All Forum Posts by: Meghan Chomut

@Rosy Bruno send me your email :)

Thanks for the advice! I will update the thread after my coffee chat with him. Probably looking for more advice :) haha!!

I got mine off etsy.com and I LOVE it.

I tried Xero (similar to QuickBooks) and I just couldn't get the hang of it. I set up a spreadsheet that tracks everything monthly. I do all my business and personal bookkeeping/personal finance stuff on the 3rd Monday of every month. 

Before I used a spreadsheet I used good ol' pen and paper (I know *cringe*) but there's just something about actually writing down the actual numbers that I like.

I'd be happy to email you my spreadsheet if you'd like.

What about this report. It's for a multi-unit that was purchased back in November 2012 for $370,000. Is it worth keeping? Sell it? Keep it? 

Cash flow doesn't meet the 2% rule.

50% rule works out to good cash flow?

Why is the annual return so insane during the first decade?

Am I missing something?

I was driving for dollars the other day and spotted a potential opportunity in a trailer park, I connected with the owner and asked if the park allowed the trailers to be rented out. He didn't think there would be a problem with it, but wasn't 100%. So I called the trailer park owner.

He doesn't have a problem with it and we started chatting about other things. Then he said, "You know, instead of buying this trailer - you could buy the park." ooooohhh reeeeealllly??!?!?!

I wouldn't have anywhere near the funds available for this, so I'm thinking about proposing owner financing... which I have 1.) no experience with and 2.) very little (ok - none at all) knowledge about. 

HELP! We're going to go have coffee. What do I say? What should I do?

Interesting! Thanks. I think I'm getting it now!

There are two taxes you need to consider: Part XIII & Part I

Part XIII: As a non-resident of Canada, you pay tax on income you receive from sources in Canada. I'm under the understanding that there is a 25% tax that must be deducted and paid to CRA when the rent payment is received by you.

Part I: is the tax you need to need to consider when you sell the investment property

 That's my current Duplex I bought in 2015. We renovated both units and it's been fully rented for a year now. So I'm wanting to refinance, buying another property. 

What is NOI?

What do I need to know about the Debt Coverage Ratio? is there a optimal range?

What about Gross Rent Multiplier? 

It's saying that right now my monthly cashflow is $579/mo and once I draw on the equity to get $ for a downpayment the cashflow will drop to $346/mo?

Also, we still owe $9,000 from the renovation. I'm not sure if we should use that cashflow to pay off the reno (assuming the $579/mo cash flow - it'll take another year or so) or go ahead buy another property.

I'm not a new investor but... I'm a new BiggerPockets member and I was SUPER excited to try the calculators! Now... I need help. Can someone help me "read" my own report? haha.