All Forum Posts by: Matt Geerts

This month marks TWO YEARS of monthly London Bigger Pockets Meet-Ups! To celebrate, we'll be doing the exact same thing we do everything month! 

Come out for a pint or a plate and chat with local real estate investors and professionals about creative ways to invest in real estate in our Southwest Ontario market. No presentations, just a couple hours of real face to face networking.

Join our Facebook group at: https://www.facebook.com/groups/BiggerPocketsLondon/

I fail to see the use of the gross income multiplier metric. If the gross income multiplier is 2 because the gross income is 50k and they are asking 100k, the property can still be horrible if the annual expenses are 60k.

If you're in large assets, then cap rate makes more sense. That example would have a negative cap, and obviously would need consideration for what to do.

That brings up the more important point. It rarely matters what the asset is doing NOW but rather what the asset's potential is. Look at the cost of unlocking that potential. If the above example can be improved for an additional 50k but brings the gross income to $500k, suddenly you have a spectacular deal. Refinance your money out and do it again.

Can anybody explain why I'd care about GIM?

@Agustin Loreto I'm happy to help! I appreciate the compliment, too.

Hope to see you out next time!

@Colin Dunne welcome to the party!

In your area, near the schools, etc, you will find what you want, but it won't be on the MLS through a realtor. You are goign to have to find other ways of getting deals. There are investors in Toronto with deep pockets willing to pay WAY more than that for what you're describing in that area, so make sure you're buying what they don't know is for sale.

Go to the neighborhood where you want to buy. Knock on a door and say "Hi I'm Colin, and I really like your neighborhood and I'd like to buy a house here. Do you know know anybody who might want to sell a house soon?" and start the conversation. Don't be "salesy" just go there to ask people about their neighborhood and who might want to sell.

As for the mortgage... some people call this "grey area", but really that's mortgage fraud. It happens all the time and I can't imagine anybody actually getting caught doing it. As long as the bills are getting paid the bank doesn't care. However, since you're going to rent by the bedroom, I'd HIGHLY recommend to you, because you're a young guy, moving into one of the rooms! 

If you move in, you have three MASSIVE advantages.

1) 5% down. Obviously this is important.

2) You are NOT bound by the residential tenancy act! This is HUGE in Ontario because the RTA is brutally anti-landlord. Because you live there that law does not apply to you. You can evict people at your whim and raise rents however you'd like. Your house, your rules.

3) You'll be present. That means you can keep an eye on it, but it also means that the people living there will know that you're a real person, not an evil faceless landlord.

Thanks Kellan, here's the link:

https://www.biggerpockets.com/forums/521/topics/54...

Welcome to the fun, @Agustin Loreto !

The podcasts are great, I highly recommend started at episode #1. I find the older ones to be more relevant to basics of the art of real estate. 

London is NOT overflowed with investors. You just need to stop looking at the typical MLS listings and typical realtors. There are a TINY minority of realtors that are worth talking to on this front. Come out to the meet-up tomorrow to find the right person.

News articles are a TERRIBLE place for valid information. Every article I read is about how we're crashing and there's no money in investing. All BS. Fear sells newspapers and gives people a reason to sit around and do nothing. Don't fall for it.

Prices are up 10% year over year in London and volume is DOWN 32%. There's no reason at all to think that prices will soon fall. However, it is tough to find the deals... but you've just met the right people.

See you at the meet-up tomorrow? 

PM me and I'll add you to my monthly email blast about the meet-ups. I have a nice cashflowing single available for wholesale right now at 25k under market value (rent ready) and it can be converted to a duplex or more if that's your thing. The deals are out there. 

Kellan, the 30-40 you're getting at FIRE, are they mostly real estate investors or is that a small part?

Oh No! The month went by too fast so this is SHORT notice! Too busy working deals to book this thing!

Next Tuesday, March 13th, 6:30PM at Tiger Jacks as usual.

It looks like a few people have been having great luck lately despite the super-low-inventory market we have right now. I think anybody who wants to buy or JV should definitely attend as there's a couple wholesale contracts available from some group regulars!

Hopefully we can pull some people from Waterloo, Guelph, Cambridge, Brantford, Toronto, Brampton, Milton, GTA, Hamilton etc to attend this event so they can be exposed to the incredible opportunities London has to offer right now. Your out-of-town Realtors are NOT in touch with our market. Be here to meet a couple Realtors and wholesalers who can connect you with property. 

I met Dylan when I started hosting the BP events, but we both randomly also visit the LAREIC group. Dylan is also partly responsible for founding the LondonOnFIRE group, if I'm not mistaken. There's a new one started by @Shawn Allen who will be disappointed that I've forgotten the name of it... sorry Shawn. :)

@Aaron Nicoll I run the monthly Bigger Pockets meetups. Please add me to your network and send me a message with your email address. I'll be posting the next meet-up in the next couple days.

Welcome to all newbies and experienced investors of all sorts. The London Bigger Pockets meetup has been running for nearly two years now and offers a low-key, relaxed and open environment for investors to learn from each other. Come out and meet up with people who bring various resources to help make your next (or first) deal happen.

Happy New Year!

Come join the London Bigger Pockets chapter for another meet-up! Newbies are always welcome and can learn a lot from the regulars. For those of you already up and running, I'd love to hear what's new for 2018! How are you going to scale up or pivot your business?

See you there!

Matt

ps - People come from as far as Owen Sound and GTA, so if you're from Woodstock, Ingersoll, Hamilton, Saint Thomas, Aylmer, Dorchester, Toronto or surrounding cities, you'll find that it is worth the trip to come learn  about the London market.