All Forum Posts by: Eric Delcol

For all the folks who googled "how to move to Canada" last November - here are a few things about the Great White North market. Short sales and foreclosures are nearly non/existent. Here's why. Say someone buys a house for 200K and takes a mortgage out for 160K. Then the market gets hit really bad and the property is only worth 120K. In the U.S. that person can give the bank the keys and be done with it. In Canada that person is still 'on the hook' for the remainder of the loan (eg 160K). Banking is 1000x easier compared to the U.S. and a typical closing is 2-3 weeks. However the downside is that nearly all mortgages are 1, 3, or 5 year terms with most people opting for 5 years. (Side note Kiyosaki says this is why he won't invest in Canada). A big driver of pricing is from foreign investment (eg Asia) especially the west coast (Vancouver, Calgary). Real estate is a huge part of our economy so the government is very protective and puts laws in place to curtail or stimulate the market.

It is. Sept-Nov is low season. But it really won't make much of a difference - I wouldn't bother trying to time it but if you are looking to buy then all the better.

Miko Dimagiba Yes, we find the information helpful for our Canadian investments as well. You can make money in Toronto - it all depends on your strategy. Like all high growth cities wholesaling and high cashflow are nearly impossible. However, buy and hold, fix and flips are very doable. If those aren't your thing you may want to look elsewhere. We have property in Canada but primarily do most of our deals in the US.

Tareq Shaheen If I were to venture a guess - the most read book by BP members is Rich Dad, Poor Dad. Rich Dad's main lesson about money is positive cashflow. In the scenarios you listed above - unless you had a grand slam of a deal you would be negative cashflow every month with loan payments that high. You may want to consider flips instead. A four year timeline and a low rate that you quoted that is a flippers financing dream.

Alec A. 1. Feedback on my plan? Sounds like a no brainer - however read the fine print on the program you're talking about. Might not let you do what you're planning. 2. Advice for finding a good investment property in such a hot market? (foreclosures etc) That's the trick isn't it? 3. Should I consider buying a cheaper home and building a mother in low suite or converting a garage? Do I need permits for that? Would the expenses be worth it? Yes Yes And yes (possibly) 4. Any Tampa folks out there that have any recommendations of neighborhood to look at? Open to anywhere, South Tampa seems way too expensive I am looking in Seminole Heights, Ybor, Riverside Heights etc Look at where the demand for Airbnbs are and go from there. Seminole heights and south Tampa you will do well. And there are deals to be found in south Tampa that are in your budget that are outside of the plant school district. 5. Advice on forecasting expenses, mortgage, PMI, etc? You should know your mortgage, taxes, insurance, and maintenance figures. If you're talking about reno costs to build / add another suite you'll need at least 30K to build something from scratch.

Jason Rector If you want to rent the house during the summer you'll want to be in a tourist heavy area - the west side of st Pete or destin would be good for that.

Amy Stewart Welcome to the forum.

Who is Robert Kirosaki? Just kidding

Originally posted by @Jay Hinrichs:

@Karen Margrave  No can do on public forum I am not about to give up my secret sauce and all the money time and effort I spend pioneering markets... :)   its all out there on the web or the folks on BP can do what I do and fly 100k miles a year  spend 60 nights at the Hilton looking researching kicking the dirt and then figure out were to invest  :)  

 @Jay Hinrichs

I felt the same way as you.

Then a colleague of mine shared where he invests with me.  He showed me block by block where the best areas are and which ones to avoid.  Afterwards, I was so puzzled as to why he just gave all this information away.  Was there some sort of catch?  Was he going to sell me on something that I wasn't aware of?  

So I flat out asked him - "if these deals are so good, why are you sharing them?" 

He said "If I could buy them all I would.  Since I can't, I'm happy to help you out!  Plus, I know one day my good deed is going to come back to me.  I don't do it for that, that's just how the universe works."

I've noticed that the most generous people have the most wealth and more importantly, seem the happiest.  I strive to be one of them.

Perry Kemp I'm currently in a similar situation. Send me PM and I will share my contact with you