All Forum Posts by: Jason Shackleton

@Cooper Lammonds I love the book The Slight Edge by Jeff Olson. It is not real estate related but it can be applied to anything. Read The Accidental Real Estate Millionaire by my contact and Bigger Pockets member @Roy Cleeves .

Also I may be biased but my mentor Michael Dominguez just wrote the book The Armchair Real Estate Millionaire. I was featured in it as one of the many Investor success stories. It works!

Every real estate book adds to the knowledge base. Just keep building that library.

Good Luck.

Hey @Isaac Hayes

I have not seen this done before. I do remember a broker contact of mine mentioning he has done this before. I am not sure if you can really put nothing down. I am following this post to find out for sure. I am always interested in unique financing options.

The odds of your brokerage account going to zero in a crash seems very unlikely.

Good Luck

@Christopher Leong E I agree with @Roy Cleeves here. You will want to purchase a property in a market that has a good chance of appreciating. You are also going to want to have that property cash flow. Owning a positive Cash flow property makes it much easier to hold onto for a long period of time. You will eventually want to sell a negative cash flow property because it is costing you money every month. Cash flow will increase your financial position every month, allow you to hold long term and help you buy more properties.

@Dave Foster 

Is the expert on 1031 exchanges.

Hey @Tudor Sabie 

I have not heard of this company (Not saying they are not legitimate) . I am in the business financing space and I am connected to over 100 lenders. I can say this is the first time I have ever heard about a yearly membership. I feel like the yearly membership is something a youtuber would just add on because they can but I am only guessing here.

In terms of the “Business loans between $50K to $250K with 0% interest rate for up to 18 months.” This is pretty common. This is known as credit card stacking, card syndication or an ULOC (Unsecured line of credit). This is mostly done in the personal name for those with 700+ credit. One lender I know will go as low as 650. I do know of another lender that will lend into an entity, this helps build business credit (must be co-signed using personal credit). They offer this in addition with something they call a term loan. In order to get the term loan one only needs 2 years of tax returns showing 50k+ in earnings each year from their W2. Adding up these two amounts will get you a similar approval amount as you mentioned above.

Lenders generally charge a % of the total funded amount for this service. I think with this lender you are considering I would look into the terms of the yearly membership. Are you able to cancel at any time etc.

In the alternative financing space you never really want to be the first one to try using a new company in general. I would lean towards companies that have been around for a while.

Good Luck.

Hey @Pavan Kumar 

Are you describing a specific property you are looking at here or are you describing your buying criteria? As with the purchase of any property there are lots of things to look at and consider. What are you wondering about specifically?

Hey @Mitch Larrivee Do you find your mentor or does your mentor find you? “When the student is ready the teacher will appear”

I decided for myself the exact type of properties I wanted to invest in. Then I found someone in my local area doing it. Simple google search did the trick for me. He so happened to be an investor/agent. Usually they are someone on the exact same path as you just further down it, dropping bread crumbs along the way.

Good luck in your search

Hey @Akshay Nihalaney 

I know a NYC based lawyer that owns her own firm. She specialises in helping real estate investors set up their entities. I am happy to share the contact.

Hey @Andrew Robert Kearney I would think Wise (formerly Transferwise) should do the trick here. 

Hey @Wil Taylor Both are options. I feel like with the BC market being so strong you will likely need to sell at least one property to be a competitive buyer in BC.

Another thing to consider is what happens to the status of your primary residence if you turn it into a rental. As of right now it will be tax exempt upon sale. If you leave and turn it into a rental and then sell it in say 10 years, It may get taxed as a rental. If you go this route make sure you get an appraisal on the property marking the day you leave. This appraisal will “accuratley” mark the value of the property as of when it became a rental. It will then be easier to prove the value on the day you moved out if you sell in the future. the time you lived there will be taxed exempt and the value created after that date will be taxed as a rental. I would consider this scenario into your equation.

Where in Ontario are your properties located?