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Recent content by jimcurran

  1. J

    First commercial Property

    I'm in the offer stage of a commercial property after selling all my residential property this year. I'm looking at a short term rental commercial property and wondering what conditions would be applicable to the business purchase? I understand the property itself and feel confident in the...
  2. J

    1st Commercial Property

    Recently sold all my residential properties and looking at my first commercial with 6ish units. My only experience is with the residential house/duplex type and wondering if there are any watch outs or significant differences when stepping into the commercial side oo a small building. Looking...
  3. J

    How to structure ownership for tax benefits

    I recently sold all my properties and came across one I couldn't pass up to purchase in the process. Although the time to sell was good with the market, I will be paying the price at tax time taking the $ as income. I am in the highest tax bracket already so I will eat this one but, wondering...
  4. J

    Capital Gains

    Selling my properties in Ontario and wondering if there is any way to defer paying capital gains if I purchase more property worth equal or greater value than what I sell? Any suggestions as I'm in a high tax bracket.
  5. J

    Insurance prices

    Just wondering if anyone can recommend an insurance company. I seem to be paying quite a bit more than others and am loooking to bring my costs down. It seems like most people I talk to seem to be paying 700ish while i'm paying more like 1500. I live in Sarnia, Ontario.
  6. J

    How to structure first JV? Advice needed

    Rent is $3700/mo (950,950, 900,900). or 44400/yr. Expenses Taxes-$4000/yr (this will increase by roughly 33% if I pay the full 400K price vs the current 266K assessment) Insurance-$1000/yr Water-1400/yr Snow/yard-1000 Vacancy-1200/yr PM-5% or 2200/yr Maint-1200/yr total...
  7. J

    How to structure first JV? Advice needed

    Now that I have my partnership taken care of I have another scenario. I have the seller interested in a VTB. My original offer was for full price of 399,900 @ 4% interest for 20 years. The seller via their agent wants me to come back with a better interest rate and also have it at four five...
  8. J

    How to structure first JV? Advice needed

    Thanks for the reply. All of the things you have mentioned we have discussed and are meeting with lawyers to put them in writing. I was wondering about the different types of ways to hold the property and their advantages/disadvantages, ex. inc, jv, creating a hiolding company, etc? You seen...
  9. J

    How to structure first JV? Advice needed

    I'm looking at my first JV and am looking for some expertise on how to structure it. I own a few duplexes and my partner a triplex, and we are looking at a fourplex together. It will be the two of us and our wives also going in. What are the advantages/disadvantages of the different ways to...
  10. J

    Fire certification for triplex??? need help

    I'm looking at a triplex in Ontario and am told that you can get a fire certificate without an electrical inspection. This is what I was sent. "In terms of the fire certificate, he says with a duplex an electrical certificate is required before the fire certificate. With triplex, an...
  11. J

    Advice on a property

    Ontario, small city (100,000 population), yes an economically well off city, near downtown and riverfront district. There is one 3 bdrm, one 2 bdrm and a bachelor. The 3 bdrm is above average size, and has a deck, shared yard, and its own laundry. The 2 bdrm is above average size,has a...
  12. J

    Advice on a property

    I'm currently looking at a triplex for sale for 199K. They purchased it 1 year ago for 156,500 and have done nothing to improve the property. The gross monthly income is $2260. They have listed expenses totalling $632. (heat-86, water-80, water heater rental-27, taxes-211, insurance-178 and...
  13. J

    Crunching numbers

    Thanks for your help. This is how I figured my numbers but just wanted to check to see how others do it. I work too hard at this to not pay myself a decent amount in the end.
  14. J

    Crunching numbers

    I'm just wondering where you are located or finding properties that can get such great rents??
  15. J

    Crunching numbers

    Thanks for all the replies. To clear things up I'm located in Sarnia, Ontario. The property is currently rented and for sale. I don't find that the #'s work for me at such low rents but was wondering what others thought. In my area the max you would get for a property like this in rent is...
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