All Forum Posts by: Itay Heled

Hello fellow investors

I sold a house in clevelend two weeks ago and title company sent funds to my TD bank  in canada from chase via Bank of America  .

never got it. title claims intermidiete bank of America / OFAC may be holding funds for investigation.

Is this makes sense? Anyone knows how to deal with this?

Thanks!

Itay

I consider 630 and up.

what happens to me twice already is that I rent to a couple. Wife  had good credit , a job , good rental history etc. Then , they split  due to domestic violence, the women is leaving , the man stay and I am left with someone I would never want as my tenant... 

Hello fellow Ontario investors!

looking for your experience and wisdom regarding screening and selecting tenants in Ontario.

I own a legal duplex in Barrie Ontario since 2014.

in recent years, I had a few great tenants, some ok tenants , handful of  bad ones, and two that was a complete nightmare.

last tenant  , haven't payed rent for 9 months and caused significant  damage to the house. he  is finally (deep deep breath...)  out.

I was learning first hand , what  some  of you probably knows well: the tenant landlord board in Ontario is a broken biased dysfunctional body.

so far, I did the screening process myself.   I post on kijiji & FB groups and then did the obvious checks  (credit score, previous landlord references, verifying income, speaking with employer and often insist on Guarantor etc) 

all my tenants had , on paper , good credit and rental history and none of them was on disability or other government program

  how do you lower the risk?


1  is listing  with an agent really  reduce the risk  and worth the cost?

2 Are foreign students at Georgian College  with solid guarantor might be a safer option? 

3 any other  idea/strategy   that one can apply?

Thanks so much!

Hello fellow investors! 

I  live in Toronto and I am investing In Cleveland in the past few years . 

flipping houses, that are  mainly sold as turnkey. I did about 8 flips so for. so  not a ton of experience but not a newbie...

I establish over time a nice  local team as we all know is needed.

few month ago, my main   local partner/contractor  failed me. 

18,000$ first draw of renovation was taken and job was not done.

he was very fair with money before, so I  can only guess , he got into trouble with other deals and tried to solve it using my funds. 

the next contractor I hired ,was recommended by my local relator.  he did few projects for her before.  he was honest and professional with her. that makes me feel much better.

when he heard the story , learn the amount I  paid, and saw what was done in the house, he seems to take it almost personally : "I am so  sick of local contractors that do that! it paint us all in a bad light!  how can someone do such a thing that and hurt their integrity and reputation??"

few weeks later, he did the same thing. I lost close to 30k on both contractors on that single house. 

my two cents here: 

A Clearly the fact you worked with a contractor for a while, and all was good does not mean your next project is "safe"

B  often out of state investors are seen as "easy prey" and great relationship they had with a local does not mean an out of state  will get the same treatment..

I am asking you, the experienced out of town  investors that works with a local contractors:

What Am I missing ? How do you do that? 

since most serious busy contractors ask for money upfront , how do you reduce the risk? 

Thanks so much!

Hi BP members

I am looking for an appraiser for south Euclid house I own 

any suggestions?

Hi 

I am looking for reliable HVAC contractor to install a new boiler in  Cleveland Heights and 

recommendation for Window specialist to replace 37 windows in the house.

Thanks so much!

Hello fellow Canadian investors!

Anyone investing in condo assignment in the GTA/ Ontario recently?

if you do, I would love to chat!

cheers

Itay

A question for my fellow Canadian investors here.

I am in the look for creative hard working mortgage broker for my next rental property in Ontario.

so far 6 application denied but I keep going because I feel this is possible with the right broker.

here is a bit more info...

1 I own one prime resident in Toronto  and one rental duplex in Barrie Ontario. mortgage on both and both has significant  equity . 

2 I have  proof of funds and 20-25% down payment ready

3 credit score is great.

4 I have a real estate  investment corporation in Ohio generating decent income from flips  in 2020 and 2021  

5 stated income in Canada very low 

6 looking for a b lender to buy a property in the 400-500k range. private money is not an option because i want to hold 

for at least few years.

would love to hear your feedback . any ideas? any suggestions how to make it happen? any recommended brokers specializing in self employed?

thanks Hai

do you know a local  who can give me the good bad and ugly breakdown/ tour  (over the phone or in real life)

I plan to buy sfh and turn into legal duplex 

Thx!

Itay

Hello Canadian investors!

Any one here with experience investing in Welland Ontario ?

would love to connect!

Itay