All Forum Posts by: Alexander Pezzutto

I am considering using private lenders to invest in already owned property to pay off what is owed on a credit line used as the down payment. The credit line has about ten months before interest is charged and thus allows time for investors to pay into an already existing investment.

Should I meet with a lawyer and draw up terms of agreement for them to sign? Do I have to stay in regular contact with them? What if they want to withdraw their money?

Just want to see if my potential plan has problems or if they can be worked through. 

Thanks for your help :)

There is no money down and there is also LOW money down. If you don't have enough, you can find a line of credit of some sort (Epic Fast Funding.com for example) that will make you pay no interest for a time (they say 12-18 months). This credit pays for your down payment (they do $50k-150k). It costs about $3500 to use though.

You can then get connected with some financing to cover the rest. Then you have a year to either make up the money to pay it off or to find private lenders to invest in an already set up deal to cover your down payment (and maybe the whole of it if you want). 

That year of time will likely have paid for the $3500/month in cash flow that you didn't have before if it is being rented out. Voila :)

@Ram Srinivasan
Yes, I am part of that group and hoping for our meet up soon!

My next action step (as I feel pretty educationed-out) is a meeting with a connection through Marco Santarelli for financing. I originally thought I would have to wait until the summer to start investing, if I was lucky, but I may be able to get our first house in a month or two. I will likely talk with a recommended CPA afterwards and look at opening an LLC in the states so that I can go ahead and invest in that property. I have several steps plotted in general for the next 4 years and a few more for the immediate year ahead. But you're right-- action is key! I don't want to not act and end up moving on to something else. By getting my foot in the door I commit. Thanks for the encouragement Ram.

I've seen billboards in various places on city property that seem to make a lot of money and I don't think it would cost much to build one. Has anyone done this or have you an idea as to how to go about it? 

@Jacob Charter
I know of people doing it in Windsor, ON and Lethbridge, AB (the two places I am most connected with). I think flipping can be done just about anywhere if the market appears to be stable or appreciating. If it is depreciating regularly, flipping is dangerous, but asides from that, you're only adding value to a property. You want to aim for ones that aren't as nice as the others in the neighborhood and compare similar type and size properties that are nicer in the area and see what they are selling for as an idea for what you could sell it for after repairs.

Also, the Bigger Pockets podcast has a ton to teach you about flipping! Check it out :)

I visit Windsor often as I have family there. I have heard that the city has a lot of development plans so as to spur on growth and recover the economy, though I am not sure how much progress has been made on that. While the prices are great, if the city won't grow, then you will have no renters. Look into whether or not the economy looks like it has hope first :) Good luck

Thanks guys :) @Account Closed, we may be meeting each other soon enough if the meet up that Marco started for two weeks from now works out.

Hello! My name is Alexander Pezzutto. I am 23 years old, married, and from Lethbridge, Alberta (though Calgary, being close, seemed a more suitable headline). I discovered the Bigger Pockets forums through the podcast, which I discovered simply by searching for more real estate investing podcasts. 

That is the majority of my experience with real estate: podcasts. In the past month and half I have listened to over 60 hours worth of real estate investing podcasts and read several investment guides. And, not unlike many others, I was originally inspired to take this journey a year ago after reading Rich Dad, Poor Dad. 

I presently help run a painting franchise in Lethbridge Alberta called College Pro Painters. I will be running this full time for the next few years and plan to invest the majority of my earnings into buy and hold real estate. My wife will also be starting her career as a teacher in two years, which will contribute towards that.

Specifically, my goal is to build enough passive income to have a steady cash flow of ~$10,000 a month. More immediately, however, I would love to have ~$3000/month in 4 years so as to replace my need to work as my wife and I go to plant a church in Nova Scotia. That being said, I am investing in real estate in order to:

- Enable my wife to not have to work if she wants to

- Provide for my family

- Be able to give very generously 

- Be able to serve in pastoral ministry without needing a salary

That's me in a nutshell. I'm glad to be here and am looking forward to meeting many of you!

@Marco Santarelli I may be able to miss a part of the Conference that weekend and come up.

Sunday works best for us, so long as it is after 2pm.

Saturday could also work if it was in the morning or evening, but not the afternoon.

As for location... preferably something in the South end but I do not know Calgary well enough to name anything besides Tim Horton's.