All Forum Posts by: Mike Jakobczak

Welcome Misty!

Hold it down for Chi Town

;)

Mike Hasemann Looks like it's from a company that doesn't buy the property itself but gets the investor to buy then also pay for the rehab.

I'd most likely find investors that already have done the rehab and purchase the finish product form them. This will drop your total money in the deal to whatever your lender needs s a down payment. 20% (20,000) + closing

Some investors will give you a discount on the purchase price since they most likely wont need to put any marketing into the property or list it on the MLS. Also some Investors will even have these rented for you from day one of purchase.

Each province is different but I know in Alberta it's 14 day period written notice. Or the landlord can go to a court to end the tenancy sooner. On damages/assault things like that, 24 hour notice only.

I'd partner up with someone who flips properties and learn the business. Then turn my profits into long term rentals. Keeps your money working, and also keeps you actively investing.

Where if you buy one/two properties and all your money is spent, you are now just waiting until you save up again. Or start looking for money partners.

All depends on what type of investor you are/want to be. What type of risk you can handle, etc.

It's exactly what everyone is saying it's a combination

Also the media is a big influence on Canadians. When Canadians start to hear that you can buy houses for 50 cents on the dollar and properties for as low as $50,000 usd, this will get anyone motivated. Since $50 k anywhere in Canada will most likely get you in some small town in the middle of no where, if that. When in some areas in the US, it will get you a whole house or a not bad condo near a local beach.

Delma Gordon Maybe a lease option or owner finance the property to a local family. You would get a higher price on the rent for the lease option.

Just a suggestion

One of the best ways to find private money lenders is where "like minded" investors hang out. I'd suggest going to local real estate markets. I'd even traveling to some that are not in your direct areas where you buy.

Then if you are confident in your numbers and can give solid returns, better then some of the local areas you visit. While your at these seminars/meetings hand out some business cards and introduce yourself and what you do.

One of my investor friends would do this all the time. He actively buys in one of the hottest rental areas in Canada and would simply go to different meetings and his introduction line would be

"Hello I'm ________, and I buy in the hottest rental market in Canada. If your interested I'm very actively working with other investors. Here's my card, call me"

He'd pick up investors like this all the time.

Hope this helps.

James Martin I'll have to stay in contact with you if I ever decide to start looking

Marian Smith What kind of returns on rentals are you seeing in the Austin area? Like in a B-C neighborhood

Joel Owens Yea it still blows my mind!

Yea here's one of my rental numbers, which was bought last June.

Purchase:26,000
rehab:5,000
Taxes:1500/year
Insurance:500/year
rented:908/month section 8 tenant
build:1986
Sqft:1260

The rehab was give or take around $5,000 but this is because for Section 8 the inspection is very detailed and had to make some fixes to get it to government standards. If I didn't go Section 8 I could have put a tenant in place for maybe as low as $1000.