Opportunity Realty Manager Colin Darrow • May 2 Interview
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COLIN – Opportunity Realty: Canada hasn’t had a bank failure in over a hundred years. That’s sort of…there’s a very big difference in the banking situation in Canada and the United States. That’s always one of the concerns that Canadians have.
LEONARD: That’s interesting. Let’s go down that bunny trail for a second. A hundred years that they haven’t had a bank failure?
COLIN – Opportunity Realty: Correct.
LEONARD: That’s just unthinkable because we have them all…of course, there’s the Great Depression and then there was the savings and loan crisis and the biggest, biggest of the big boys are failing like crazy.
COLIN – Opportunity Realty: Look at the late 80’s when the savings and loan fiasco….
LEONARD: Yeah.
COLIN – Opportunity Realty: …was going on and resolution trust was set up. I came into the United States back into Denver, Colorado at the time of resolution trust to help Canadian investors put some of their investments in the states.
LEONARD: You took advantage of the RTC assets and bought some of those?
COLIN – Opportunity Realty: Correct.
LEONARD: Were you outside the RTC or inside the RTC?
COLIN – Opportunity Realty: I was outside the RTC.
LEONARD: Taking advantage the opportunities.
COLIN – Opportunity Realty: It was Canadians I represented. That wasn’t money. I was working as a property manager and a realtor helping them acquire properties.
LEONARD: And taking advantage across board for investment purposes.
COLIN – Opportunity Realty: Yeah.
LEONARD: Very exciting.
COLIN – Opportunity Realty: It was very exciting times and it was done very differently than the last time. In fact, the United States government made millions on the way that operation was handled.
LEONARD: This time they’ve lost, I’m told.
COLIN – Opportunity Realty: They couldn’t.
LEONARD: Who knows?
COLIN – Opportunity Realty: It was handled so differently this time. I’m not going to comment on it but I just want to say the RTC resolution trust was very innovative program that worked.
FRANK: Wow.
LEONARD: Fascinating.
FRANK: Are there some things that Canadians – when they come to…let’s just say, since you’re in Nevada, when they come to Nevada, are there things that they have to be aware of when they buy real estate here?
COLIN – Opportunity Realty: Yeah, there are. There’s a lot of things. In fact, you mentioned earlier you asked a question and I didn’t really answer and I apologize. I just finished my course in my CIPS, which is a Certified International Properties Specialist.
It’s a multicourse program where you have to have experience in other areas and bring that all together and get awarded and CIPS. I also had a CPM, which is Certified Property Manager Designation. But they’re all…
FRANK: What does the CIPS do for you? What is that?
COLIN – Opportunity Realty: It allows me to…what you were asking questions about, it allows me to help Canadians understand certain perspective but it also allows me to work with Americans who want to invest in other countries.
Cross-border trade is not one way. Cross-border trade is inherently a two way street.
LEONARD: When I go into Mexico I can buy something on a lease. I can’t actually own the land, for the most part.
COLIN – Opportunity Realty: For the most part. It depends, the more desirable it is, the less you can buy it.
LEONARD: When I go to Canada is it different than Mexico in terms of ownership? Can I own as a US Citizen?
COLIN – Opportunity Realty: Ownership in Canada is virtually the same as in the United States. When you’re in the United States and Canada, treat it as virtually the same thing. Our tax treaties between the two countries are exceptional.
For example, if a Canadian like myself, was to die there’s certain issues. If a person from China, for example, died here, they would only get $70,000 worth of tax benefits. Then they would have to pay tax on the bounce.
LEONARD: Those are non-citizens.
COLIN – Opportunity Realty: Right. A citizen gets…I may be wrong on this, but four point something million.
LEONARD: About $5.25 million.
COLIN – Opportunity Realty: Okay. A Canadian gets $1.4 million. Canada is the only country in the world that’s given preferential treatment. Our two countries are…I’d like to say, if it wasn’t for two wars, we’d be one country.
LEONARD: We’re like a brother sister kind of thing.
FRANK: Wow, so brother and sister.
