All Forum Posts by: David Steinbok

So did I read that wrong, and the 4% is your closing costs,  not your down payment? That makes more sense to me now.

my next question to you is, how are you able to finance with 4% down. That's unheard of in my area. For investment houses we need a minimum of 20% deposit. So your same house would cost me $42k plus land transfer tax and closing costs. Lawyer, title ins. 

did you add property taxes, house insurance, p.m if you have one. And % for vacancy and repairs. Then your cashflow with most likely be around 300$/mth. 

If it cash flows by 200$ /mth then it's a good deal to me. 

Hi. That sucks. What others have said is pretty spot on. Your contractor may be in over his head or may have another higher paying job. Did you have a time line in your contract? I wouldn't pay him any more money until he is completed and you pass your inspections. Once you pay him he will never come back for repairs or anything else. In the mean time I would be getting quotes from others to finish the job. Send your contractor a letter, either from you or a lawyer stating that if he is not back on site and finished by X date then you will hire another contractor to finish the job. Best of luck.

Ok thanks

Hi. I took a few real estate and stock trading classes when I first got started. I paid for myself and my wife so we would never argue about investing. We took 5 courses. I learned alot of information and gained alot of confidence. However as i started investing i realized that alot of the coaches were American and that alot of what they taught didn't work in Canada. I just modified what I learned to my market. 

Now that I have been investing a while, i have a coach/mentor. We meet weekly. And i find it really helps because he has more experience than i do, and we talk about different problems and he gives his perspective.  It's always good to have guidance. 

hi guys. Good thread. I'm in Toronto also. When is your meet up. I'd like to visit. Dave

I suggest 1,2,3 Reno from home depot. And maybe the building code and local by laws. Even if you are hiring a contractor you should know what's involved in your Reno. That way when you walk into a dumpy house you can easily figure in your head the scope of work that is going to be required to achieve your flip.

you know what will help you to find the time to learn a flip? Going out and buying yourself a dumpy house and doing a flip.  Nothing motivates more than deadlines and losing money. 

Half of my apts are light beige paint with beige tiles and brown laminate. The other half I go with grey tones. Very boring and neutral. 

I like the beige of your building. Maybe a bit darker with not as much yellow. But I would paint the doors and window frames white. Makes the building look cleaner. And get rid of the red where the numbers are. Paint it the same colour as the wall.