All Forum Posts by: Chris Walters

@Clayton Plank Have any off the agents ever back tarcked or started giving excuses when you conducted you researches?

@Clayton Plank oh wow! That story is crazy! That's exactly what I am trying to avoid. My gut feeling is telling me something is off.

Hi BP, I just found a property where the the Cash on cash ROI should be more or less 10% according to the numbers found on the listing. That being said, I am skeptical about the income stated, as most of the listings I viewed indicate "Gross Potential Income" instead of effective income. Would it be out of order for me to simply contact the selling agent and ask for the effective income followed by proof or should I have an agent contact the seller's agent. Also, can you please tell me what other questions I should be asking and points to look for? Thanks in advance.

Perfectly bilingual here!

Ronaldo Reyes Tristan Kovero property hacking is the way to go! I don't know if you guys have a big market of duplexes or triplexes, but i would go that route. To me it makes no sense of renting one place and leasing another. Reside in the property and ren out the 2nd unit. That way, the tenant is helping you pay mortgage.

Tom Reid if your business plan is solid, there are hard money lenders who will lend you the money. Men lie women lie, but numbers do not! Just make sure everything makes sense and all figures are accurate. There are two options here: Either your friend is ******** his pants and find it is too risky, therefore he's upping the ante, or the dealls seems lucrative to him and he wants a bigger piece of the pie. I will leave that up to you to figure out. One way or another, if it is really a deal and not a dream, you will make it work. An experienced hard money lender knows that if you do not reimburse within the agreed time period, not only will there be additional % penalties, but he or she can actually sue you and recover the property for themselves. 1st question you must ask yourself is "is this really a deal i found". If the property cashflows and you can eventually pay back the investor before the time period has expired, then try to find another person. As some said, the fact that you have $0 in the deal is somewhat of a disadvantage because you have nothing to lose and from a lender's perspective this can be a down side. Don't think he's the only person out there. Do your homework and hunt down other investors who might be interested to offer the money at 10%. You can have a clause where for example the money is to be paid back in 18months with 10% interest rate and after that you get penalized an extra 5%. You have to be creative, but one thing is for sure, you better be sure about the figures and not run out of money, because your luck will quickly run out too. I hope everything works out for you. Search for new investors as if your life depends on it! Don't give up

Paulo Ascurra Down: 20% Taxes: 1% (of property value) Property management: 10% Cap expense: Vacancy: 10% Insurance: 6% Repairs: 6% Advertising: 5%

Hi Paulo Ascurra Welcome to BP! I've been looking at the Montreal market and come up with similar results; many negative cashflowing and 1 to 5% positive cashflow. If you want, we can connect and compare our expense percentages. Montreal seem to be a tough market, which would explain why some investors are investing further out. Contact me if you need anything. Cheers, Chris

Hi @Frederick S.

Welcome to BP! I am happy you joined! This is an investment you will never regret. Feel free to reach out if you need assistance.

Kind regards,

Chris

@Roy N. Thank you so much for the advice! It is greatly appreciated