Posted by Chuck (AZ) on July 05, 2001 at 23:24:57:
(nt)
Canadian Perspective - Posted by Paul Bloedow
Posted by Paul Bloedow on July 05, 2001 at 21:47:57:
I have been reading and researching the idea of doing some deals here in Canada and am wondering if there is anyone out there who has done or is doing deals in Canada. I live on the East Cost of Canada in the province of New Brunswick. I am wondering if the rules and regulations are the same as in the US. Any feedback would be greatly appreciated.
Re: Canadian Perspective - Posted by Ryan Monti
Posted by Ryan Monti on July 09, 2001 at 12:12:26:
Paul,
It should. Although in live in North Carolina, I’m Canadian - Hamilton Ontario Born. There are alot on MH’s in Canada, I’ve lived in Yellowknife, Northwest Territories for nine years - where dispite the cold temperatures -40 F (-40 C), mobile homes are abundant.
You will need to to the research, your goal is to buy low, fix up minimal, seller higher with financing. US monitary figures will not fit into Canadian, but your research should tell you whether or not a good deal is to be had.
In the States we can deduct the interest we pay on our mortgages from our income tax. I know that this is not true in Canada, could be an advantage in your case.
You will definantly want a self directed RRSP (401K in the States), and you should form a Canadian Corporation to handle all your MH deals, therefore you will only be taxed at 22.5 for the first 300,000.00 canadain dollars of net (gross-expenses) income.
PS. Please keep me posted on your progress, if the economy gets much worst down here, I might need to move back to the Great White North :-). Good Luck Hoser.
Ryan Monti
Re: Canadian Perspective - Posted by Chuck (AZ)
Posted by Chuck (AZ) on July 05, 2001 at 23:23:22:
Despite popular Canadian opinion polls… the US is comprised of “nation-states”, that each have their own set of rules and regulations, which are TOTALLY different from each other, and which are usually in conflict with the “mother-nation’s” dictates.
That aside… creative real estate works. You just have to apply the concepts to real-life situtations.
Can you do “Lonnie-deals” in Canada? Yea, as far as I know… but I’m in Arizona, so don’t quote me on that.
Can you charge 443.3% interest? I doubt it… tho the “payday-loan” place down the street gets away with it daily.
Ok, ok… I like picking on Canadians, I’ll admit it. Some of my best friends have a maple leaf tatooed on their forehead.
Seriously now (really), I’d think a copy of the local laws regarding lending with regards to real estate would be worth a persusal.
That and a copy of Lonnie’s book.