All Forum Posts by: Account Closed

@Ammanuel Shiferaw

Leveraging to 100% by using a heloc for down payment for your first deal is unwise. Use your own $, buy a duplex or similar suites house, run it for 2 years (successfully) and show some real numbers of what you're capable of. Then use investor money. Never use a HELOC for down payment without a rock solid plan to pay it down quite quickly.

@Greg Classen

I buy 1050-1250 sq ft bilevel or 4 level split suited houses on subdivisible lots. Double or triple detached garages. I buy ugly and under maintained buildings in great areas and I get rid of the ugly. A couple times I’ve gone a little further and moved some walls around etc but often it’s primarily cosmetic renovations. Between principle paid down, cash flow, and appreciation (primarily forced currently as the market is verrrrrrry flat) I’ve got my $ out by year 5 or earlier. So non-compounded you’re looking at 20% if it took 5yrs. Compounded you’re around 17% or so I would estimate. The one I purchased 2.5yrs back is already cashed out and the one I bought in May will likely be near year 3. Fastest Rinse /repeat was about 6 months.

If you want specific areas of town, that’s a longer conversation. I can tell you I’ve almost never seen anything published in CREW magazine up here that I thought was remotely accurate with respect to Saskatchewan as a whole. And CHMC numbers on vacancy and rents etc are often... quite full of fluff in comparison to on the ground numbers. I operate at near 0% vacancy and get minimum $1,550 for a 2 bedroom main floor when their latest numbers were something like $1,050 for a 2 bedroom. 3 bedroom main floors don’t actually get THAT much of a premium for rent but are even easier to rent than 2’s. My 3 beds are between $1650 and $1975 currently.

Where CHMC does provide accurate info is trends up / down for sub areas of the city. But then you’re compiling data from the last 3 reports and realistically local policy impacts that quicker than anything.

@Tyler Phalen

Have non offender tenants document for a few days when it happens. Including video with audio etc if possible. Confirm they’re not making it up. Then:

Written warning #1.

Eviction notice #1.

RE-Rent to new tenants.

Set expectations significantly higher in the future prior to renting to dog owners. This is my niche market, specifically dog owners. There are often ways to prevent this as opposed to dealing with it.

Unless you’ve got a solid construction background starting out with a flip is a real good way to go broke. It ain’t like tv.

@Mike M.

...huh? Think you may have taken that not exactly as intended brother. Enjoy your evening.

@Anthony Dooley

Yep, there’s that too!

@Anthony Dooley

Ahh, it’s all doable. Cheap doesn’t mean good/ bad any more than expensive means good/ bad.

@Anthony Dooley

And in my market $150,000 gets you an abandoned house fit only for demolishing.

@Mike M.

I guess in this example at least a (massive) market is specified. Question was similar to the ice cream flavour mentioned above. How long is a piece of string? .... depends (on many things).

@Delbert Standifer

What is an average property?