Quebec and Quickstart?

[Ontrack]

Hi,

As part of my pre-purchase research into the QuickStart home study program, I was wondering if the information found in the program was 100% relevant to Quebec investors as well.

I`ve been told to watch out for the laws and tax differences but since I`m new to this I was wondering if anyone could give the main differences that exist between what is taught in QuickSatrt and what I will encounter as I begin to invest in Quebec.

In the event that Quebec turns out to be a major pain in the a** for investing, what other options, apart from moving to Ontario or Alberta, could permit me to still prosper in real estate investing in Canada?

Am I right in assuming that joint ventures would be my only option or are there other options available to Quebec residents?

Thanks

 

[housingrental]

Quickstart has info/tools on how to determine/analysis the general geographic location and specific properties within it. It is relevant country wide BUT you`ll also need to suplement this with knowledge of locals laws. (Especially important if self managing). This is regardless of the province (ie Quebec, Ontario, BC, etc..) Also of note Quebec laws aren`t particularly landlord friendly.

JV - I`m not sure what this has to do with which province you`ll invest in?

 

[Ontrack]

QUOTE (housingrental @ Jun 23 2008, 10:53 AM) Quickstart has info/tools on how to determine/analysis the general geographic location and specific properties within it. It is relevant country wide BUT you`ll also need to suplement this with knowledge of locals laws. (Especially important if self managing). This is regardless of the province (ie Quebec, Ontario, BC, etc..) Also of note Quebec laws aren`t particularly landlord friendly.

JV - I`m not sure what this has to do with which province you`ll invest in?Hi housingrental,

Thanks for the info,

What I meant by JVs is that since I`m located in Quebec one of the ways I could invest in real estate in other provinces, without having to move, is through JVs, am I right?

Are there other ways that an investor living in Quebec could profit from real estate in other provinces without having to move?
And if so, are they taught in the Quickstart program?

Added in edit --> By the way which format does the program come in, Audio, Video, Document?

Again, thanks for you time.

Mario

 

[housingrental]

Hi Mario,

Sure, happy to help.

JV - Yes you could do a JV out or province (happy to help facilitate too if you`re interested in Waterloo) but you wouldn`t have to - If you have the time and interest you can always fly out to the town and take a look around to buy and then hire a property manager. Analyzing different towns and properties is taught in the quickstart program.

I should also add the quickstart program is well done. Thought I`ve been a member of the message boards for a bit, I just joined rein a few months ago. I`ve been involved with real estate for a long time prior and have seen MANY books and systems and quickstart is tops. BUT it in of itself is not enough if you want to minimize risk - you need to apply what you`ve learned - you need to spend lots of hours over lots of time becominging an expert in an area and property type. You need to build a team specific to it - your realtor, manager, mortgage broker, etc..

Most importantly you`ll have a hard time if you don`t have income or assets. Real estate takes $$$.

You can also ofcourse invest through public companies, etf`s, etc.. for real estate exposure. Or also indirectly through mortgage`s.

Quickstart comes in large written package, I think CD`s also came with it but I haven`t spent much time on them. There`s also some support files online.

 

[Currentj]

QUOTE (Ontrack @ Jun 23 2008, 09:39 AM) Hi, As part of my pre-purchase research into the QuickStart home study program, I was wondering if the information found in the program was 100% relevant to Quebec investors as well. I`ve been told to watch out for the laws and tax differences but since I`m new to this I was wondering if anyone could give the main differences that exist between what is taught in QuickSatrt and what I will encounter as I begin to invest in Quebec. In the event that Quebec turns out to be a major pain in the a** for investing, what other options, apart from moving to Ontario or Alberta, could permit me to still prosper in real estate investing in Canada? Am I right in assuming that joint ventures would be my only option or are there other options available to Quebec residents? Thanks

Quick start is 100% applicable to Quebec - apply the system and see for yourself. Yes the laws are different, and there are probably local RE Clubs which could help you with those, or check out Ottawa Real Estate forums as some members in Ottawa "cross-border shop" so to speak (Unforetunately I am not one of them). As the other members pointed out, you can invest in other provinces from Quebec, either as a JV or directly. If you wanted to invest directly you could meet many of the team members you will need at the quick start events and REIN meetings or by asking for referals from members who invest in that area. You don`t need to decide right away, go to the Quick Start first. Good Luck

 

[ScottL]

Interesting discussion re : Quebec. I am a REIN quickstart graduate in Edmonton and am moving to Quebec next month. Although I hold properties in Alberta; I am excited to transfer my skills to the Montreal area. REIN quickstart and the property goldmine scorecard are certainly applicable anywhere.

I would love to discuss Montreal real estate and / or JV opportunities with anyone if they want. Feel free to PM me on this site.

Thank-you,

Scott

 

[Jerome]

[quote user=Ontrack]Hi,



As part of my pre-purchase research into the QuickStart home study program, I was wondering if the information found in the program was 100% relevant to Quebec investors as well.



I've been told to watch out for the laws and tax differences but since I'm new to this I was wondering if anyone could give the main differences that exist between what is taught in QuickSatrt and what I will encounter as I begin to invest in Quebec.



In the event that Quebec turns out to be a major pain in the a** for investing, what other options, apart from moving to Ontario or Alberta, could permit me to still prosper in real estate investing in Canada?



Am I right in assuming that joint ventures would be my only option or are there other options available to Quebec residents?



Thanks




ONTRACK,



I joined REIN only a few weeks ago (and this is actually my first post) and I am also looking at potentially investing in the province of Quebec. I see the post above is already a couple years old, did you end up doing it and bought properties in Quebec? Where exactly did you invest? What would be some of the biggest lessons you learned when investing in Quebec?



Thanks.

 

[Thomas Beyer]

[quote user=Jerome]What would be some of the biggest lessons you learned when investing in Quebec?


I recently sold 2 condos in Knowlton, PQ after 3 years of painful ownership at a loss. I paid $140,000 for a brand new nicely upgraded 1000 sq ft large 2BR condo - $140/ft, which I deemed inexpensive in 2008, and it was initially rented for almost $1000. I sold for around $100,000, as it could be rented for barely $600. The lesson learned is to buy ONLY in or near a big city where renters are plentiful and vacancy low. Property taxes and utilities are quite costly, rents quite low the rental laws very much in favour of a tenant (i.e. hard to evict if rent is late or only partially paid). Hence, if you buy do not pay too much as the equity gain is far from certain and as such only cash-flow needs to make up the bulk of your profit, and as such the price has to be VERY LOW (i.e. high CAP rate).



Example: if rent for a 2BR is $800 then you should not pay more than $60,000 for it.

 

[tchconst]

I'm doing business in Montreal and recently have started making offers in Ontario. You, guy, several times underlined a Joint Venture Company to do crossprovincial business. Am I missing smth? I do all my deal though federal corpotation LTD. Am I doing smth wrong? Coz Kiyosaki says I don't.

 

[housingrental]

The idea with a JV is for an investor to benefit from the knowledge of a local investor relating to the above posts.... the original poster was not trying to discuss business structuring

Hope this helps



[quote user=tchconst]I'm doing business in Montreal and recently have started making offers in Ontario. You, guy, several times underlined a Joint Venture Company to do crossprovincial business. Am I missing smth? I do all my deal though federal corpotation LTD. Am I doing smth wrong? Coz Kiyosaki says I don't.

 

[smmcguire]

Tchconst

You are free to buy anywhere in Canada. There are no laws that prevent you from buying property no matter what province you live in or buy in.

 

[MarkHealy]

That be so but I know that my corporation in Alberta had to register as extra-provincal corporation to be able to buy a property in BC



Mark

 

[Thomas Beyer]

Extraprovincial registration between BC and AB was recently dropped to my knowledge.

 

[MarkHealy]

Thanks Thomas

The time I had to do it was November 2008

Would be good to confirm



Mark

 

[Thomas Beyer]

[quote user=Jerome]I am also looking at potentially investing in the province of Quebec.


.. with a possible separation from Canada now is a good time to SELL real estate in Quebec .. as an independent Quebec will be an economic basket case and real estate prices will drop .. due to economy and ex-migration !!



With a strong vote for Gilles Duceppe and a newly re-elected PQ leader it is either: gimme gimme gimme .. or GONE !!



Only in Canada would such a party receive federal $s .. perhaps treason is a new charge that should be debated in the House of Commons.



http://www.nationalpost.com/news/mantra+Gimme+gimme/4565604/story.html



REIN would be wise to not offer REIN system in Quebec due to weak economic fundamentals and a totally different legal system incompatible with the rest of Canada ..



Frankly, I am very annoyed at the "handouts" (really, they are ransom payments) to Quebec and the French announcements on Westjet between W-Canadian cities !



If their majority wishes to leave .. let them leave SVP !!



Quebec doesn't offer a good base for investment .. in real estate or factories or ob creation !