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Should You Own Rental Property in Your Personal Name or a Corporation
We love giving back!
Summary:
Timestamps:
Connect with Garret:Facebook
LinkedIn
Instagram
Get Involved:
Contact:
Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!
Podcast Episode Title:"Should You Own Rental Property in Your Personal Name or a Corporation"
Summary:
In this episode, we tackle one of the most crucial and commonly misunderstood questions for real estate investors: should you own your rental property in your personal name or under a corporation? I break down the pros, cons, tax implications, and liability risks of each structure, helping you avoid costly mistakes and set your investing journey up for long-term success.
Timestamps:
[00:00:00] Introduction: Quick overview of the episode and why property ownership structure matters more than you might think.
[00:02:00] Personal Name vs Corporation – What's the Difference? An explanation of how ownership works in Canada and the US, with a breakdown of tax treatment, liability, and structure.
[00:04:30] Key Questions to Ask Before Choosing a Structure - From business activity to long-term goals, I walk through critical questions that help determine if incorporation is right for you.
[00:06:30] Real-Life Lessons & Risks of Skipping Structure - A story of an investor who skipped legal advice and paid the price, plus common pitfalls and tips on getting professional guidance.
[00:09:00] Key Takeaways - A summary of the biggest lessons — including tax risks, legal protection, scaling advantages, and the importance of planning your exit.
About Garret WongGarret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.
Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.
Connect with Garret:
My First Keys
Personal Website
Wong Capital
Get Involved:
Subscribe to My First Keys and follow us on social media for the latest updates.
Contact:
For feedback or questions, reach us at https://garretwong.com/contact/
View all episodes
By Garret WongWe love giving back!
Summary:
Timestamps:
Connect with Garret:Facebook
LinkedIn
Instagram
Get Involved:
Contact:
Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!
Podcast Episode Title:"Should You Own Rental Property in Your Personal Name or a Corporation"
Summary:
In this episode, we tackle one of the most crucial and commonly misunderstood questions for real estate investors: should you own your rental property in your personal name or under a corporation? I break down the pros, cons, tax implications, and liability risks of each structure, helping you avoid costly mistakes and set your investing journey up for long-term success.
Timestamps:
[00:00:00] Introduction: Quick overview of the episode and why property ownership structure matters more than you might think.
[00:02:00] Personal Name vs Corporation – What's the Difference? An explanation of how ownership works in Canada and the US, with a breakdown of tax treatment, liability, and structure.
[00:04:30] Key Questions to Ask Before Choosing a Structure - From business activity to long-term goals, I walk through critical questions that help determine if incorporation is right for you.
[00:06:30] Real-Life Lessons & Risks of Skipping Structure - A story of an investor who skipped legal advice and paid the price, plus common pitfalls and tips on getting professional guidance.
[00:09:00] Key Takeaways - A summary of the biggest lessons — including tax risks, legal protection, scaling advantages, and the importance of planning your exit.
About Garret WongGarret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.
Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.
Connect with Garret:
My First Keys
Personal Website
Wong Capital
Get Involved:
Subscribe to My First Keys and follow us on social media for the latest updates.
Contact:
For feedback or questions, reach us at https://garretwong.com/contact/