Hi Navjot, Great video!! Numbers make perfect sense. For a new immigrant and a first-time time home buyer, doing this kind of renovations with out having knowledge about city guidelines would be difficult. Request you to kindly make some videos about your team and their past projects, which gives little comfort to the clients. Thanks once again for your detailed explanation.
Its a very interesting analysis.. but one thing does come to mind. If in this flip business, government allows adding 2 families in a single house wherein previously it was only entertaining a single family, don't you think that unknowingly the government is impacting the quality of life? Canada being such a large geographical land, can accommodate each family with a complete house, a garden ( the complete works). But instead, if the real estate keeps promoting these settlement patterns, then within next 10-20 years Canada will be like any other metropolitan cities in India where everybody is living in a clustered way and simultaneously degrading the quality of life. Now I can be completely off the track when I make this assumption. Would love to know your assessment on this.( probably as a comment or as a separate video).
Every nuke and corner requires renovation in this house..o my god ..if a person has money he should not throw in such properties...i didn get good feeling ..
14:29 Holy cow! The numbers you listed and what I’ve done is exactly what you mentioned. I did the first scenario (no renovation loan) but with tenants. So my monthly expenses are lower. Maybe I’ll keep this place with me for another 10 years to build equity
This is masterpiece of information Navjoth bhai. I would soon book a call to discuss with you guys . We are a new immigrant couple looking for our first home. 🏠
Your video content is getting really better. I really liked the direct and straightforward approach in here. Thanks for growing our knowledge. I am wondering what kind of house hacking one can do in areas like Vancouver/Toronto? I am in Vancouver btw.
@@simsingh4321jealous my @$$..his numbers are too skewed..500 ka ghar you wont get it and even if you get it it will be in outskirts..and 770k for it would also be tough..i think the overall roi is pretty fcuked up.. This is one of the point…I am not going to make it easy for you..or spoonfeed you…you need to do some research yourself too..if not 100 hrs then at least 10 hours..lol..as i said before mitron do your own due diligence..
Couple of problems 1) You are going to sell for 760k in three months 2) the rent is going to come as soon. At this market, I am pretty sure people are lining up to buy houses, ha ha. This bubble is going to burst just and the people have already lost their life's worth in 2022.
A lot of sins were committed in the holy world of God as if no one was answerable to the almighty after the death on the name of Supply and Demand :D@@growwithnav
It’s for house hackers looking to create long term wealth. And I don’t mean it in a bad way. Families with kids, parents living with them - which are majority of my clients, this deal won’t work for them as first time home buyers.
@growwithnav, where do you get insurance plus tax totalling $400? I live in Edmonton, and for my $520K house, the property tax is $441, and the insurance is $180 monthly. I've watched several of your videos, and your numbers don't seem accurate. It appears you might be either making up these figures or lacking real data.
Hi, good one, 2 questions 1. Tell me honestly how often would you get such kind of deals and even though you get the realtor would do opt for it or he opts for his closest friend like you😂 2. You get better options in USA , is it tough to execute there ? Thanks.
1. You have to be patient and stick to your numbers. If you don’t get a house at that number, so be it. 2. US is not a 1 deal market for Canadians given the expensive accounting / legal structure and private financing. If you want to build a portfolio in US, it’s a better market for sure.
Can you buy house on any inc? I mean like your Inc is mortgage inc so able to use mortgage earning as propery investment? Or you opened anoher INC or holding INC to do all this?
Also when you move the funds (the profit in this case) from your incorporation to your personal account that amount gets added to your salary leading to higher income tax. Not sure if there any legal loophole around this.
@@akhere4279 He perhaps did not say that. However the way he was saying it I thought he was hinting it. Anyways that was also a bit of loud thinking on my part 🙂
You can move them slowly in a tax efficient way. That’s the beauty of incorporating - you can enjoy a low tax bracket for a long time :) Holding companies are generally useful for self employed in my experience - better tax advantages.
@@growwithnav I completely agree with you Navjot. That's the beauty of being self employed and not to mention one can lower their personal income tax too. Again self-employment is not for every one 🙂. Thanks for clarifying it!
Hi Nav !! Hope you doing great I want know your opinion plz be honest if one has 10cr corpus in india one should come to canada or any countries??? What you really think with this much corpus
Will I be considered a first time home buyer even after I own a property back in India or does it mean that the purchase should be the first in Canada?
This is a lawyer question mostly - But you are technically not eligible for the land transfer tax rebate if you already own a home anywhere in the world. Rest, you will be a first time home buyers or incentives like FHSA, RRSP withdrwals etc
Okay plan sounds good but will people be willing to pay almost a quarter less than a million (770000) for that house? especially when govt is going to balance the demand and supply of houses by putting billions into the construction of new houses and decreasing immigration.
Well, the govt said that 4 years ago too 😀 It’s elections, they will say anything to get votes… building homes is a 10 year plan and the current plan is not enough to meet the current demand.
@@growwithnavNevertheless, a great video. Let me know if you feel we can work this out without a direct team as well. In case you do mortgages with a tie-up there, I would be happy to have a hand-holding or knowledge transfer on property aspects
The way you explained it Navjot makes perfect sense not only as an investor but also for 1st time home buyers👍
Thank you 🙌
Yes I agree
I got so happy when I recently received your newsletter, I hope you send them more often.
Hi Navjot, Great video!! Numbers make perfect sense. For a new immigrant and a first-time time home buyer, doing this kind of renovations with out having knowledge about city guidelines would be difficult. Request you to kindly make some videos about your team and their past projects, which gives little comfort to the clients. Thanks once again for your detailed explanation.
🙌🙌
Its a very interesting analysis.. but one thing does come to mind. If in this flip business, government allows adding 2 families in a single house wherein previously it was only entertaining a single family, don't you think that unknowingly the government is impacting the quality of life? Canada being such a large geographical land, can accommodate each family with a complete house, a garden ( the complete works). But instead, if the real estate keeps promoting these settlement patterns, then within next 10-20 years Canada will be like any other metropolitan cities in India where everybody is living in a clustered way and simultaneously degrading the quality of life. Now I can be completely off the track when I make this assumption. Would love to know your assessment on this.( probably as a comment or as a separate video).
Things not always as they seem
Thanks Navjot.
You do very good job for support and teach to how to create the wealth.
I wish you will continue to do that for the society
Thank you 🙌 for your support!!
Awesome Workshop.. No doubt my Fav New Canadian Immigrant Channel...
🙌❤️
Every nuke and corner requires renovation in this house..o my god
..if a person has money he should not throw in such properties...i didn get good feeling
..
14:29 Holy cow! The numbers you listed and what I’ve done is exactly what you mentioned. I did the first scenario (no renovation loan) but with tenants. So my monthly expenses are lower. Maybe I’ll keep this place with me for another 10 years to build equity
💯😀
This is masterpiece of information Navjoth bhai. I would soon book a call to discuss with you guys . We are a new immigrant couple looking for our first home. 🏠
🙌🙌🙌
Your video content is getting really better. I really liked the direct and straightforward approach in here. Thanks for growing our knowledge. I am wondering what kind of house hacking one can do in areas like Vancouver/Toronto? I am in Vancouver btw.
Mindblowing video Nav!
Too much of assumptions made..buyers be aware! Don’t fall for his half researched numbers..do your own due diligence.
Give details when you make a bizarre comment. Either you will explain assumptions, or you are a jealous person who couldnt make such a video.
@@simsingh4321jealous my @$$..his numbers are too skewed..500 ka ghar you wont get it and even if you get it it will be in outskirts..and 770k for it would also be tough..i think the overall roi is pretty fcuked up..
This is one of the point…I am not going to make it easy for you..or spoonfeed you…you need to do some research yourself too..if not 100 hrs then at least 10 hours..lol..as i said before mitron do your own due diligence..
Lol do your own due diligence..😂
One thing I noticed is that … you didn’t mention 24k tax which applies when you buy your second/investment property.
Isn’t a case in this scenario?
Good explanation. So, this strategy depends very much on the perceived house value and bank appraisal.
Are banks still liberal with appraisals?
It is based on comparables in the area.
Hey Nav… can you please throw some light on capital gain tax for scenario 1. Where one flip the house in less than a year and also after a year
Less than 1 year - you pay capital gain on the entire gains.
1 year + you will be pay CG on half of the gains.
Couple of problems
1) You are going to sell for 760k in three months
2) the rent is going to come as soon.
At this market, I am pretty sure people are lining up to buy houses, ha ha.
This bubble is going to burst just and the people have already lost their life's worth in 2022.
Sounds awesome,
It is not worth to buy even 700 k after renovation
I agree with you. They aren’t worth 700K
And yet that’s the price duplexes sell for in Canada :)
Supply - Demand
A lot of sins were committed in the holy world of God as if no one was answerable to the almighty after the death on the name of Supply and Demand :D@@growwithnav
Hi Nav, Is this profit calculation after paying anti flipping tax if we sell under 1 year ?. Thanks
Before. And you should buy this in a hold co to avoid much tax.
Amazing video , some great insights
good luck getting 770000 for that house. i would never buy it as someone looking for a house, especially as a first time home buyer.
Yes Mee too... Will get a far better house at a lower price than this.
Yes me too
It’s for house hackers looking to create long term wealth. And I don’t mean it in a bad way. Families with kids, parents living with them - which are majority of my clients, this deal won’t work for them as first time home buyers.
what is B / B+ neighborhood means?
@growwithnav, where do you get insurance plus tax totalling $400? I live in Edmonton, and for my $520K house, the property tax is $441, and the insurance is $180 monthly. I've watched several of your videos, and your numbers don't seem accurate. It appears you might be either making up these figures or lacking real data.
This is in Kitchener, Ontario. Alberta is way more expensive when it comes to Property taxes and insurance.
Hi, good one, 2 questions
1. Tell me honestly how often would you get such kind of deals and even though you get the realtor would do opt for it or he opts for his closest friend like you😂
2. You get better options in USA , is it tough to execute there ?
Thanks.
1. You have to be patient and stick to your numbers. If you don’t get a house at that number, so be it.
2. US is not a 1 deal market for Canadians given the expensive accounting / legal structure and private financing. If you want to build a portfolio in US, it’s a better market for sure.
@@growwithnav thanks got you!! , waiting for PR , last stages , will connect soon. !! Good night.
Can you buy house on any inc?
I mean like your Inc is mortgage inc so able to use mortgage earning as propery investment? Or you opened anoher INC or holding INC to do all this?
Homes can’t be bought in operating companies. You have to buy them in your personal name or a holding company.
Bank will give reno mortgage even if you already touched max ratios
No, you need to qualify for mortgage + Reno loan.
Thanks for detail video. Do you have Team in Winnipeg?
We can help you with the mortgage in Winnipeg - But we don’t have a full team yet unfortunately.
Also when you move the funds (the profit in this case) from your incorporation to your personal account that amount gets added to your salary leading to higher income tax. Not sure if there any legal loophole around this.
But when did he say to move profit to personal account?
@@akhere4279 He perhaps did not say that. However the way he was saying it I thought he was hinting it. Anyways that was also a bit of loud thinking on my part 🙂
You can move them slowly in a tax efficient way. That’s the beauty of incorporating - you can enjoy a low tax bracket for a long time :)
Holding companies are generally useful for self employed in my experience - better tax advantages.
@@growwithnav I completely agree with you Navjot. That's the beauty of being self employed and not to mention one can lower their personal income tax too. Again self-employment is not for every one 🙂. Thanks for clarifying it!
Hi Nav !! Hope you doing great I want know your opinion plz be honest if one has 10cr corpus in india one should come to canada or any countries??? What you really think with this much corpus
mungeri lal ke haseen sapne
Will I be considered a first time home buyer even after I own a property back in India or does it mean that the purchase should be the first in Canada?
This is a lawyer question mostly - But you are technically not eligible for the land transfer tax rebate if you already own a home anywhere in the world. Rest, you will be a first time home buyers or incentives like FHSA, RRSP withdrwals etc
Okay plan sounds good but will people be willing to pay almost a quarter less than a million (770000) for that house? especially when govt is going to balance the demand and supply of houses by putting billions into the construction of new houses and decreasing immigration.
Well, the govt said that 4 years ago too 😀
It’s elections, they will say anything to get votes… building homes is a 10 year plan and the current plan is not enough to meet the current demand.
Nav do you also help for purchasing Condo in Mississauga
Yes 💯
My budget is 500k max is that enough for 2 bed condo
If it’s possible I can contact you soon as a realtor for help
@@laveshdc please book a call from the bio.
Navjot, can you share your renovation contact?
Sir why no more videos are coming on potato talkies
How old was this house?
1955
Do you have a team in Montreal as well?
Unfortunately, no!
@@growwithnavNevertheless, a great video. Let me know if you feel we can work this out without a direct team as well. In case you do mortgages with a tie-up there, I would be happy to have a hand-holding or knowledge transfer on property aspects