brrrr ing my way past the pandemic...looking for markets

Rental Property Investor · Member since 2019 · 35 posts · 10 votes

hi all,

I am a new investor with capital looking to invest into brrrr. one caveat is i am living in canada (but i hold a usa passport to). im looking at south carolina, michigan and would love some suggestions of where else to consider. I'm looking to cash flow for my first couple projects than switch focus towards appreciate or a good balance... i am also interested to talk with wholesalers, real estate agents, hard money lenders, property managers and tax experts regarding cross border investing (ugh!)...and of course other investors!!! ;)

wish everyone great success this year

Erik

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
4y
Metro Detroit offers many options for meeting the 1% Rule and relatively high ROI.

Follow our "Deep Dive" series we're doing about Metro Detroit cities and City of Detroit Neighborhoods: https://www.biggerpockets.com/...

The two most common mistakes we see investors make, over & over again, are:

1) Not understanding and running their own ROI numbers

2) Not having a clear understanding of the type of asset a property is

In our opinion, your best team member should be your Property Management Company (PMC). They have to deal with any property you buy every month until you sell or terminate them. Everyone else on your team will be transaction-based and not really involved after a purchase.
[email protected]248-209-6824
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James York
Member since 2020 · 137 posts · 158 votes
4y
@Erik Ped if you’re a Canadian, I’d suggest talking to a couple lenders first. I’m no expert in this, but I had some issues getting a very well qualified buyer client a loan because he wasn’t American. He did have diplomatic immunity which complicates the issue, but I’d still make sure you can get loans. If all else fails, downtown Toronto is great and property is super cheap (obviously joking about the second half).
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Erik Ped
OP
Rental Property Investor · Member since 2019 · 35 posts · 10 votes
4y
Quote from @James York:

@Erik Ped if you’re a Canadian, I’d suggest talking to a couple lenders first. I’m no expert in this, but I had some issues getting a very well qualified buyer client a loan because he wasn’t American. He did have diplomatic immunity which complicates the issue, but I’d still make sure you can get loans. If all else fails, downtown Toronto is great and property is super cheap (obviously joking about the second half).

hi James,
I appreciate your response. I am an american with an ssn#... but the caveat is no usa credit history yet... I live in vancouver but am from toronto. so i am aware of the canadian market which is why i am investing south... to much risk for my liking

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Erik Ped
OP
Rental Property Investor · Member since 2019 · 35 posts · 10 votes
4y
Quote from @Drew Sygit:

Metro Detroit offers many options for meeting the 1% Rule and relatively high ROI.

Follow our "Deep Dive" series we're doing about Metro Detroit cities and City of Detroit Neighborhoods: https://www.biggerpockets.com/...

The two most common mistakes we see investors make, over & over again, are:

1) Not understanding and running their own ROI numbers

2) Not having a clear understanding of the type of asset a property is

In our opinion, your best team member should be your Property Management Company (PMC). They have to deal with any property you buy every month until you sell or terminate them. Everyone else on your team will be transaction-based and not really involved after a purchase.

Hi Drew,
Thanks ! I have read that they are revitalising the city. I am interested . thanks for the link. perhaps we can talk more.
Regards
Erik
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