andy... been thinking about you lately. lost your contact info! scott from sarnia. wanted to chat. email me. [email protected]

yes, barb. same here. last year (with 28 units) i was told the same thing by the bank on a deal i was trying to put together: we will not approve you because "what if all your rental units are vacant at the same time?"!!

How Do I Decide Value of Building vs. Land Upon Sale of Rental Property? For income tax purposes, I assume i have to divide the value of my sale between building and land. after ten years of investing, this is my first property sold. need some insight.

i have always used excel. lots of ways to use it. but a simple data-entry-only page on your first sheet, and then one sheet for each property with all the forumlas that pull the right numbers into the right cells, and a summary page or two (or three), depending on how you want to manipulate...

my wife and i own all our properties in our own names, so each property is recorded separately on income tax. if these legal fees are not attached to any property that i actually own, then to which property do i expense these fees? and navaz, that is about what i figured would likely be the...

i have some small legal fees incurred for a private sale that we ended up walking away from in the end. can these fees be claimed in any way? normally i would deduct them from the purchase price of the property for claiming when the property is sold down the road. but if i never bought the...

hmm... watched the newslink video... would have been nice if that was all our tenants had done to our place. i think you guys need to see these pictures. and these are just a taste of the rest of the unit (which did include dog poops as well)...

So... embarking on my first JV... But the person who was planning on being the "money person" is getting advice from a lot of people (financial people). We have moved from my original presentation: "Your money, my expertise." Would put my name on the mortgage, title, I would deal with...

QUOTE (thomasbeyer2000 @ Mar 29 2009, 07:02 PM) why is there taxable income with a 4% depreciation (CCA aka Capital Cost allowance) ?? if taxable income you set the split ONCE up front .. or if later there is a "deemed sale" with possible taxes payable if transfer value has changed ! in answer...

QUOTE (navaz @ Mar 29 2009, 09:52 AM) Once you decide who is the beneficial owner (title is not as important) of a property- and what percentage that person owns (does not have to be 50-50), the only way to switch them is for the person to sell the property So lets say you decide you own 50%...

another follow up question... the income tax program we use gives the option of choosing "sole proprietorship" or "co-ownership" of the rental properties. i assume we are co-owners of the properties. both our names are on title and on mortgage. if we choose "co-ownership" does this force a...

QUOTE (navaz @ Mar 28 2009, 08:28 AM) It is a complex issue and that is why you are getting confusing answers. The answers depend on the following questions [list type=decimal]What is your current income and your spousesWhat will your and your spouses income when you sell the propertyHow much...

okay... i seem to be getting different answers to this question depending on who i ask. so i thought it might be worth tossing it up here... we have claimed rental income (and expenses) on one spouse`s tax return up till now. if we purchased a new property last year (or more), can we choose...

Wow. Cool. I`m going to share the passage that the Lord used to settle me into real estate as one of my three or four main tracks in life. I am a pastor/teacher at a small new church in Sarnia, Ontario. And for some time the battle between "full-time" ministry and "tent-making ministry"...

QUOTE (Yassi @ Mar 13 2009, 09:47 AM) Then you need to take action and become a member! Actions= Results don`t forget! lol. thanks for the advice. action is what`s causing my problems these days! it`s my action that has pushed me toward JVs. at the moment we own eleven income properties...

Dan... yes, thank you.. But I am simply a Forum member and not a REIN member at this point. So those forms are inaccessible to me.

Looking for a sample of a JV agreement for two people. My lawyer is making one up. He is a real estate lawyer. Very competent. Has done many partnership agreements. But a real estate partnership for one money partner and one expertise partner is a new one for him. He will do a great job of...

i understand the mortgage company wants whoever is on title to be on the mortgage as well. can you ever add someone on title after the fact? not necessary i assume? (my JV partner is asking all kinds of questions that i am trying to answer!).

QUOTE (thomasbeyer2000 @ Feb 24 2009, 01:02 AM) usually just you, and as a "silent partner" I would NOT want to be on mortgage as I could lose more than I invest due to personal recourse in most provinces except AB. what about on title? if the money partner is not on mortgage, then does that...

okay... nesting another JV question inside this JV question thread... re: setting up the JV... i have a money partner, and we are interested in a number of small properties, probably buy and hold for a little while, maybe some would be buy and sell after three or five years, depending on where...