Your calculation is totally off. You made a much larger loss on the sale of that one property you showed. Your expenses on that property was the 20% downpayment + the basement legalization costs + the real estate agent commission, legal fees and Mortgage penalty i.e. 65000 + 70000 + 32500 = 167500. The cheque you got was for $112500 which leaves a loss of $22500. How is this a great deal?
@dharanichoudary98878 ай бұрын
@Darren please make a video explaining this. Will be curious to know
@chineduogbonna69477 ай бұрын
How could your Toronto property appreciated so much? In 2023, GTA market was largely flat or negative for condominiums.
@dinushaphotography94247 ай бұрын
Hi Daren, in your calculations on the 1 Alberta sold, for the tax calculations you took Reno costs, closing costs, however for net gain/loss cost you literally deducted the mortgage balance off the price sold 😂😂. You missed out the down pmt, closing costs, that ugly mortgage penalty, pmts made to Principle over the years. For tax purposes if you make a loss, you in fact actually lost money on this investment, because any costs you deducted were in fact costs incurred out of the pocket.
@sidharththakur46908 ай бұрын
Please keep making content on real eatate investment. That content of yours is really interesting and aslo informative at the same time.
@kevintuttle50268 ай бұрын
Great info on the capital gains/ loss, Darren.
@chineduogbonna69477 ай бұрын
I thought you can’t deduct penalty for breaking your mortgage?
@clintcarter8 ай бұрын
Good luck on the 8plex! 😎
@bernardoneri48508 ай бұрын
sorry iwas just trying to understand the math. if all the money that got out or will got out from your pockets are 70,000 basement legalizing cost + 65000 (20% downpayment) +32,500 selling cost + 275,000 mortgage balance with total of 442,500. deduct it from the selling price of 420k which gives you a negative amount of -22,500 lost for this sale. Please correct me if im wrong.
@clintcarter8 ай бұрын
Thanks for sharing Darren! 🙏💪
@bernardoneri48508 ай бұрын
Hi Darren, Why did we not deduct the mortgage and downpayment or the purchase price itselft to selling price for the taxable amount? which will amount to 95k taxable amount (subjected to 15.25% CGT which amounting to $14,287.5) then deduct the capital lost of -$7,500) to it to get the total taxable amount of $6,987.5?
@dharanichoudary98878 ай бұрын
Hi Daren, Here to learn, thanks for sharing. But you didn’t get back your down payment plus cost to make the basement. Looks like you got less than what you invested. Can you please explain how is this considered good?
@cryptounleashed53054 ай бұрын
Why sell so early Darren
@BigboyClothing.8 ай бұрын
Hi darren Do you think to starting out we can start in alberta? As A foriegn investor there is no tax and i am currently on work permit. Should i consider calgary edmonton? Which one should i choose
@bigshitter98728 ай бұрын
Ontario is the last place on earth you want to be a landlord