All Forum Posts by: Seth Ferguson

@Dan Andrade

Let me know if you have any questions...I live in Milton. @Jacob Perez's a great guy.

Hi @Michala Vander Ploeg,

Just get something basic with your name, contact info, and "real estate investor" as a title. You'll find that business cards don't matter...it's the follow up and how much value you can add for that new contact that matters.

Hi @Bastian Kneuse,

There are no "good markets" for newbie investors. Every market is unique and has its own pros and cons. No market is safe from mistakes and you need be become an expert wherever you choose to invest.

Today is the best time to invest. Unless you have a crystal ball, you should be dealing with what you know to be true today, not what might happen tomorrow.

@Benjamin Williams Go for it and don't look back!

My father is selling his duplex in Thorold (St Catharines), Ontario. 2 kitchens, 5 bedrooms, separate basement entrance. Currently being used as student rental.

Rent: Students currently paying $475/ea inclusive. Upside in rents. Market rent now $500/ea. 

List Price: $415,000

Location: Family neighbourhood. Very few other rentals. Can easily rent to families instead of students with utility split between the two units.

NB: 3/5 students would like to stay.

More info: http://www.century21.ca/Property/101389363

Hi @Ronald Rich,

It's unfortunate the properties weren't packaged together in the offer. If I'm reading this correctly, the deal is still conditional at the point? If so, just back out. There's always another property. You may find the seller comes back to you (depending on what the local market's like). Get your deposit back and live to fight (or invest) another day.

@Nathan Steinacher

My personal belief is that you should avoid selling properties. I much prefer doing a refi (or HELOC) and keeping it.

I would try to maximize the amount of money you're pulling out. It's not about debt reduction, it's about capital growth over a long term hold.

Hi @Account Closed

Real estate sales is a full time gig. I would hazard to say, in my experience, that over 95% of part timers leave the business in the first 3 years. You need to cut the cord and dive in.

@Jeff S.

Foremost, I am not an accountant. From my understanding, having taken many conference trips, as long as you are attending for business, it is eligible. That's why you see these industry conferences held on cruise ships. (Lots of late night studying going on!)

Are you running an actual investment business at this point? If you own one or two rentals, that is where the accountant might be coming from.

If I decide to spend a day and goof off while at a conference that portion of my expenses would not be eligible.

Again, I stand to be corrected.

@Brett C.

You would take your agreement to your lawyer, who would then draft the necessary docs for you, create the amortization schedule etc etc. The Seller would then have a charge registered against title. Not much different from lending from a bank...except the bank in this case is the seller.