All Forum Posts by: Huong Luu

@Bill Haldenby I love your post. It is so common for couples to not be on the same page about investing due to the risk level. At networking events and even some of my own clients, seem so in tune with each other when it comes to investing, I use to question why my partner is not on board. 

There is only so much data you can show them. In the last few years, I started leaving certain books, reports, etc, around the house and if he picks it up to read it then great. I don't bring up the topic any more. If conversations start then great. He knows its my my full time income now, so he knows RE is my thing. This could be why he isn't as into it as me. 

You are not alone. There are many things you can do to grow your portfolio even if your partner is not on board. 

Good luck 

@Gustavo Carbonero The BP platform is great and will help you. The extend of your success is up to you. What are your goals in RE? and Why? In addition to using this platform, networking, reading and attending workshops/training programs will help. As well, there are so many meetings and training programs available. For every event/book/program, implement 1 thing at a minimum. Otherwise you might as well just watch a TV show. Good luck.

@Kenny Clark Every investor at some point is told they don't quality for a mortgage the traditional way either due to money or door restriction. The things you can consider is 

1. partnering with someone with money who can quality for the mortgage. So you set up a joint venture and at some point you buy them out. 

2. get the seller to hold the mortgage for you.

3. look into private lending

4. see if you have more family who will lend you money

There are other creative ways. Don't hesitate to message me separately. Good luck. 

Send me a message and I will connect you with an architect I know who specialized in lean and green design. 

@Walter Dumlao We talked about your question during the on-line meet up. We agreed the $100K is a good estimate, as long as you are not removing supporting walls, not lowering basement floor, proper foundation in place and have proper egress already in place. Here are a few things to consider and ensure you have included in your estimate:

1. legal and closing cost including land transfer tax ($10K+)

2. permits and architectural drawings ($8K+) 

3. holding cost while reno (at least 6 months min. This starts from day 1 when you get the house)

4. include at least 10% for scope change (unexpected reno)

5. if you are selling after reno, include RE agent fees, legal, closing, and holding cost until it sells

If you message me, I can put you in touch with a full time RE investor/flipper in Hamilton. 

Good luck

Look at your target tenant. Who are your aviators? Build the units based on what they would want, at the same time making it look more higher end (this doesn't mean it has to cost more). Also, although things are needed, many people expect them.  ie dishwasher. Some of my units don't have laundry. I don't need to install these, b/c there is a laundromat a 5 min walk away. If you install A/C, who is going to be paying the hydro? Also consider the future replace cost and maintenance. Hot water on demand is great, but it is way more expensive. If space is a limitation, then why spent the extra money? Good luck.   

@Salvatore Giancola Does the property have separate meters? If so, you can reduce the utilities by having the students pay this directly themselves. When I compare these to the 3-plexes I have, $400/m is on the lower end. You can ask for the expense roll prior to offer or you can put in an offer with the condition of receiving and approved review of the last 12 months/24 months of expense roll. Good luck

@Sky Kwan Depending on where you live, look into networking with other RE investors. There will be investors there who might be interested in investing in HK/investing outside of HK. This will help you improve your English and help you find creative ways for you to start. Good for you to make a post!  

@Chase Novotny I moved to Edmonton in 2018 and had to start the whole process of meeting other RE investors as well. So you can find groups on Meetup and Eventbrite. I would recommend Gene Mayer's cashflow game group, Mogul Group, REIN and Edmonton Real Estate Investors Association. Good Luck

 

Welcome. Message me and I can contact you to a wholesaler in Edmonton. Good luck