All Forum Posts by: Kiril Nikolaev

@Account Closed Is that because of the high interest rate?

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $640,000
Cash invested: $70,000

This is in Ontario Canada. Not in the U.S.
This is actually our primary residence. My wife and I did most of the renovations ourselves. We wanted to keep it but decided to upgrade to a bigger house instead. We originally wanted to house hack this and so we built a kitchen in the basement, soundproofed the basement ceiling, and added another bedroom. We also rebuilt the entire upstairs and made it very modern.

What made you interested in investing in this type of deal?

I wanted to house hack and live almost free.

How did you find this deal and how did you negotiate it?

MLS. We saw it on the market for a few months. It was in bad shape. We made an offer way below what they were asking. They countered a couple of times until we reached a reasonable price.

How did you finance this deal?

A lender.

How did you add value to the deal?

Upstairs - opened up the kitchen, rebuilt the kitchen, new appliances, build a dropceiling, added wallpapers, repainted, new flooring in the living room and kitchen, new ELFs, baseboards, crown moulding, separate laundry, and closed-off the basement.
Downstairs - built kitchen, soundproofed ceiling (2 layers of insulation, 2 layers of 5/8 drywall, green glue), 200 AMP service upgrade, converted a storage room to a bedroom and repainted.

What was the outcome?

The renovation upstairs was a success overall.

Lessons learned? Challenges?

Closing off the basement completely was actually a mistake since many buyers were looking for access to the basement.
The basement kitchen could have been much better for a little extra effort. If I would have known what I know now, I would have done it differently. But you live you learn. I'll know for the next one.

@Chris Baxter Thank you for sharing that. This is very helpful in knowing which provinces are investor friendly!

Question to people on this thread: how do you find good BRRRR deals in Ontario (and in general)?

This one was in St. Catharines. Pretty good cash flow in that city. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $305,000
Cash invested: $70,000

This is in Ontario Canada. Not in the U.S.
Turn-key property with 2 units. Vacant on possession. Cashflow'ed right away when I found tenants (which didn't take long)

What made you interested in investing in this type of deal?

Good cashflow with no work required.

How did you find this deal and how did you negotiate it?

MLS.

How did you finance this deal?

Personal funds and A lender mortgage.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $500,000
Cash invested: $110,000

This is in Ontario Canada, not in the U.S. Couldn't pick Ontario in the state dropdown for obvious reasons.
2 units with separate laundry and kitchens.

What made you interested in investing in this type of deal?

Capital appreciation and cashflow. Close to 30% ROE for the first few years.

How did you find this deal and how did you negotiate it?

MLS. Saw it, liked it, gave an offer the second ay it was on the market.

How did you finance this deal?

A lender and personal funds.

How did you add value to the deal?

Made a second unit in the basement. Added a separate kitchen and laundry.

What was the outcome?

Great returns that continue to payoff even today.

Lessons learned? Challenges?

Do not cheap out when building a kitchen. Hire professionals.

@Nuno Barbosa Thanks for sharing on your experience in the Peterborough area. I am based in Durham as well and currently looking for BRRRR deals in Peterborough. Which areas would you recommend?

P.S. I'd be happy to connect to talk real estate if you're open to it. I've been investing in real estate for 4 years now.

@Michael Park it's not financially risky. In fact, it makes a lot of financial sense. But you're talking about a health risk, which is a whole other topic. In my opinion, if there are no common areas between the units, then the health risk is probably lower compared to an apartment complex or condo. 

@Denis Iahnes That's great. I've done something similar in 2 of my properties. Never officially converted them to duplexes but just built separate kitchens in the basement. Do you mainly invest in Barrie or in other parts of Ontario as well? I'm looking for something closer to home, which is in the Durham Region

Hi all, I'm from the Durham Region in Ontario Canada. Really happy that others from Canada listen to Bigger Pockets as well. I've been investing in real estate for about 4 years now. Looking to expand my portfolio in the Durham Region or Peterborough. Any recommendations on how to get on wholesaler buyers' lists?

@Michael Park Now might be an ok time to buy a condo just because of COVID and people wanting houses instead of condos, so prices on condos are cooling off. But generally, if you're looking at it as a buy and hold investment with cash flow potential, I wouldn't recommend condos in the GTA or Ontario in general. The biggest issue I have with condos is their condo management fee, which kills cash flow. The cash flow is generally non-existent. If you do find something, it will either be a condo in bad shape to just fix and flip or you'd need to rent by the room and be creative (ex: add an extra room from the living room) to potentially make sense of it as a buy and hold or BRRRR.