All Forum Posts by: Victor Menasce

Which market? The process for acquiring will vary from one city to another. You can contact the housing authority directly and they should be able to tell you the process. In many areas it's an auction. 

Phill and Shenoah Grove have an active group in Austin.

You're going to be looking for private money for small deals like this. Might be a partnership opportunity at your local REI meeting group. Banks won't touch it for such a small dollar amount. It's not worth the paperwork for them.

Refinance activity has been a source of fraud and many lenders as a matter of policy won't accept an electronic signature. You may be able to have your signature witnessed while overseas at a US consulate using what is called an Apostille Certificate. You could then Fedex the docs back to the bank. 

I lived in Halifax for many years. I would definitely suggest you talk with a lender in Ottawa who routinely lends on rental properties in Halifax. Contact me directly and I can put you in touch. He part of a Toronto based $170 million income trust that lends on real estate projects. 

I guess it all depends on how much of the carrying cost you're looking to cover with the rents from students. My student rentals in Philadelphia have 9 bedrooms and cost me $285,000 to build all in. I'm getting $500 per bedroom and the building carries itself. The market will pay the market rate based on supply and demand. 

Vancouver and Winnipeg are vastly different markets. You can wholesale anything. But in my opinion, Vancouver would be ideal for creating land assemblies that developers would want to purchase. This isn't wholesaling per se, but there could be a wholesale play for portions of it. I've successfully wholesaled high value development land in Toronto for over six figure assignment fees. But in order to successfully wholesale for a large sum you need to maintain your negotiating leverage. The buyer can often simply wait until your contract expires and then submit a backup offer with the seller. Unless you convince the buyer that you will close on the sale regardless, you can quickly lose your negotiating leverage.

The first thing I see is that you're borrowing $47,000 more than you spent on the property ($350,000 versus $303,000). That's 100% loan to value. I don't think any lender will agree to that. Is your assumption of $3,000 in rent accurate? That's a key assumption and needs to be validated with several data points in the immediate area. The margin between the appraised value and the total investment seems too low for my criteria. I always like to see the total investment no more than 70% of the after repair value. 

Build relationships with other lenders and learn from them. Become friends with mortgage brokers, bankers, and loan servicing companies.

Congratulations. The first one is always the hardest.