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Janie G.
  • Real Estate Coach
  • OH MI, FL
11
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60
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Turning Money

Janie G.
  • Real Estate Coach
  • OH MI, FL
Posted Nov 1 2015, 20:38

Good day !

My husband and I are Canadian investors. Collectively, we have 10 years of experience in the Canadian real estate market. However, our expansion is not as rapid as we would like. In Canada, the 6% CAP rate is amazing for a residential rental property. Besides the monetary factor, we are both passionate about real estate. We feel that we could make a difference helping people in this business.

Therefore, we have decided to ``jump ship`` to sink into the US real estate world. We currently have a C-Corp and an FLP in the state of Ohio. Our goal is to acquire 5-20 properties a month for the next few years.

We are mainly looking for turnkey or almost turnkey properties (under 5k repairs), tenant occupied, ideally sect.8 or equivalent in place.

One of the reasons we enjoy section 8 is it forces us to have the property up to code and inspected every year which reassures us that the property is and will continue to be, in good shape. We ideally would want all our properties to be VA/section 8 for that exact reason. It also helps knowing rents are usually higher and guaranteed.

We feel like there is a lot of people who would benefit from more VA/section 8 properties in Cleveland and surrounding areas. Why not help people settle in a nice house totally up to code.

We're in the helping people business... Not just real estate.

In order to expand at the rate we want, we need lenders. We currently have 3 properties closing next month and another 50 that meet our investment criteria (all due diligence done except the inspections) that we would like to snatch up. We are waiting until funding is available before committing to any purchase and sale agreement. With the appropriate funding, our ultimate goal is to buy & hold.

As I mentioned, we are new to the US market, but we have already built up our power team in Cleveland (amazing investment realtor and contractor, property management... amongst others).

Ideally, we are looking for 100% financing, which would include closing costs, and minor repairs (if needed). We are purchasing properties well under market value, therefore, an LTV of 70% would normally suffice. After a seasoning period of 3 - 12 months, we plan on refinancing with a bank (or other financial institution) and continue using your lender's money to acquire many more.

Would you know anyone who might be interested in connecting with us? Yourself perhaps? :-)

We are open to any type of financing you may have to offer! Would love to chat!

We look forward to hearing back from you.

Best regards

Kyle Duelund & Janie Grenier

Wemindji Properties Inc.

[email protected]

(567) 343-7100

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