All Forum Posts by: Brandon P.

Have you had any luck finding a multifamily in Regina yet?

Originally posted by @Marshall Paton:

I should probably specify that I am looking more in the 2-4plex range, but not opposed to more for the right deal.

I'm assuming this might be a bit small for Pat, but your input is appreciated.

I might have to take you up on your offer and pick your brain one day.

The property was in a great location in a desirable area with good development potential in the future for an additional home on the lot.


Originally posted by @Corby Goade:

Whether or not you have the ability to convince the homeowner that they are way off- why waste your time? Is there something about this specific property that you are interested in? If not, people lose their homes to foreclosure all of the time because they don't want to listen to reason or believe that they will actually lose their house. In my market, anyone who is in preforeclosure or financial distress is hit up by wholesalers regularly and most of them do exactly what you describe here. Built rapport and trust and IF they actually face the fact (probably with very little notice, so you always need to have funding or cash ready to move) that they are going to lose their house, they will remember that you were likable and trustworthy and they'll call you back. 

They had purchased the property 3 years ago when our market was starting to turn downward and are likely underwater with the mortgage. I went and had a look thinking it might have been some elderly people that were motivated to sell but it turned out they were just really desperate and out of touch with the current market.

Thanks for the post!

Originally posted by @Ola Dantis:

@Brandon P. 

Unless this Seller is living under a rock and does not have access to the Internet and only use a fax machine to communicate with the outside world. 

My guess none of the above is even close to accurate, so in that case, they know that their property isn't 100k more in value. 

WHAT WE CALL these sellers are UNMOTIVATED. Let go and move on.  

If you are buying the home as a rental, the bank doesn't care as much about your income as long as the rental will generate sufficient income.

You could check with an appraiser to see if it makes sense to renovate the basement as sometimes the renovations may not bump up the value of the home as you might expect. If its your family home there is a really good chance you could purchase it below the fair market value with the amount of money you have right now. 

Feel free to message me if you want some advice on what to do with the home.



Originally posted by @Travis Lucy:

I'm probably in a pretty unusual position. My mom inherited this house when my grandma died a couple years ago. I'm house hacking it - along with not paying my mom rent - and I'm effectively homeowner but I don't have my name on the title deed. The plan is that I'll buy this house for $300000 when I can make a 5% down payment (the minimum in Canada).

Now - I think finishing my basement would jack up the house price, so I don't want to do the renovations until I've already bought the house.

I have a pretty small income, about $37000 including rent from my tenant, but I'm able to save about $8000 per year. With my income I'd qualify for about $200000 of mortgage right now. If we account for the $180 monthly extra cash flow after I build this bedroom and put a good tenant in it, my income would go up to $39000 annually.