- Joined
- Jan 9, 2008
- Messages
- 196
I have owned several principle residences over the years and live in Calgary. I was remarried in Oct of 2004 and with all of our 2 sets of furniture, we purchased a second home in the Crowsnest Pass in April, 2005. I used the line of credit on my principle residence to buy it and had it paid off within 18 months. It was a weekender home for about a year and a half until my wife and i ended up working 7 days a week. My stepdaughter lives there now, paying a reduced rent as she does some ongoing remodelling for me. The prices there rose dramatically and i looked into Saskatchewan for the next house as property there was just starting to take off. I found a house nearly 2000 sq ft with 5 bedrooms and a den for very cheap. I made a deal with my inlaws to just pay the interest on the line of credit as i was looking for the appreciation of the house and to help them out being pensioners and wanting to move from Alberta back to where they grew up. It is now an awesome bed and breakfast 15 mins to Outlook and 15 mins to L. Diefenbaker. I also bought a lake lot at Hitchcock Bay and have a 3rd interest with two other guys (one a renovator/builder) on a second lot, which is almost completed now with our new cabin to "flip". My cabin gets built next summer along with the other two guys. All of the lake lot project ventures are currently paid up and i am saving up as fast as i can for next summer to pay off the Sask house and the new cabin which i will be using my vacation time to go out there and help build it as well. I was told that i should roll the rental properties into a corporation so i went to see a lawyer and formed one. I am currently looking for a good accountant or help in lining up these ducks. Given these holdings and current situation, can anyone tell where to go from here in their opinion. I have considered selling off the Crowsnest Pass house, taking the profits to further invest, but would that be capital gains or taxed as income? Since i work 7 days a week saving up for the real estate investments, the last thing i need is to get taxed to pieces along with my extra income with all the overtime that i do.
I am looking at Calgary foreclosures fix and flips for this winter/early spring with my reno partner and to do joint ventures with small starting out investors who don`t want to put their life savings on the line in getting started. We would like to build a great team of like minded investors to work with.
After the cabin projects are completed by the end of 2008, my reno partner and i would like to form a U.S. corporation and accumulate southern U.S. properties with other jvs as well. He is currently in Las Vegas scouting out property with a Canadian realtor down there. We could be our own best clients and salespeople to help the corporations grow. We could form corporations in different states holding property in key places. I think getting involved in something great for snowbirds, vacationers etc would be an excellent area to tackle. There are many great real estate deals in the U.S. in great locations which will likely be around for the next few years plus the exchange rate lets us invest with a bonus as well.
Look forward to meeting new potential JV investors and to hear what others would advise or add to what i have here. As you can see, both myself and my reno partner have an endless amount of energy and enjoy moving ahead full steam. We lack in not having a good accountant to see that we make the most of our efforts and hopefully we can rectify that problem very soon as we move into working with JVs who are go getters and want to run with us.
My nephew in Winnipeg is in the middle of the "Joint Venture" training program. Hoping to have him and his wife on the team as well.
Thank you.
Dean
[email protected]
I am looking at Calgary foreclosures fix and flips for this winter/early spring with my reno partner and to do joint ventures with small starting out investors who don`t want to put their life savings on the line in getting started. We would like to build a great team of like minded investors to work with.
After the cabin projects are completed by the end of 2008, my reno partner and i would like to form a U.S. corporation and accumulate southern U.S. properties with other jvs as well. He is currently in Las Vegas scouting out property with a Canadian realtor down there. We could be our own best clients and salespeople to help the corporations grow. We could form corporations in different states holding property in key places. I think getting involved in something great for snowbirds, vacationers etc would be an excellent area to tackle. There are many great real estate deals in the U.S. in great locations which will likely be around for the next few years plus the exchange rate lets us invest with a bonus as well.
Look forward to meeting new potential JV investors and to hear what others would advise or add to what i have here. As you can see, both myself and my reno partner have an endless amount of energy and enjoy moving ahead full steam. We lack in not having a good accountant to see that we make the most of our efforts and hopefully we can rectify that problem very soon as we move into working with JVs who are go getters and want to run with us.
My nephew in Winnipeg is in the middle of the "Joint Venture" training program. Hoping to have him and his wife on the team as well.
Thank you.
Dean
[email protected]
