All Forum Posts by: Justin H.

Well today I finally received the keys, and it finally all happened.

After 2 different failed partners and three deals with those partners falling about between 12-24 months ago, I finally took the leap to go alone, and closed my first deal.

I bought a student rental home near Brock University in Niagara Region, Ontario. $195K, needs some paint and a good cleaning, and it will be move-in ready for May. It was previously a student rental, turned family rental, but the owners are getting out of the industry and retiring.

6 students, two separate entrances (3 students each floor). Man it feels good and exciting and nerve-wracking to finally have made the jump to becoming a rental property owner at age 26.

Hoping to connect with some like-minded individuals moving forward!

@Scott Bustos

I am in the same boat. 26 in a few weeks looking to turn my first ... anything let me know!

@Bill Gulley

- Thanks a lot for the feedback Bill. I will have to work on it and figure out a way to pitch this to investors then, as I have significant cash available .. just need income proof.

@Account Closed

- Partner as in business partner aha - thanks for the feedback RE: a 70/30 60/40. I will have to work on pitching that

@Bill Gulley

- thanks for the reply.

Yes the intention is that we both go on the loan and are married financially.

What I am wondering is what is the fairest way investor to investor to structure the deal.

50% equity split, and use his portion of the monthly cash flow to pay back half the down payment over the next few years is what we are thinking of doing. What are your thoughts on that?

Question - what would you say is the best way to go about this situation.

Long story short -

Me - Have cash, commission job, can't loan qualify

Partner - Has no cash, Salary Job, can qualify us for a loan.

Basically I am simply using him for his ability to get a loan.

$165,000 house. I am putting up the 10% down + closing - call it $20,000.

How would you structure this deal to ensure both sides win and are happy -- simply put, I need him to qualify us, otherwise I won't get the deal done.

@Lucas Gawrylash welcome -

I am just starting my journey as well. ..2 years of searching and 2 lost deals is enough for me. Time to find a serious partner and get started!

@Jeff Knight

welcome to the site - I am a newbie as well, and actually work in the barrie area... looked at a home in barrie last year but my financing partner bailed .. right outside georgian college

Ill be there as a first-timer. Look forward to meeting some of you from BP

@Account Closed

- Thanks Ajay, look forward to meeting you there. Cheers

@Ursula B.

- congrats on the big deal! I look forward to hearing more success stories my friend