All Forum Posts by: Jeremy Johnson

Hey guys first time posting! Looking to start flipping full time in Canada. Red Deer, AB to be exact. A city of about 120k ppl right in the middle between Calgary and Edmonton. My dad was a builder back in the day and I am handy on the tools. Being able to carry out the framing, hanging board, general finishing, etc. This saving $$$ I Have done 2 deals so far using the principal residence exemption. Lived in the houses for over a year. Net profit on house #1. 62k. House #2 76k. Used that $138k for a down payment on our current forever home. The problem/question I have is for any Canadian flippers out there is where do you get your capital to expand? How can you finance bigger deals? If you run it as a full on business as in set up a corporation etc. Present a business plan as a builder will the major banks give you a loan or L.O.C? For example the deal I want to do now I can get the place for 270k. But it requires 170k in renovations. Unbelievable location backing a forest that elderly owners have let go-that I have a in with. Could 100% sell for 600k plus. I can get hard money at 15% for the purchase at $270. But where can I fing the financing for the renovations? Sorry for the long post! Looking forward to any insight I can get! Thanks

Hey guys first time posting! Looking to start flipping full time in Canada. Red Deer, AB to be exact. A city of about 120k ppl right in the middle between Calgary and Edmonton. My dad was a builder back in the day and I am handy on the tools. Being able to carry out the framing, hanging board, general finishing, etc. This saving $$$ I Have done 2 deals so far using the principal residence exemption. Lived in the houses for over a year. Net profit on house #1. 62k. House #2 76k. Used that $138k for a down payment on our current forever home. The problem/question I have is for any Canadian flippers out there is  where do you get your capital to expand? How can you finance bigger deals? If you run it as a full on business as in set up a corporation etc. Present a business plan as a builder will the major banks give you a loan or L.O.C? For example the deal I want to do now I can get the place for 270k. But it requires 170k in renovations. Unbelievable location backing a forest that elderly owners have let go-that I have a in with. Could 100% sell for 600k plus. I can get hard money at 15% for the purchase at $270. But where can I fing the financing for the renovations? Sorry for the long post! Looking forward to any insight I can get! Thanks