Messages

1

Member Experiences / Re: I won one

« on: March 01, 2008, 10:16:55 PM »

Every comment can be right and wrong. It all depend on the individual situation. If a legal problem is small, you can probably get away with a corporation. But if the problem is significant, any lawyer would name you, your corporation and any other involved party as defendants, so there would not be much protection available. The same goes for tax issues. if CRA wants to audit you, they would allow only legitimate expenses and if you are not running an active business, your travel expenses and meals would not be accepted.

As for environmental issues. I personally spoke with MOE and their position is very simple. If you or your corporation owns or owned a land at any time, they have every right to name you and your corporation in their claim. Maybe you would be able to convince the judge that you had no knowledge, but you would still have to defend yourself in court.

And if there is an accident of any kind, you can bet anything that every possible name would be included in the lawsuit.

You have to protect yourself the best way you can, but do not think that your protection is solid. I do business only through corporations, but I have no illusions about the risk I take by being a director.

2

General / Re: Hamilton Tax Sale

« on: February 28, 2008, 12:01:17 AM »

Just wanted to add something about incorporating.

Although corporation may provide certain protection, in the case of environmental pollution, directors may be held liable. The corporate veil could be removed and there would be no protection.

3

General / Re: WHERE IS EVERYONE ????????

« on: September 27, 2006, 03:09:16 PM »

Everyone is busy, making bids.
They do not have the time to talk.
 

4

General / Re: Teaming Up

« on: September 10, 2006, 05:06:43 PM »

Home mortgages in Canada are not tax deductible.  What is tax deductible is a loan you take out (with your house as collateral) to make investments.   I have done this for years.  The Smith Manoevre talks about a vehicle for making your home mortgage, or a part of it as it gets paid down deductible against investment profits, and you essentially take the equity you have built up out of it to invest.  You need to talk to a financial advisor (stay away from accountants), that knows a lot more about this and deals with it daily - check out a freedom 55 type guy.    You might want to try a personal message to Speedfreaksteve (he invented freedom 35).

 do some homework first, for example go to:

 http://smithman.net/

It is amazing how these simple strategies of making home mortgages tax deductible are not well known to the public. What is even worst is that many consultants are not comfortable with using these tactics.
You really need to look for the right consultant, as probably 7 out of 10 will insist that this is not appropriate in “your case”.

5

Questions and Answers / Surface rights and mining rights for land

« on: August 24, 2006, 09:24:14 PM »

I have a technical question about land transfer document / deed.

When land is transferred as the result of a tax sale, the treasurer usually makes an inquiry with the Ministry of Northern Development and Mines about taxes imposed under Mining Act.

If the treasurer states in the deed that there is no mining tax and the transfer does not create a severance of the surface rights from the mining rights, does that mean that the new owner has both the surface rights and the mining rights?

If the treasurer makes a mistake in the deed regarding the severance of rights, can the new owner make a claim if he finds that someone else owns the mining rights?

Your comments would be appreciated.

Thank you.

6

General / Re: Falling coming soon.

« on: August 24, 2006, 09:22:14 PM »

$100 would cover the services fees, but you still need to pay for government fees that range from $200 to $360. In total the minimum cost would be around $400-500.

7

Property Information / Re: Orillia tax sales

« on: August 05, 2006, 08:50:56 PM »

Well, that does not sound good at all.
If the city will not install the water and sewer, those lots would be worthless.
It’s too bad, because it looks like a nice area.

8

Property Information / Re: Orillia tax sales

« on: July 31, 2006, 11:51:37 PM »

It looks like all the lots on the same street are coming from the same owner. Has anyone done the title search?

9

Property Information / Re: THE CORPORATION OF THE MUNICIPALITY OF CALLANDER July 21, 2006

« on: July 31, 2006, 11:48:52 PM »

I am curious, why would the municipality insist that they will not approve any building permits without rezoning? And furthermore, state that they would not support the rezoning. This sounds like conflicting information. 
Have you personally obtained your info from the municipality?

10

Announcements / Re: Ontario Gazette

« on: July 31, 2006, 11:44:02 PM »

They have to get a break from us at some point.
Can you imagine answering hundreds of inquiries from silly bargain hunters?

It must be so tedious.

11

General / Re: What is stopping you from making your first bid?

« on: July 26, 2006, 12:15:20 AM »

Wow!

It sounds like you did your research beyond the basics.
Where do you find the time?

Do you visit all of the properties you are bidding on?

12

General / Re: What is stopping you from making your first bid?

« on: July 25, 2006, 07:56:37 PM »

 Since then, I have used the now large equity I have in the property to make other profitable (and less obsessive, more due diligent) choices for property, including a small house on a tax sale for 12k (needs lots of work, but still  - where else can you get a house for 12k?- and a beautiful lot) and two lots (I think) in Callander, Ontario (the last tax sale, I've only heard I was the winning tender on both by a small margin but the lawyer for the municipality still has to check things out so hasn't declared the winner formally. 

Hi Gap,

I think your approach is great. Too many people get discouraged and stop, before they can get a real chance to be successful.

I have a question for you.
I assume, in your post, you are talking about 0.4 and 1 acre lots in Callander.
I am curious, what would be the value in a lot where you cannot build anything?

You see, if you want to build anything or sell the lots to a builder, they must be at least 2 acres in size to get a building permit. (for this municipality) And these lots are just too small. I mean, if you are buying just to get experience, it is great, but what value do your see in these lots.

Please do share your thoughts.

Thanks.

13

General / Re: Water lots?

« on: July 20, 2006, 06:12:09 PM »

Hi Everyone,

Did you know that the water lots were sold yesterday???!!!

For more than a minimum bid!!!

And you were joking about it.

Someone knew something

14

Questions and Answers / Re: Question for Rob

« on: July 19, 2006, 03:00:52 PM »

Thank you Rob.

I did read almost all posts and articles on this board and found them very informative.
Is there a way to sort the posts by the user name?


Hello Frank,
Would you be kind enough to comment on the same questions I asked Rob?
Thank you.
----------------------------------------
How did you gain this much experience?
Did you take courses or is it mostly practice?
Is there any particular area of the tax sales that can be used for active real estate investment or is it mostly for people who want to buy a cheep property and use it themselves?
Is there a particular approach you would recommend for an active investor?
Since most of the properties are scattered across Ontario, is there a way (you can recommend) for buying and selling properties without actually traveling for hours?

15

Questions and Answers / Question for Rob

« on: July 18, 2006, 06:57:08 PM »

Hi Rob,

I noticed that you are very knowledgeable in tax sales and can answer almost any question.
I am sure other people already asked you these questions, but if you do not mind, can you please comment again?

How did you gain this much experience?
Did you take courses or is it mostly practice?
Is there any particular area of the tax sales that can be used for active real estate investment or is it mostly for people who want to buy a cheep property and use it themselves?
Is there a particular approach you would recommend for an active investor?
Since most of the properties are scattered across Ontario, is there a way (you can recommend) for buying and selling properties without actually traveling for hours?

Sorry, I am asking too many questions.  It’s just too difficult to find a real expert who is willing to share the experience.
By the way, do you offer personal training?

Your comments would be appreciated.
Thank you.