All Forum Posts by: Roy Cleeves

Congratulations - sounds like you are getting a property that you can do some great improvement!  The main thing is to schedule all of those trusted trades in order so that you don't have extra expenses.  Good Luck - will you be the General Contractor on it or will you hire someone to run this project for you?

Best to offer Cash for them to leave. Best if you let them know that you have to renovate and that they will need to move out as you will be doing major renovations.  Then have them sign an N11 with you and move them out.  

Congratulations on your decision!

@Erwin Li

Don't let your cold feet stop you.  This anxiety is normal for your first rental.  You have done the right thing to get into a market close by that will allow you comfort.  And the fact that you can cash flow it is amazing.  I think you will find with time that you will regret it if you cancel this purchase.  I have only regretted the deals that I cancelled and never any that I finished.

There may come a time say in 20 years where you no longer love your day job or even have it due to no fault of your own.  That is why it is so great to build up many rentals rather than just a couple.  Use property management once you get past two since as you said you need to keep your time to yourself.  Also, it will make it so that you want to buy more since you know that you won't have to talk to tenants anymore.

Best wishes.

@Luc Deschenes

Hi Luc.  We have many clients that did the same plan this year.  

You talk about paying cash. We have found that it is still best to do a mortgage and use other people's money as much as possible and this may allow you to do two flips at the same time. One you live in and one as a second home. And when done, instead of selling consider refinancing and keeping the property as a rental. It is best if you can find a property that you can turn into more legal rental units than just one and thereby create more rent. This is called the BRRR method and then repeat!

I can refer you to some excellent investment realtors out east and so excellent realtors for selling in Ontario if you like.   

Either way, your plan to take advantage f lower prices for East is excellent!

Best wishes!

My Pleasure!

@Susanna S.

Hi - since you are working now and can afford the $900 negative per month, I recommend you calculate expected appreciation and consider keeping it until your mortgage renews in 2 years.  Here is what I mean:

$900/mth x 24  months = $21,600.  

Will the property appreciate at more than $21,600 in two years?  In all likelihood it will appreciate more than that.

So assume it goes up by $50,000 per year.  That is $100,000 in two years and you paid out of pocket $21,600.  And you refinance it at 80% Loan to value then you should have access to an extra $80,000 two years from now.  That more than pays you back from the out of pocket and you still own the property.  So consider a refinance then instead of selling if it makes sense.

Either way - Good Luck!

@Dante Mazzariol

I am investing in Nova Scotia now as the prices there are still allowing cash flow while providing incredible appreciation at the same time.  Halifax is the big City on the East Coast so it has great growth potential.  I am sure you will see some ads that the province of Nova Scotia is doing to entice people to move there if they work from home.

Maybe things have changed.  Yet, I think if you call and talk to them, you may find one that will charge on a collection basis only.

Good luck and let us know if you find one so that we can add them to our database.  

With collection agencies you only pay when they collect the funds for you.  Do not pay any upfront fees.