All Forum Posts by: Amadeus Hladun

... I knew that was the answer was coming, to be patient. 

So what would you say to me if I was looking into getting into a condo that would have mortgage+condo fees that would equal that of my basement unit that I currently live in. Therefore if I got into it and then rented out my downstairs suite as well, then I could be saving an extra $800-$900 a month. Like I know it's not a great deal but I would then be truly living for free and then I would have another property, and the basement isn't completely finished there so I could put an extra bedroom and bathroom downstairs and make it more valuable for when I would sell it. Or would you say just be patient and wait for a GREAT deal which honestly I haven't been able to come across as of yet?

So I am going to try my best to tell you all the variables in my situation to try to get the best game plan. 

1. Me and my wife (23 and 24) have 1 rental property that has 2 doors. The top makes $1300 and the bottom we currently live in but when we get into the next property it will rent for $850.

2. The mortgage for property 1 is $1434.00 a month. (I did end up jumping on a property based on emotion and excitement so I won't do that again... In hind sight I would have looked for a BRRRR property)

3. Me and my wife have $7500 in savings.

4. I have a personal line of $15000 untouched.

5. I have a credit score of 745.

6. My wife and I have made a budget we can live with where we can save $20000 a year.

7. I am interested in buy and hold, flipping, apartments, really anything but wholesaling.

8. We have no debt other than the mortgage of the suited property that we own.

9. Lastly... I am very impatient and am itching to get my next property and I don't want to make a bad financial decision based on my being impatient.

I know it's a lot but I just am looking around how best to use my resources to further my portfolio the quickest. 

Thanks! :)

Ya... that's what I thought but I just wanted to make sure there wasn't some trick that someone knows about to get it done and done cheap. thank you for letting me know Johnny I appreciate it!

Awesome! I am also 23 and newer to real estate investing and the one thing I have learned for sure is to ALWAYS do your due diligence. when you say 'we guess' and 'we assume' do you mean exactly that? because if so then I would say definitely do the leg work to find out the property taxes and those expenses FOR SURE and not assume anything as well as the rent, do the due diligence and do comps in the area with that property. In the grand scheme of things it is very little effort to put in to avoid a bad investment. If you put in the 20% of the effort now in the things that matter then you will see the next 80% to be a good result instead of bad. But of course you may have done all that but just in case you didn't I thought I would put my 2 cents in! Good Luck :)

Dang... I was afraid of that being the answer.

Thank you though for answering! :)

I would say one of the most valuable things you could do is to find an experienced investor in your area and take them to coffee or even dinner and pick their brain about all of these things because if anyone will know these things in your market it would be them! Also bring a notepad and scribble as fast as you can! hahaa Good luck :)

Hello everyone, the question is in the subject. I am just trying to find out if there is an equivalent of a county recorders office here in canada? 

Thanks! :)

Oh really?? Awesome, I guess now knowing that it makes sense! 

I for some reason just had it in my head that it's like other things like you have to pitch something just right to get them confident in you and only then maybe they will buy into it.

Thank you Dave, that honestly gives me a lot more confidence moving forward and seeking out private or hard money!

I apologize if I put this post in the wrong catagory but I am just feeling like I am sort of in a rut because it has been a full year since I have purchased my first rental property. It turned out to be a suited home that I and my wife are house hacking and have been for a year but I am itching to get into my next rental property but I don't have a down payment saved up because me and my wife got married this year as well. So sadly resources were sort of drained with the purchasing of a property and then getting married in the same year so the only avenue that I know of is private or hard money lending but the porblem is every time I see someone ask about how to find financing for their RE deals they are all met with the same answer... Look on BP. But I am in Canada and there aren't any on BP where I am. So to drill to the base of my question is what other actionable ways are there of finding alternative avenues of financing like hard money or private money?

I would love to but I am in NO way experienced so wouldn't nobody lend me their money just on a hope that they will get it back from someone who has never done it?