All Forum Posts by: Eric Delcol

Lisa Long If you can provide the scope of your project we can guide you better.

Any city with double digit growth in the past 5 years will do well San Fran San Diego Vegas Denver Dallas Austin Minneapolis Nashville Atlanta Tampa Jacksonville Charlotte Orlando Miami Charleston DC And - your home town Phoenix. You're in a great market for flips.

Originally posted by :

Hi guys,

I am newbie here, from Toronto and going to invest in St Catherines.

Went to a bank today and I am qualified for a higher mortgage than what in fact need, but not enough down payment (investment house they ask for 20%). What is my best option in this case? Find a hard money lender to help me with the rest is just not a good option. Find a partner or a private lender?

@Cristiana 

One thing Brandon mentioned on the BP podcast that really helped me think of financing differently was this:

If you found a property worth $1,000,000 that was selling for $1,000 but you didn't have $1,000 yourself, could you find someone else to fund the deal?  

Banks have procedures and regulations they need to follow so even though you may have a grand slam of a deal there's certain things they are just not willing to do - at least the major ones.  You may be able to find a credit union that could help.  Unlike the US there aren't may choices when it comes to institutional lenders in Canada.

Outside of that, yes, a partner or private lender is where you should be looking to next. Post the deal here on BP and see if anyone is interested in doing a JV. If it's a great deal people will be lining up to take part.

@Shawn Ackerman

What city in the mid-west are you invested in?

Originally posted by @David Terbeek:

Cleveland is a low cost area, we only have moderate traffic, have the Rock Hall, a world class medical facility in the Cleveland Clinic, World Series contending Indians, Champion Cavaliers and plenty more.  As a lifelong Clevelander, my biggest complaint is the winter but if you can survive that, not too bad.  And for investing, it is a no brainer!

 Jason said he wants to leave Miami therefore he probably wouldn't want to go to Cleveland.  It's the same according to Lebron:  

https://www.youtube.com/watch?v=CQkQFfO6uJ4

@Bianca G.

As some of the other replies have noted -

You want someone who knows what you're looking for.  

Some sample questions -

Have they dealt with investors before?

Do they own investment property themselves?

Do they have experience with short-sales, REOs, foreclosures? (if you're wanting to consider those)

Originally posted by @Tia Terrena:

I regret not having invested in Toronto in the last couple of years, price went double in just a couple of years, but now I'm not sure if the market could cool down or will it keep climbing up. Would love to hear some opinions.

 @Tia Terrena

Even Warren Buffet regrets that he didn't start investing earlier (he started at 11).  Don't kick yourself too hard for the past but motivate yourself to pull the trigger.

Toronto, like San Francisco, Manhattan, or Miami will be a growing city for many, many, years and all those folks will need somewhere to live.

Akash Yadav I know of lenders in Canada who will finance US property. Send me a PM if you want their contact.

Ken Min "@Justin Currie Be aware that the U.S. Govt has a recent tax law change that requires Canadian (foreign) investors have a Tax ID number or they will with hold a big chunk on any money you invest here until the tax issues get settled." What law are you referring to and what do you mean by "recent"? AFAIK having a tax ID has always been the case and personal gross income is subject to 30% withholding. Having a tax ID doesn't waive the withholding requirement.

@Matt Powell Check out TBREIA.com Great place to network. If you need contacts PM me with what you're looking for.