All Forum Posts by: Austin Andrews

"Most" lenders require a 6 month seasoning period before you are able to refinance, for rental properties. 

Go to the specific area on the MLS, calculate the cap rate. Do this for a good amount of properties and you should have a range. If the NOI isn't listed, call the listing agent and try to get information on the property and have them send you financials.

Keeping your full time job will help with getting loans on your investments. I'm not sure how it works in Canada, but here in the state most banks require 2 years of tax returns, from your current 1099, to get a loan rather than just going off your W2 income. 

I guess I don't have "leads". 

When I first began, I spent months researching property, who owns that property, and how to contact them. I have built that up to over 15,000 properties and contacts over the past year or so. I guess it isn't the easiest way to do it, but now I just pick a part of town and start calling. Those that don't answer, I knock on doors. It has worked out tremendous for me, but I can't even count the hours and cash it took creating that database.

I became an acquisition specialist for a small multi-family investment firm. I worked there for 2 years and wouldn't trade that time for anything.

Cold calling and knocking on doors are my main sources. 

Usually the debt service is calculated after the NOI, so it technically shouldn't affect it. The main thing with interest rates being low is people can afford to buy bigger, and are more opt to.

For example, I calculate NOI at 50k, debt service at 10k, NOI after debt service is then 40k. We use the original NOI to calculate the cap rates.

Cap rates are usually driven by the area. If you can buy a 10% cap rate in a 7% area, I would jump on it. If you purchase and raise the NOI, which raises your cap rate at your purchase price, then calculate backwards what it is worth at a 7% cap rate, you just made quite a profit.

Just think, if you buy this property, could you resell it at a 7% cap rate?

I began my real estate career many years before, but bought my first 4-family at 26. As everyone says, I wish I would have started earlier!

I would. If you are looking for say a primary residence and will want to tour thousands of properties, it makes sense to sign a buyers agreement with the realtor to make sure their time isn't being wasted. On the investment side of things, I usually work with whoever brings them the deal. If i have another buyer that someone brings a deal to, I feel that agent deserves it since it is their deal, not mine. 

You can sign an exclusive contract for that one property.