All Forum Posts by: Bekir Seyhan

Also - Could anyone recommend an agent that understands the BP mantra and is knowledgeable in investment properties. 

Hi Bigger Pockets, 

I need help to say the least. I feel as if im making a bad call. I own a condo/apartment in a not so good area of toronto and theres about $45k left on the mortgage. i've been watching market supply & demand of condominiums and I see that the supply is growing at an alarming rate. so much so it has lead me to believe that this is the time to sell b/c if I don't I may never see return on my investment for the next couple years or so. My plan initially was to sell and buy a house to house hack but after running the numbers, I feel I wont save as much than if i were to Refi and use the equity as my down payment for a house. This all comes to me after I've now conditionally signed an offer of $345k. not to mention the place needs to be updated if i were to say and those renovations would cost approx $25k. 

So what are my options?

1. Sit tight and use the HELOC as a down-payment for a house to rent out both upstairs and downstairs (essentially convert it into a duplex)

2. Sell my current residence and use the money as a significant down-payment on a house that would potentially need renovations as well.

3. Other options?

Any advice would be much appreciated! 

Kindest Regards,  

@Derek Harris

My goal is in fact to maximize cash flow. I appreciate the feedback I just needed the reassurance.

I own&live in a condominium apartment built in the 60's that i'm unsure of what to do with. It was my father's and he's payed down the mortgage a significant amount. its a 2 bed 1 bath 800sq/ft highrise, Maint fee of $740 requiring ($25,000) updating. Theres about $50,000 left on the loan and the average price of units in the same building and the surrounding area go for $300,000. I've been doing a-lot of reading on the BRRRR method and want to jump into it but not sure how to proceed with this unit.

Should i sell it and take the profit to invest elsewhere using the BRRRR method?

Should i update it, rent it out, then refinance it? (Calculator shows the property will cashflow 150$/mnth)

What things should i consider before making my decision?