Hi Mr. Madan
Absolute great advise in the current Q forum.
My Q pertains to real estate transaction. I have a house which is under my name. The neighbouring property is owned by the city. I have asked them that I want to combine and subdivide it to create 2 new lots so in turn, 3 lots in total, and they have ok’d this and has been rezoned and subdivided after I pay for the additional lot from them at a appraised price.
My Q is should I set up a company to purchase the lot from the city, and then I will most likely continue the process of subdividing, paying for services, paying for all the professional fees (I have already paid 25k to start the process) , and surveyors, etc, and then service the property and then either sell the lots, or build on them.
Or should I get a loan from my dad, who has a CCPC already which loans out money as private mortagages already – either borrow a loan for up to 1 year so I can pay him back plus interest, or should we do a joint venture, whereas, he provides the money (or his company) provides the money to purchase the lot, then I bring my current lot/house, and we combine and , and then in turn, we develop the property, and sell the 3 lots?
or should we just do it under our personal T1?
thanks ahead of time.