All Forum Posts by: Bryce Fairburn

Hey Dj

I own a property in Timmins and will gladly give you advice

Bryce 

Can you clarify.  If the number in the chart is a negative is that a decrease in interest rate? Or is that an increase?

I think I am missing a bit of understanding here.

Thanks

Bryce

Great post, thank you for sharing.

I am personally looking to connect with a wholesaler in Greensville, SC / Colombia SC area.

Bryce Fairburn

Hey @Ashdale Pitter and @Tyler Walker I wanted to reopen this discussion, as I recognize it is over a year old.  In the last year I have seen some (in my opinion) significant changes to the Sault Ste Marie market, and surrounding area.  

Observation 1:  It appears that properties are selling fast, and regularly above market value.   The other day I put an offer on a rental unit and within the day there was 14 offers, and the house went for 18k (12%) above asking price to an all-cash buyer.  

Observation 2:  With the COVID trend of people wanting to move out of the 'big city' (Toronto) and into 'safer' locations SSM appears to be one of the locations people are migrating towards (along with Northbay, and Sudbury).  Due to the price different between Toronto and SSM, retail buyers are seeing the pricing and they are 'great' deals to them, even though they have climbed this past year

Observation 3:  With material prices up, you would expect new builds to slow down, however in my conversations with GC's and builders they are slammed trying to keep up with the build demand.

I would agree with Tyler that there are definitly portions of the city that I would not invest in.  I personally am looking for rentals within a few km's of either Sault College or Algoma University because both those schools are focusing on attracting more international students.  I am able to find places that are hitting the 1% rule.

I look forward to more thoughts on this area
Bryce

If I had 200k and was in Ontario I would focus on a current niche I am seeing at the moment.
Purchase foreign rural owned vacation homes, convert to year around residences and sell them to folks looking to move out of cities who can work remote.
Let me know if you want more details on the current area I am testing this out in.
Bryce

An Update on this deal:
I found out more information on the property.  The 'story' that I was given is that the owner took a garage and renovated and converted it into a residential property, however did not pull any of the required permits to do this, and then the township (Canadian county) found out. I was also told the sellers were very motivated to sell, so I ended up putting a cash offer with minimal conditions in (lets just say it was real low).  The sellers were not even willing to negotiate on the price and were sticking to their listed price.  The market in this area has heated up because of COVID and everyone wanting to move out of the cities.  As a result the sellers are getting multiple offer, and they continue to accept them, and then they fall through once buyers find out the issues with the property.

My Realtor is keeping an eye on the property and is going to let me know if the property ends up closing.  I have moved on, and continue to look for a different property I can invest in

A win for me was going through the steps of putting in an offer.
Bryce

@Steven Holt I am also located in BC, and am also very new to RE investing.  What area are you located in? / what area are you looking to invest in?

Bryce

Hey Kris

Thank you for all the great info.  I would love more info on your BBRRR strategy, and what that looks like.  I am interested in doing some/ most of the work myself, however I also recognize that I will need to move more to overseeing the work in order to expand once I get past my first few deals. 

Send me a PM and I would love to chat more
Bryce

@Kris Bucci 
Nice to meet you.  I am looking to get into the Vancouver Island market, and am looking to do some Brrrr strategy over there.  Would love any advice or next time I am over there I can buy you a cup of coffee (and sit 6 ft apart lol) 

Bryce