All Forum Posts by: Kevin Reinhardt

 Hey there.... 9 to 10 unit buildings will require a commercial mortgage which is usually 25 to 35% down.

Hey BP community.... here comes a very open ended post so I'm hoping a lot of you can jump in here and provide feedback and insight of any kind.

I recently purchased a semi-detached single family home to add to my rental portfolio. The deal was a private off market deal and happened insanely fast (less than 48 hrs). I knew ahead of time I wanted this property no matter what as I own the other home it's attached to and control over the entire building/property was important to me. The market where I live (Winnipeg, Manitoba) is going absolutely bananas right now with low inventory and crazy bidding wars so I know that the ARV will be amazing.

This home is in need of a complete makeover... drywall repair, new flooring, new kitchen, new bathroom. For the most part it's mostly cosmetic as it has a newer roof, windows and mechanical. It's a 3 bed 1 bath home with an unfinished basement. The attached property is a 3 bed 2 bath home and rents really well in my market.

I have never looked at homes that need this much work and a Reno of this volume is something I've never done before... thank goodness I have a talented father in-law.

So here are my questions:
1. What are the best ways to save money for a Reno that is mostly cosmetic?
2. When putting in a new kitchen what are some things to be wary of and what have you done that you found to be very beneficial?
3. Is it worth putting in plumbing in the basement for a second bathroom now or wait and save some $$$ and do it later?

Any other feedback, opinions, suggestions etc are always welcome on this situation in general. Don't worry I'm fully aware of the supply chain issues going on and will be starting to secure materials asap! 

Thanks in advance... can't wait to read everyones input.

you need to listen to the Real Estate Rookie podcast episodes 105 and 106. It's a 2 part podcast with an attorney who focuses on asset protection. 

@Jairus Allen this advice comes from a friend who does short term rentals. Install a digital door lock where you can control the codes via wifi. Also install cameras you can view on the exterior doors. Big parties and strangers means no door code for the renter and if it violates your terms of rental then you can terminate their stay

Thanks for the feedback everyone.... I think there is a different approach to sewing people in Canada as opposed to the USA; not that the legal protection isn't a serious thing to consider. From my reading there are definite tax advantages to owing the property personally and as long as you're not a slum landlord I'd imagine the property insurance should provide adequate coverage for any accidents that result in legal action.  

Hi Everyone,

Posting from Manitoba, Canada. I'm looking at purchasing a smaller apartment complex and would be utilizing a private investment for the downpayment. Just looking to hear everyones feedback and thoughts on purchasing the property under my name vs starting a LLC and purchasing it under that.

Thanks for your feedback!

Hi Everyone,

I recently purchased my first rental property on my own and am looking to purchase more; however the next few properties will likely be financed through private money and partnerships. I'm more into the long term buy and hold so I'm looking for feedback on how others typically structure their deals.  I'll be looking for someone to bring the down payment, I'll do all the work, split the profits 50/50. 

What type of exit strategies or provisions have people put in place. Does the private lender cash out with a guaranteed return on their initial down payment (percentage or dollar amount) once there is enough equity in the property?

For context some of the people I know who are potential lenders/partners are significantly older than I am and may not want to stay "in the game" as long as I do and will want to get the return on their investment sooner than me.

Looking forward to everyone's feedback.

Thanks!

Hi Everyone,

Looking for recommendations for accountants and lawyers in Winnipeg, MB, Canada. I'm looking to purchase my first property in the next 60 days with my own capital. After this I'll be looking to purchase using OPM, JV's, or private partnerships and would like to find accountants and lawyers that some local people have had good experiences with in these specific areas.

Thanks in advance!

Hi everybody,

I will be purchasing a duplex in Winnipeg, MB, Canada soon with both suites being occupied by tenants. Looking for input with any unique conditions anyone has put in their own lease agreements regarding Tennant conduct/responsibilities relating to the property and the other tenants. Looking for suggestions beyond what most would consider standard conditions. 

Hi everyone... looking for some advice and different perspectives here. I live in Winnipeg, Manitoba, Canada.

I'm looking at purchasing my first rental property to buy and hold. I currently have enough saved to get into the condo market but most single family homes I can afford are generally in less desirable neighbourhoods.  I always thought I'd try to avoid condos as there is lower potential for the property to increase in value and condo fees eat into cash flow. With the high demand for homes in my city deals are hard to come by.

My question is would it be better to just dive into a condo and start paying down the principal and gaining experience etc... or is it worth waiting to have enough for a single family house?

For context a rental property requires %20 down payment here. Most condo's im looking at are approx 150k, most decent starter homes are 230-250k so I'm 20k off of having that down payment.