All Forum Posts by: Matt H

Rehab702

5% is pathetic. Last year here in Edmonton real estate appreciated by 52%. This year we're up 18% so far and everyone is predicting like 50% again. That 5% is out in Ontario where things are just coasting along. So if you can find a market that it's appreciating at a huge rate you can make a fortune. Everyone and his dog in my city has made $100k buy simply buying a home. My friend is on welfare but he bought a home last year and now he has equity of $200k after mortgage.

What about writing down what you'd gain from that money and time freedom. Writing down a dollar figure isn't motivation. Writing out what you can do with that money is far more motivating. Write out some positive motivators, not just what pain you'll avoid. But what you seem to be focusing on is all long term goals which is good. But you should right out some short term goals and task such as flipping a house and the task involved to do that.

Just for the record, learning to buy and operate an apartment is got to be as easy or easier than learning to drive a car. It's not hard. And once you learn how you can do it over and over again. Also to operate an apartment building can be summed up in one sentence. Get a good residential manager and you'll at most spend 5 minutes a month making 1 phone call to see how things are going with him, and another 5 minutes checking your bank statement.

Ya Mike is right. Better that you stick to your desk job until your like 80 and never take a chance in life and never get anywhere.

Quit being such a pessimist Mike. These people need hope and optimism. All your pessimism is going to do is prevent them from ever stepping out of their comfort zone. What are you so pessimistic anyway? And what is this 8% crap. Prime here in 6%. Variable mortgage run below prime here in Canada. I just bought a 48suiter and my first is at 5.03% So it's not my numbers that are off. Invest in Canada if you have too, who cares.

If you think it needs repairs use that as leverage when you buy. Carlton Sheets told us "you're offer should be so low that you should be embarrassed to present it" remember? So put an offer in for like $60k or something and just say the reason for that offer is due to the fact that the property needs those repairs. Then you take over, paint/carpet on your home depot card, flip in a month and cash out.

The sellers agent does nothing for you. They spend 10 minutes to type your information into the MLS. Then it's like a 98% chance that the buyers agent will do the work of selling the property to their client. Your realtor does nothing when they list a property. So therefore try to find out if there's what's known as a "Flat Fee" realtor in your area. That's one who will list your property for a flat fee. Usually saving you huge in commissions. You still pay the full buyers agent commission, but at least you save like 80% on the listing (seller) agents commission.

That sounds totally insane to me. Locked into living in a house for 10 years? That's crazy. Don't do it. It will be the biggest mistake of your life. You want to always have the option to flip your home and keep your money moving and working. Not locked in and not being able to have any options, that's rediculous.

Hard to say, but it would depend if you can do the labor yourself. Because if you can then do this...

Go to Home Depot, or any other big box reno store. Get an instore credit card. Put all your materials on that card, that way you don't have to pay for six months.

Then do the work yourself. That way you have no out of pocket expenses for six months. By that time you've flipped the property, got paid, and you can pay off your Home Depot card.

I'm in Canada and 10% buys you building any day of the week. And the states I know is way way way more liberal when it comes to their loans. So down there you might not even need that if you find one of those 100% first mortgage lenders.

Listen....

Never ever ever under any circumstances by a property without getting title insurance.