help for a beginner

[nenos11]

hi,

I live in st pierre et miquelon. A small french island near newfoundland. My sister brother and i are planning to invest in real estate in canada. We`ve read every Don R. Campbell books and also have the quickstart program that i`m listening to right now.

I have two questions for experience investors:

1) We`re french but we have canadian citizenship. The 3 of us would like to invest together. We`re no sure if we should incorporate. I`m for incorporating because if things go wrong we`re not personnally accountable but maybe it`s not so great for taxes or else. I`d appreciate if you tell me what you think ?

2) We would like to buy 1or 2 properties in st john`s newfoundland first. Just because it will be easier for us to get there and we think this way we can practice the fundamentals of going throught a mortage, finding a real estate agent, closing etc....; (The french real estate market is very different from the canadian !!). The goal is to go to a REIN seminar after that and invest in the hottest places in canada (alberta etc....). I`d like to know what you think ? Do you think St.John`s NFLD is a good place to start investing ?

Thanks a lot, your advice would really help and make a difference.

nenos11

 

[DonCampbell]

Hi,

You live in a beautiful part of the world!

To address #1 -

There is no black and white answer to this question. It all depends on what else you have in your life, what businesses you own, jobs you have, exit strategy you have in place.

The BEST thing you can do is contact a REIN experienced accountant to discuss structure options. There are many Members who invest in their private name (upwards of 100 properties) and others who start out incorporating. (which creates further problems for financing).

The next step is to speak to a VETERAN investment property mortgage broker (not an average home owner broker) to see what their thoughts are with the current bank situations.

That should get you going.

 

[nenos11]

hi,

Thanks a lot for your answer. We really did enjoyed your books !

How can i contact a REIN experienced accountant ?

What do you think about N° #2 ?

2) We would like to buy 1or 2 properties in st john`s newfoundland FIRST. Just because it will be easier for us to get there and we think this way we can practice the fundamentals of going throught a mortage, finding a real estate agent, closing etc....; (The french real estate market is very different from the canadian !!). The goal is to go to a REIN SEMINAR AFTER that and invest in the hottest places in canada (alberta etc....). I`d like to know what you think ? Do you think St.John`s NFLD is a good place to start investing ?



Again thanks for taKking the time !

Ciao

nenos11

 

[Dan_Eisenhauer]

QUOTE (nenos11 @ Sep 3 2008, 10:54 AM) hi,

Thanks a lot for your answer. We really did enjoyed your books !

How can i contact a REIN experienced accountant ?

What do you think about N° #2 ?

2) We would like to buy 1or 2 properties in st john`s newfoundland FIRST. Just because it will be easier for us to get there and we think this way we can practice the fundamentals of going throught a mortage, finding a real estate agent, closing etc....; (The french real estate market is very different from the canadian !!). The goal is to go to a REIN SEMINAR AFTER that and invest in the hottest places in canada (alberta etc....). I`d like to know what you think ? Do you think St.John`s NFLD is a good place to start investing ?



Again thanks for taKking the time !

Ciao

nenos11

Hi Nenos.

Welcome to the world of real estate investing, from an East Coaster (Lunenburg, NS) currently living on the West Coast... thus making me Bi-Coastal as opposed to Bi-Polar.

I don`t know if you are a REIN member or not. This information is in the members only section. But, here is the link for the resource contacts.

Good luck,
Dan

 

[nenos11]

Thanks a lot Dan,

Sorry but i"m not a REIN member Yet.

Ciao