautiful fiance that shares the same passion and excitement about Real Estate as I do and we actually just had a beautiful baby girl back in November.  With the addition of the new little one we quickly realized how great it would be to let our money start working for us and grow our real estate portfolio so down the road we are able to spend much more time with our family. 

With that said, I have owned one property in the past that I rented out with some success but after joining the BP community I now see I could've been much more successful with that property. We are currently looking at a few buy and hold properties and even a few that we could use the BRRRR strategy on (thanks BP for that lesson). Hopefully we make a few offers in the very near future.

We have established our set of short and long term goals and cannot be more excited to commit to the REI business. I am very grateful for a community as large and experienced as the BP community and I look forward to interacting and networking with many of you down the road.

Steve