Updated about 9 years ago on . Most recent reply
Tiny Houser soon to be flipper from Quebec, Canada
Hey guys,
My name is Yoan and I am, to most of you, your neighbor from the north. I heard about BP from another investor who is in the Montreal area. My girlfriend and I have been building our very own tiny house as a way to get closer from our financial independence and as well to not pay mortgage. So far it has been 2 years that we live in it and couldn't be happier about what that lifestyle is giving to us in terms of freedom.
Our experience with real estate for the moment is that we built that tiny house by ourselves and by doing so accumulated quite a few construction skills. We are now on the lookout for our very first flip. We went to a course of flipping which was offer by our provincial real estate investing club. We are continuously reading books on the subjet and most importantly we're accomplishing everyday new actions to reach our goals.
Our short-term goals is to get to 100 000 $ in cash by flipping so that we can buy a first decent size apartment building with, of course, good cashflow. As for many of you we are reaching for financial independence, which would be attained when we will be able to generate around 60 000 $ a year.
We are lucky enough that we live in a really cheap area and now is a great time to buy since there is about 7 houses for 1 buyer. This past week we have been visiting 10 houses and will be sending offers soon.
We created also an amateur real estate club in our community for us to network since there was no such club before. We plan to be pretty active on the forums asking questions :)
To the pleasure to exchange with you
Good investing!
Yoan and Gaelle
Most Popular Reply
@Yoan Joncas Since you are interested in fix and flips, I propose the following action plan. The first step would find an Investor Friendly Realtor assuming you do not have access, to the MLS. I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch.
1. How many investors do you currently work with and how many investors have you worked with, in the past?
2. How many transactions have you closed, with investors?
3. Do you currently own any Investment Properties? If so, what type do you own?
4. Are you a member of any REIAs?
The next step would be to work with the Realtor and determine the hot markets, in your County, with the greatest number of sales over the last 90 to 120 days. Personally, I would prefer 90 days because markets are always changing. This list would contain the zip code and corresponding name of the municipality, and a breakdown of the number of SFRs. This will be your Farming Area. From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code. You can identify the two highest retail price ranges, in greatest demand, per zip code where you can list the rehabbed property. This website may not be applicable, for Canadian Zip Codes.
You can use the Realtor to help you find deals and also use Wholesalers. If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale. This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.