All Forum Posts by: Nishi Lagoo
Nishi Lagoo has started 3 posts and replied 24 times.
Post: Looking for Canadians investing in USA
- Vancouver, BC
- Posts 24
- Votes 11
Quote from @Syed Ahmed:
Hi there, I’m originally from Canada but currently based in the U.S. I’ve been active in real estate investing here and also work with a lending company, so I often see how financing strategies can make deals work more smoothly. I’d be happy to connect and share experiences or tips for Canadians investing across the border
Post: Looking for Canadians investing in USA
- Vancouver, BC
- Posts 24
- Votes 11
That's great. I will send you a dm.
appreciate your help.
Post: Looking for Canadians investing in USA
- Vancouver, BC
- Posts 24
- Votes 11
Thank you Giuseppe. Are you investing only in Florida?
If you dont mind, I would like to connect over a call and talk about the market. I intend to invest from here, so I will need a good team in USA.
Post: Looking for Canadians investing in USA
- Vancouver, BC
- Posts 24
- Votes 11
Thank you Arman. That'd be great! I would really appreciate it!
Post: Looking for Canadians investing in USA
- Vancouver, BC
- Posts 24
- Votes 11
Hello everyone,
I used to live in Houston,TX and invested in 2 properties there. I moved to Canada few years ago and the real estate investing seems out of reach. I am interested in connecting with other Canadian investors investing in USA.
Post: Closed on my 1st Investment!
- Vancouver, BC
- Posts 24
- Votes 11
@Dominique B. Great job. Looks like a great deal.
Post: Buying from a wholesaler without lawyer
- Vancouver, BC
- Posts 24
- Votes 11
It is interesting to see activity on a 2 year old post this morning. I have been inactive on bigger pockets and RE investing for past year due to my full time work load. However,I would be glad to give an update on the question and the purchase.
@Ron Singh I did buy the property without a lawyer from the wholesaler. I met with the wholesaler and personally saw the property to make sure I wasn't making a decision blindly. The process went smooth, I had some help and guidance from my lender since this was my first purchase. I still own the property after 1.5 years and is rented out since Feb 2018. We finalized the deal in End of Oct 2017 but didn't get the possession until mid November. Rehab took almost 45 days and one month to list and rent the property and refinancing in March 2018.
Below are the stats on the property:
Purchase Price: 98K
Rehab: 20 K
ARV: 180K
Rent: $1650
The biggest issue I faced was with the appliances (All upgraded by previous owner) in the house which were running at the time of renting the house started breaking down one by one. I had to replace Microwave, Oven and refrigerator (all in built in cabinetry) within a year. Other major expenses to the property were the fence (shared with the neighbor who was unresponsive and unwilling to share the cost to replace it) and trimming large trees in the front yard and back yard.
Hope this information helps and wish you luck with your investing.
Post: FREE Houston Meetup - Oct 30, 2017
- Vancouver, BC
- Posts 24
- Votes 11
Looking forward to attend this meetup and connect with seasoned and new investors (i am a newbie too).
Closing on a flood property myself by end of the month. Great opportunity to get more insights out of this.
Post: Buying from a wholesaler without lawyer
- Vancouver, BC
- Posts 24
- Votes 11
Originally posted by @Theodore Rivera:
@Nishi Lagoo You mentioned you have seen pictures but have not walked the house and that this is your first purchase. $30k for a flooded house rehab? I seriously doubt it. Salvaged cabinets in 6 inches of water? I would think not. Did the wholesaler provide you the numbers? Or did you arrive at those numbers? If you used the wholesale numbers, I would consider them useless. Do your own due diligence on deal, run your own comps, get a general contractor or a friend in the business who can help you with the rehab costs. Vet the wholesaler. Can he or she provide references?
Great Advice. I did my due diligence on rehab price and comps. I have few GC contacts that helped me with these numbers. And I am using all worst case scenario numbers here. I really liked the idea of vetting the wholesaler. I googled his company and found few reviews but that's about it.
Thanks for the help.
Post: Buying from a wholesaler without lawyer
- Vancouver, BC
- Posts 24
- Votes 11
Thanks for the great advice, that is exactly what I was looking. I will do some research on TREC contracts and assignment form before moving forward. I understand there is some risk with going forward with wholesale deal and this being my first investment, I am excessively cautious. Thanks for offering additional help via DM. I would definitely reach out if I have more questions.