All Forum Posts by: Gurlal Pannu

Hello all. So I've stumbled across a deal that I think is really worth getting into.

It is a multiplex which i will Brrrr if acuired.

Property is tenated 6 units but has no rent roll all cash and not much 1/4 of market rent. There is no way it would qualify for conventional mortgage. It is also in really bad shape 4/10 probably.

ARV:1 -1.1 million

Repairs approx 250K

I'm trying to get real private lending numbers to see at what price this deal makes sense. It is off market deal with no real ask price. So I want to work backwards to come to a price where this deal makes sense.

Example i heard rates can get high as 10 percent. If i need a 2 year time period for this project and i borrow the approx 800k total ill probably be upto 960k all in with 160k in interest payments.

My main inquiry is based on this info what sort of rates can i get private lender side or whichever other way possible in Ontario,Canada.

posted less than a minute ago

Hello all. So I've stumbled across a deal that I think is really worth getting into.

It is a multiplex which i will Brrrr if acuired.

Property is tenated 6 units but has no rent roll all cash and not much 1/4 of market rent. There is no way it would qualify for conventional mortgage. It is also in really bad shape 4/10 probably.

ARV:1 -1.1 million

Repairs approx 250K

I'm trying to get real private lending numbers to see at what price this deal makes sense. It is off market deal with no real ask price. So I want to work backwards to come to a price where this deal makes sense.

Example i heard rates can get high as 10 percent. If i need a 2 year time period for this project and i borrow the approx 800k total ill probably be upto 960k all in with 160k in interest payments.

My main inquiry is based on this info what sort of rates can i get private lender side or whichever other way possible in Ontario,Canada.

Hello all. So I've stumbled across a deal that I think is really worth getting into.  

It is a multiplex which i will Brrrr if acuired.

Property is tenated 6 units but has no rent roll all cash and not much 1/4 of market rent. There is no way it would qualify for conventional mortgage. It is also in really bad shape 4/10 probably.

ARV:1 -1.1 million

Repairs approx 250K

I'm trying to get real private lending numbers to see at what price this deal makes sense. It is off market deal with no real ask price. So I want to work backwards to come to a price where this deal makes sense.

Example i heard rates can get high as 10 percent. If i need a 2 year time period for this project and i borrow the approx 800k total ill probably be upto 960k all in with 160k in interest payments.

My main inquiry is based on this info what sort of rates can i get private lender side or whichever other way possible in Ontario,Canada.

@Roy Cleeves I am going to be the general contractor as I have some experience in the field. But I like the mention of scheduling everything in order to save expenses. The main issue for timing would be getting tenants out at the same time.

@Theresa Harris Yeah there are a lot of rules and I know under normal circumstances i cant get them out. If I do cash for keys then is the rule of them taking back the unit void?  

Also what would the process of not renewing their lease look like. For the tenants i am taking over some have been their for 5 years or more so how would I not renew their lease. They are probably on month to month anyways.

Thanks @Scott M.

Thanks @Roy Cleeves thanks for the reply. I see that you are pretty local and in Kitchener. In your opinion how do tenants react to this sort of situation where you want to do renovations and you are trying to get them to leave. Cash for keys approach sounds great too me but I'm not sure how someone would be motivated to move out of a unit that is so below market rent for a sum that might finish in a year and they'll be stuck paying market rent then on.

Thanks for the reply @Nathan Gesner not sure if I could work into the deal to have vacant as the market in London is quite hot right now and if it were to become vacant this building would fetch a great premium. But i will try and see what the owner has to say!

Hello to everyone. So i am looking to gain some knowledge on evictions and cash for keys in London Ontario for a potential deal i may close on, a 6 unit building.

Building is in rough shape. Windows need to be changed . driveway redone. Probably roof not even sure how long the list is but thats how it is looking. Im trying to figure out my options are and what local investors in London have been doing. Tenants are paying ridiculously low rents. Rents are about 1500 for a 1 bed (updated unit) and they are paying about $700-750. So their is alot of upside to the turnover of tenants, and the benefit of getting all the much delayed renovations and updates done. 

I want to find solutions that are mutually beneficial don't want to create problems.  So what would be the steps you guys would take to get started with this process.

Hello to all the bigger pockets fam. My name is jay and I'm about to place an offer on my first multifamily building. It will be a 6 unit building around London, Ontario. I'm looking to do a brrrr and will be buying a property with a lot of maintenance outstanding. I've created an excel file with what I think is a pretty comprehensive cost breakdown to the best of my abilities. I was hoping to get a peer review in place so I could confirm my numbers before diving in with my best offer. Hopefully the picture is good I didn't know how to post the excel file.

I would also love to hear about what things I should be more careful about when dealing with multifamily, as this is my first time in multifamily. FYI.I Have never even had duplex before this. And how are your experiences with cash for keys in london, ontario.