All Forum Posts by: Diana Serban

Hi everyone! I'm a young investor who is looking to buy a multi-family property late next year, but I would love to be able to shadow a seasoned investor and learn a few things first. I'm offering to help you for free with any tasks you may need for your next purchase, ideally BRRR, a flip or short-term rentals. I've bought a small property so I already have some experience, but I'm interested in learning the search, analysis, funding, renovation and selling/refinancing processes for larger properties. I'm very eager to learn and not afraid to get my hands dirty.

Je parle aussi français. Au plaisir,
Diana

I'm trying to grow my portfolio but don't have any money for a down payment nor the ability to get a mortgage since I'm self employed. I have a few questions about seller financing and/or subject to in Canada. 

1. Would it be beneficial to get a real estate agent involved in this?

2. Can I look at the MLS for OK deals or would it be better to go off market?

3. Would paying the purchase price (or a bit under) be fine, or should I negotiate it to something a lot lower?

4. If the deal is off market, would birddogs be a good idea? I don't know any in the Montreal area however.

5. If I end up paying a small down payment to the seller and renovation costs, could I use a loan from a private lender or would that set me back by a lot? I could find a partner too but it would take me longer than I'd like to. 

6. What are the exit strategies here? I'm assuming I can't refinance if I use creative financing, so how do I pay back the private lender loan fast if I use that path?

7. How much interest should I pay the seller on a seller financing?

8. I also want to confirm that there are usually little to no closing conditions if I use creative financing. I might be able to still inspect the property, but that's pretty much it. 

Thank you for your help! If there's any ideas or issues you can think of, I'd love to hear them as well

Hi! A bit of a late reply. If you can figure out creative financing, you wouldn't need an important amount of savings for a down payment. You could definitely work part time during all that.

However, if you want to use your own money, then I would recommend saving up with a full time job and then buying as many properties as you can with the least money down. Real estate growth is exponential, so getting multiple properties (or multiple doors in the same building) is ideal.