All Forum Posts by: Huong Luu

@Aldo Gutierrez If you have little experience in buying, then you should definitely consider using a GOOD realtor. A good realtor will check zoning, comps, further potential, ask the right questions, contact other people as required (ie permits, etc) and assist you in getting the getting price. Not all realtors are the same. 

Keep in mind, in most areas, the buyer doesn't pay the realtor fee. However, there are areas where the buyer has to pay the realtor. So some owners who are doing 'for sale by owner' will not want to deal with a buyer's agent because then they have to pay 1-2.5% from the sale of the property. If the seller is using their own agent, if you come in without an agent, the seller still might have to pay 3-4% to their agent, so there is no savings to them. And you can't negotiate a lower price b/c you don't have an agent. 

If need more clarification, don't hesitate to message me. 

You can RTO, but you don't "need to do it" to get exposure to it. Also, RTO is risky (50% success rate), so unless you know the strategy or hire a firm to help you, I would suggest you stay away from it. I have a contact in Calgary that does RTO.

Your other option is to do an AFS (Agreement for sale) or do a private sale (this way you don't pay RE fee). 

Run your #'s properly for short term. They are a lot of work. Unless you sub it to someone to do. 
Send me a message if you want more info on any of the above. 

I was thinking of using Zoom. As I am travelling, on-line is best. This requires minimum travel for everyone, and I have an account with Zoom, so we can have unlimited participants, and unrestricted duration. Also, on-line allows everyone to participate. 

to add to what Jacob wrote: There are A, B and C Lenders within the cat1 and 2. Not all private lending require 20%. The less you put down, the higher the rate. There are also RRSP mortgages (arms length and non-arms length). And of course the Bank of MOM&DAD. Good luck. 

Would there be interest for an on-line meet-up for contact Canadians (US counter-parts can join in, with the focus of the discuss to be Canadian content)? I could hold them on-line (and they would be free). This would be in addition to posting your questions in the forums.   

I would recommend Cherry Chan's book (Complete Taxation Guide to Canadian Real Estate Investing) and her blog (RealEstateTaxTips.ca)

@Scott Hickey If you are able to get the bank's appraisal at $285K ARV (after reno value) then you should be able to get a HELOC/LofC of $34K. If you refi into a mortgage, then you have the amortization (ie 25 years) to pay that back at the mortgage rate. Whereas if you get a HELOC, then it is at a slightly higher rate, and you can pay this back at any time. So it depends on whether you are planning on doing another purchase in the immediate future or another investment.

HELOCs are different in Canada and US. Where are you located (sorry if I missed that)? 

In Canada, once you have a HELOC, you don't have to qualify for it again. So if you have extra cash, and you are in Canada, then pay down your prim, as there is no tax deduction benefits in Canada on your prim like the US.

@Mo Joudeh, here are some ideas:

-you can approaching the current tenant to see if they want to rent it.

-see if a business near by wants to rent it (ie car leasing company who needs more parking space). 

-lease to food truck/ open farmers market/paid community garden 

-look into the cost of building on it

-sell it

with some of the idea, you may need approval from the city, and may need to get property insurance.  As far as I recall, there is property taxes on vacant land.

Here are a few I would recommend:

REIN (http://www.reincanada.com/)

Charles Doben MFU (https://www.multifamilyinvestingacademy.com/)

Cash Property (https://www.cashproperty.ca/mastermind)

You can also check out FB and Linked-In and of course BP which you found.