All Forum Posts by: Huong Luu

@Zachary Ferry Although the 20% is not a moving target, the price of the properties are. As you are 'building up' the capital, the prices will increase and you will find you need to save more. Also the rules to qualify for a mortgage are constantly getting tougher. There are other options other then 'building up'. There is Other Peoples Money (OPM), private money, RRSP, JV... so many other ways to get your 1st door without 'building up'. Also, networking in a specific area is great but open it up. There are many great minds out there. Good luck

agree with  @Steven Silman. You want cashflow, appreciation and mortgage paydown. All 3. Are you able to force the appreciation? If so, then yes it would make sense to invests in those area. Caution on B and C areas. It is not just the lower rent, but the quality of the clients. Also it may have other undesirable things like rates, drugs/crime. Suggest you meet the other owners close by and ensure you guys are like-minded. Good luck. 

@Jess Nichol I would recommend Justin Deseck. I have used him for the past 3 years. I will send you his contact info.  

@Yash Patel There are a few meetup groups in Ottawa already. You might want to join them. Maximize your networking reach. I would recommend Marc Dupuis's group. Due to COVID, there are more on-line available. No need to restrict to Ottawa. Good luck

@Bo Taylor Don't let the shortage of funds stop you buy buying good property. There are ways to get the funds you need. Research on OPM. There are creative ways to use VTB and combinations of other JV to help you get the funds.

From a quick look at your numbers, I think you are missing utilities and water (students tend to use more for some reason), vacancy allowance, marketing, legal/professional fees, lawn care and snow removal.  Good luck.  

@Account Closed get the property under contract if it is a good deal, and put in a condition of sale the seller has to provide document that sidewalk encroachment is grandfathered in or has been accepted as an amendment. Your RE agent should be helping you with this. The City (usually) will not ask you to demolish. They usually ask you to pay for the fees to submit an application for approval of minor deviation. Good luck.  

@Harrison Montgomery You will need to talk to a lawyer who can register your company. They will tell you if the name you want is taken, so have a backup and a backup to the backup ready. You can start off by doing a search on the internet to see if the name you want is taken because most likely a company will have a website that matches the name. The next thing is to check if the domain name is available or a variation of the domain name is available. Preferably a .com over a .ca. There are .net and .org that might be worth considering. Keep in mind you don't need to start a company to do wholesaling. As you are just starting out, you might want to ensure you really want to do wholesaling. The other option is to talk to an accountant and lawyer to learn about a 3-tier company. I see from your bio and other post you want to do FLIP and BRRR. So a 3-tier company maybe worth looking at. Good luck

@Cameron Chambers Good for you to start. As  @Chris Baxter mentioned you still require capital. So you might start off with doing a flip to force appreciation and as an exist strategy if the property doesn't sell, is to rent it and hold. The question to do a FLIP or B&H depends on your end goal and your skill sets. I would suggest your first step would be to figure out where your capital will come from (there are lots of way to get money partners) and also figure out what you want (quick cash or long term wealth). Good luck   

@Account Closed Great question. I would suggest you contact the city departments and ask the civil/structural engineers there. Check in the permit department. When I contacted the permit departments in Toronto and other areas I invested in before, I was able to ask questions like that and got great info. You might also want to hire a consultant like Stantec or AECOM to have 1 of there Senior Engineers walk you through a few properties and explain some things to look for and consider. The $500-$1K consult price tag is tax deductible and well worth the education. Good Luck

@Account Closed, You can download a standard Agreement for Purchase and sale document for QC on-line. If you can't find it, message me and I will send it to you. You can make offers without an agent. In some cases, if the seller has an agent, that agent will take a bigger commission if you don't have an agent. If you have an agent, they will be paid by the seller, unless this is a separate agreement which will be declared so everyone is aware of it. If you signed a working contract with your agent, you may be liable to pay them even if they don't represent you in a particular deal. Check the working contract terms. FYI, Your agent legally has to submit an offer that you tell them to. If they don't, change agents. However, I would suggest you explain why your offer is what it is so your agent can go to bat for you. Keep in mind, agents do talk, and you don't want to be know as the time waster.