BP Canada - Let's Mastermind to hit our 2018 Investment goals

45 Replies

What's up BP Canada Family.

Something some friends and I do that I've found really effective is to Mastermind regularly to keep everyone on-track, focused, and accountable towards their goals. 

Would love to hear everyone's big plans this year. 

I'll start off by sharing mine:

In 2018 I'm going to complete 6 real estate transactions between Buy & Holds, Flips, & Wholesales.


What's Your Goal this year?

Mine is Buy & Hold 8-14 unit in Cincinnati and/or Columbus market. 

Good luck Jacob,

I’ve got 3 refinances coming up (one closing Friday) by June which should free up plenty enough to go shopping with.

Nice thread. Thanks for starting. My 2018 goals are:

  1. Complete my 1st real estate deal in Canada - house hacking through a triplex or fourplex in Calgary. Live in 1 unit and rent out the others with positive cash flow after mortgage, expenses and reserves.
  2. Complete my 2nd real estate deal in Canada - buy cash flowing triplex or fourplex in or around Calgary - same transaction as the first, but as a complete investor (not owner-occupant).

Good luck for 2018!

My real estate goals for 2018 are:

1) Complete renovations and build garage for my primary residence, and get some cash out in a refinance. 

2) Partner with a local Canadian investor who buys from Texas tax deed sales. 

3) Take that new stream of cash and buy cashflowing rentals in the US (and actually pick a market!).

4) And maybe if I make some good headway with this, reward myself with a winter beach vacation around this time next year (the delayed gratification this year is hard when we've just come out of -40 weather!!) 

@Jacob Perez Great thread. 

@Gaurav Dhir Hope my advice was helpful in deciding which market you'd like to move to. As you might have noticed, I love Calgary (full disclosure: ex-Torontonian here...)!

My real estate goals for 2018:

  1. Raise a further $2M from my Canadian network for multifamily deals
  2. Invest in, at least, 500 units value-add B/C class multifamily deal in Texas
  3. Create a free platform to help Canadians invest in US: bank accounts, taxes, how to select a market and how to select vendors (sponsors, contractors, etc).

Essentially, I want to contribute more value than ever before and focus on my relationships. 

goals for this year are to do 100 transaction ( hit 50 this year and my buyers are loyal) do 2 buy and holds and 6 flips line up my first private money and or JV partners

2018 is going to be interesting for this Canadian grandmother

Great thread. We were just talking about this, so we have a few for 2018:

- Set up better systems/formulas to operate our REI as a proper business. We went from two units to five units in the last three months, so we need a stronger business model.

-Complete renovations on two current properties. One will be ready for Feb. 1 occupancy (already rented), one we are aiming for March 1.

- We are closing on our first duplex this week. One tenant is moving out end of Jan, so we would like to do some updates to that unit and increase rent. We will work on exterior upgrades/curb appeal in the spring.

- Refinance a property that was currently rebuilt from a fire. Pay off vehicle and invest the rest.

- Purchase at least one more property for a fall closing. (This was the plan, although we are already looking at another property this week... but isn’t that the way?).

- Explore pros and cons of student rentals. Our area has a new increased demand for accommodations for Int’l students. I’d like to see if there’s an opportunity for us in this area. (Open to feedback and experiences)

Long term goals:

- I am really eager to try a short term rental in my area, so I am exploring properties and options for that.

- Set up a plan that will put us in a position to purchase a vacation property in the next few years (exploring areas of Florida right now and researching financing options - I am open to all suggestions for this one).

- Keep learning and connecting. I can’t believe how much we’ve learned in the past six months. Would love to learn more about creative financing in Canada and maybe explore partnerships opportunities.

Started building mini subdivision last year (completed one duplex) Design I have in place allows for 6 more. I am planning on building 1 this year starting in the summer. 2019 and on I plan on building two a year.

Originally posted by @Saeid Safarmehdi :

Mine is Buy & Hold 8-14 unit in Cincinnati and/or Columbus market. 

Good luck Jacob,

 Where are you buying in Cincinnati?

I have a property near Clifton. Curious what your thoughts were on Cincinnati..

Vancouver investor

Originally posted by @Aman Dhaliwal :
Originally posted by @Saeid Safarmehdi:

Mine is Buy & Hold 8-14 unit in Cincinnati and/or Columbus market. 

Good luck Jacob,

 Where are you buying in Cincinnati?

I have a property near Clifton. Curious what your thoughts were on Cincinnati..

Vancouver investor

 How do you folks find managing these properties from far away? Also how have you gotten around the tax punishments that were put in place? I’ve been told by brokers and realtors that it is incredibly unprofitable and unrealistic to purchase properties in the states without dual citizenship.

@Aman Dhaliwal

I haven't closed on any properties yet, but looking in the east side of Cincinnati, and my thoughts are, from the 5-7 cities that I did my home work on, Cincinnati and Columbus came 1st and 2nd, so I'm very hopeful that I can lock some properties really soon to meet my goals. 

I'm curious why you bought out in Clifton.

I like the lists everyone has here, but maybe mine is a little different. I want to come up with more deals just like anyone else, but I really want to get my business organized. I'm looking for ideas to make this easy and streamlined and although I'm trying out new ideas, I have no clue if they are the best.

here is my list but questions I have at the same time.

1 Find a great accountant with experience in real estate and Tax laws. What should I look for in this accountant?

2 Decide on my business and how it should look. Should I start a company before getting into more deals?

3 Get to know more people in the industry. I want to grow my circle of Investor friends or professionals in the industry to help me grow properly and give me insight into different ways of doing more so I can keep growing.

4 Find cash flowing deals. What exactly will make my deal cash flow as I need to know I'm calculating things properly.

Find and buy my first (and hopefully also a second) rental property. Haven't been able to find anything that cash flows yet.

Kind of late to party but came across this post. My RE goals for 2018 are:

- Purchase  2 multifamily apartments in US (focusing on Cincinnati to start, B/C class,10-20 units)
- Fix and flip in PA (in progress)
- Build out a website for my business and expand my real estate network

I'm late too, but here we go!

My RE goals for 2018 are:

- buy my third buy and hold real estate property

- Pay down my lines of credit so that I can cash flow better

- let a professional real-estate-savvy accountant do my taxes/learn more about Canadian RE tax strategies

- set up better systems for managing my rental properties

- research other markets outside of my area that may cash-flow better

CHECK-IN TIME:

Let's see how everyone is trending towards their goals 2.5 months into the year. It's okay if you're behind. I am behind lol.

My goal was 6 transactions, I set check points for a deal transacted every 2 months. Right now I have 1 deal under contract but didn't get it done until March. Just about one week shy of my first check point.

How's everyone else doing?

I am behind too! lol. Me and my partner is looking to get into REI. Goals for 2018 are:

  1. Buy out the personal duplex and renting out other two units
  2. Find a good cash flowing investment property 2 to 3 in Edmonton/Calgary and BUY and HOLD.
  3. Set up business and networking with other investors in Canada
  4. Find at least one creative way and implement to Use Other people's money to complete 1 deal.
  5. Keep learning

Renewals coming up:
-may 9
-June 20
-July 8

Should be able to pull some significant $ out of these.

Software co ramping up with new project launching in May.

Consulting projects getting busier than I’d like so I’ll have to fiddle with pricing.

Starting a forever home project.

And somewhere in there I’ll pick up a couple doors.

No room for complaints.

Best wishes all.

Thanks for tagging me. I'm actually glad you did, since it looks like our goals are right on track. 

Here’s my update:

- Set up better systems/formulas to operate our REI as a proper business. We went from two units to five units in the last three months, so we need a stronger business model. 
– Pretty much, although this is always a work in progress. We are in a strong position of tracking and could present nicely configured documents to anyone who asked on each individual property.

-Complete renovations on two current properties. One will be ready for Feb. 1 occupancy (already rented), one we are aiming for March 1.
Yes and Yes! Two projects completed, two new, happy tenants moved in.

- We are closing on our first duplex this week. One tenant is moving out end of Jan, so we would like to do some updates to that unit and increase rent. We will work on exterior upgrades/curb appeal in the spring.
Yes! Updates to unoccupied unit are nearly complete. We are doing showings for a May 1 occupancy. Exterior upgrades are being planned May/June.

- Refinance a property that was currently rebuilt from a fire. Pay off vehicle and invest the rest.
The property is being assessed this Friday, so this is on track.

- Purchase at least one more property for a fall closing. (This was the plan, although we are already looking at another property this week... but isn’t that the way?).
We are just coming off three major projects (and both work full time, and three girls in hockey… well our winter was busy!), so we’d like to hold off until late summer/early fall, but we have looked at many properties in the meantime. We won’t say no to the right property.

- Explore pros and cons of student rentals. Our area has a new increased demand for accommodations for Int’l students. I’d like to see if there’s an opportunity for us in this area. (Open to feedback and experiences)
I’m flip-flopping on this. I like the hands-off of long term renters, however, we have shown the above property to some students and would be open to it, under a different model. For instance, if we rent for $1,100+ utilities, and four students want to rent, we could do $400 each inclusive. But there are legalities to that I am not overly familiar with.

Long term goals:

- I am really eager to try a short term rental in my area, so I am exploring properties and options for that.
We looked at one potential building, and it’s still listed. We were close, but partners got cold feet and we leaving for a 12 day vacation, so we walked originally. I have a vision for it, but due to commercial zoning, requires 50% down. There’s a whole block that I’d like to take over and do STR with. I may need to explore this more – would love to chat if anybody has any interest or experience with a project like this. I can share more details.

- Set up a plan that will put us in a position to purchase a vacation property in the next few years (exploring areas of Florida right now and researching financing options - I am open to all suggestions for this one).
We have two goals now: a house in Florida and a charter sailboat in the Caribbean. We drank the Caribbean sailing kool-aid this year, and once I explored charter companies, the model is very similar to property rentals. As for Florida, I actually had a post drafted last night about which areas of Florida we should explore for upcoming vacation areas, but I didn’t end up posting. So I am still working to make this a reality.

- Keep learning and connecting. I can’t believe how much we’ve learned in the past six months. Would love to learn more about creative financing in Canada and maybe explore partnerships opportunities.
I need to do better at this. We are south western Ontario if anybody wants to connect and chat. I’d also like to connect with a mentor and explore partners. Our projects thus far speak for themselves, but we can only run so far on our own dollars and experience.


New Goal: get a logo made, and maybe a website, to set up a more professional look. Informally, we refer to our rental business as Kloet Capital (the short term/vacation rentals will be called Kloet Concierge).


I'll add one more: Pipe Dreams

I really want a short term rental building. I'd love to buy an old building, 4 - 6 units and have short term rental suites. Something cool, hip, urban, but not too big. Not quite a boutique hotel or B&B, but a really cool short term accommodation suites, in a cool area. 

Mine is simple. Get my first deal! 

@Jacob Perez Great thread. I've been looking into Hamilton area. Will PM to connect.

@Jami Kloet I might be able to help with the website you want to get done. Let me know more about what you're looking for. 

@Omar Khan

I'm under contract on the first multi family property in Cincinnati, I'll be there next week and if inspection goes well, that would take down 4 out of the 8-14 units that I need to do this year. I'll update you guys on it.

Cheers,

@Omar Khan - Thanks for reviving this topic. I have closed on my first property in Courtice, ON (I moved base). I will be living in part of the property and renting out a part of it. I plan to buy 2 more investment properties before closing this year. I am looking at further away from Toronto (around Peterborough) as the rent ratios are making more sense...

Originally posted by @Gaurav Dhir :

@Omar Khan - Thanks for reviving this topic. I have closed on my first property in Courtice, ON (I moved base). I will be living in part of the property and renting out a part of it. I plan to buy 2 more investment properties before closing this year. I am looking at further away from Toronto (around Peterborough) as the rent ratios are making more sense...

 Awesome job Gaurav! Great to see you making progress and hitting your goals. 

Hope your family was able to join you. 

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