Who’s your first joint venture partner in terms of investing?
Mine was my then boyfriend, now husband, Erwin Szeto.
When we first started dating, he showed me how to invest in real estate outside of Toronto. We took a tour with a local St. Catharines real estate expert and decided to purchase a student rental together.
I was the money partner, and he was the real estate expert.
He found the property, and I signed the paperwork. He did the home inspection, and I arranged for financing. I didn’t get to see the property long after closing.
We never signed a joint venture agreement like we were supposed to.
We were dating at that time. We weren’t married.
If our relationship didn’t go as planned, I would just keep the house to myself. I mean, after all, I was the one on title… at least that was the conversation I had with myself at the time.
Luckily, our relationship thrived, and we got married… now he owns 50% of everything I own…
But not every relationship works out the same, especially when it comes down to investment.
If you invest with your family members, as difficult as it can be, it is still a good idea to sign a proper agreement with your family members.
This week, I got to have a chat with Saurabh Singhal, a local real estate lawyer, about what he did to protect himself and his family when he decided to invest with his cousin.
As a bonus, Saurabh also shared with us the most up-to-date market information – how some property buyers are unable to obtain financing from their bankers. He’s seen quite a few deals getting extensions to sort out financing.
Until next time, happy Canadian Real Estate Investing.
Cherry Chan, CPA, CA
Your Real Estate Accountant
P.S. Erwin and I are bringing back the Wealth Hacker Conference in 2022. In 2019, we hosted Grant Cardone and over 1,500 fellow hard-working Canadians sharing the best insights on real estate, stock trading and building an 8-figure business. We’re doing it all over again in 2022!Join us on Nov 12, 2022, at the Toronto Congress Centre at this amazing event. Make sure you get your EARLY BIRD TICKETS, lowest price guaranteed
