All Forum Posts by: Aditya Soma

@Sonia Vohra

Thank you so much Sonia🙏🏻🙏🏻🙏🏻

@Steven B. Thank you Steven. That’s awesome 👏 thanks for sharing

@Steve Bracero Thank you Steve 🙏🏻🙏🏻🙏🏻

@Walter Weinreich Thank you Walter, I’m glad hear😊

Gifted myself and to wife a Nice house with inlaw suit because Iwould not be qualified for mortgages for next 2 years as self employed😉

@Megumi Suzuki Thanks a lot 

Thank you @Karthik Bonthu

@Brandon M.  Thank you Brandon,  I'm still working towards Financial Independence, Just got out of corporate Job to do Real Estate Full-time. 

My Story - who am I and why I quit my job 

I'm Aditya Kumar Soma

Born and raised in India, in a hard-working formers family, residing in Windsor Ontario Canada 

In 2012, after my graduation moved to Canada for higher education with 50,000+ debits.

Graduated from Lambton College in Saria with an IT professional degree, after graduation struggled very hard for more than 6 months to get a job as Software Developer, while working I realized my income from job is not taking me anywhere, whereas I have so many dreams I want to give a better life for my parents, travel to back home whenever I wanted... but with job it took me more than 2years to just pay off my student debt, so I started searching for secondary income, tried many different things like MLM(Amway), Uber, E-commerce Biz...I wasn't happy with neither of them, because few I'm just trading time for money, for others I wasn't enjoying the process, somehow in that research I read RICH DAD POOR DAD(I'm sure many of you read this book), in which Robert Kiyosaki talks about real estate rentals, so I search for books on rental property LUCKY FOUND BRANDONS BOOK(Rental property Investing) which lead me to this awesome community[BP], while reading slowly started analyzing/viewing properties, making local investor friends and purchased my first Duplex on March 1st 2017, after that didn't look back so far purchased 15 doors[7 properties] and raised over 600K cash for my deals. In this Journey, many times I felt this is where I belong to, so I got Realtor License todo Real Estate Full Time and, gave my resignation at work on Jan 17th, Jan 31st will be my last day at the corporate job. 

Also in this process, start my youtube channel to share my real estate journey.) 

Sharing my story to give hope for beginners and to hear suggestions from PRO's .

Thank you so much in advance for taking the time to read my story - please feel free to share your thoughts 

Disclaimer: English is not my first language so please forgive me for my grammatical errors 

Investment Info:

Large multi-family (5+ units) other investment.

Purchase price: $201,000
Cash invested: $450,000

Purchased a gut Property (as 4units residential + 1 commercial) for 201,0000 in an upcoming solid rental neighbourhood
Currently, in the process of renovating it top to bottom + converting commercial to 2 residential units
Estimated renovation cost: 200,000 + 25% buffer = 250,000
Expected rental income - 7500 total and tenants pay Gas + Hydro
based on 8 Cap ARV will be 650,000 +

Check out, walk through before renovations here
https://www.youtube.com/watch?v=owFuzPcwy3A

What made you interested in investing in this type of deal?

It allows pulling all the equity within less than a year

How did you find this deal and how did you negotiate it?

Founding it on MLS

How did you finance this deal?

My Investor who funded for my previous BRRR project we were able to all his cash out so now he invested back into this deal

How did you add value to the deal?

By renovating it

What was the outcome?

Still in progress, will update this session once done

Lessons learned? Challenges?

Still in progress, will update this session once done

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes I did.

Hey @John Lewis I'm an Investor from Windsor ON Canada, so I can share my experience but just keep in mind it's little different in states i guess in terms of mortgages and the market 

My first property was House Hack a duplex (unit 1 - 3bed/1bath and unit 2: 1bed/1bath): 

Got Mortgage for 95% LTV + Improvements total amount 125,000 (in Canada  we can get loan for 95% LTV + Improvements only for Owner occupied residential property)

Mortgage: 565   + Taxes (150) + insurance (135) + utilities (200) = 1050

rented out 3bed/1bath for 1100+ they pay their utilities  & Lived for for FREE (May be I paid for repairs once in a while)

Purchased it on the Market but I was the first 1 to offer luckily they accepted it. it's not that easy to find good deals on the market until unless you know the area and market rents very well. I made more then 20 offers before this.

With this property, it was rent for 1000 in total for both units, tenants living there from last 8years so need tlc work, because I know the area and market rents I didn't even look at the property I made conditional offer on the first day. 

And yes I did used the agent @Cassidy Logsdon because she's an Investor her self which helped me a lot 

In my opinion more the units the better, so if you can find a 4unit go for it.  also In Canada now a day many A/B lenders setting limit on no.of properties you get lending for  (max 6) [ 4 X 6 = 30 income streams  OR  2X6 = 12 income streams   OR 1X6 = 6 income streams] so find if Lenders in States have any limitations like this

Over all, I love the house hacking concept great way to start. 

Goodluck 

Aditya Soma