All Forum Posts by: Tarik Tokar

Originally posted by @Fred H.:

Hey all,

My names Fred I am from Saint John, New Brunswick. I'm a university graduate who works a 9-5 job currently.I'm looking for some insight on how to successfully finance a deal for approx 19 units between 3 properties in the uptown core. This is a great opportunity as the buildings are being sold in a package deal for $150,000. Now the catch is the buildings are vacant and would need some rehab. However, its key to note that 2 of the 3 buildings don't need that much to get up and running. I have contractors in my network who could get the job done for a decent price. However, the bank looks at financing 6+ units mortgages at a income producing standpoint. Therefore, it essentially impossible to get a bank to finance this deal as they are vacant and not income producing.....Yet. I have been told to evaluate the private lender route. Would love some input or feedback on what you would do in this situation. Also, if you are from the area and interested in multi family rentals would love to discuss the market,opportunities etc..

Thanks,

Fred

 Did you make any progress on this?

Curious what kind of price points you are looking at?

In general mobile homes don't hold/increase in value like other real estate. 

@Chibuzor Alumba 

Don't stress on making a less than desirable purchase, it doesn't sound that bad. Obviously you could have made a better buy but it could have been a lot worse.  Try to take emotion out of the decision and do what makes the most sense moving forward. I think some people have touched on it but; Does it make sense to sell at a small loss or spend money on a renovation?  If you do spend money on a renovation will you still lose money every month when you factor in the mortgage, taxes, insurance, maintenance, etc.  *Use the calculator on BP so you factor in ALL of the expenses, it's easy to forget one or two and that could be the difference between making or losing money. Best of luck sir. 

Hey @Brandon Penn

Where did you meet and how did you start working with/for the investor whom you eventually purchased the 70 unit apartment from?

Your story got us all fired up friend haha!

Originally posted by @Andrew Toews:

@Tarik Tokar Thanks! Finally someone from Winnipeg which is where I've been looking. Do you have any type of rental units?

Long story short I have bought and sold multiple rental properties. Most of which in Alberta as I moved to Grande Prairie as soon as I graduated from University.

One of which was a condo that worked out ok in the end but was a massive headache for years. Happy to go into more details with you regarding the condo if you're still on the fence.  It was kinda crazy and involves a different units bbq exploding/fire. Fun stuff haha

Currently I own a home in Fort Garry (in my home town Winnipeg) which I am renovating and likely going to BRRRR but there are some really good sale comps so I may end up selling it but that decision will be made when the reno is complete.

@Andrew Toews I am not a fan of condos as rental properties. You have such little control over your asset vs. as single family home. 

Just to name a few reasons:

What if the condo board changes the rules making it difficult to find tenants? Or the condo board decides to spend money on something you do not agree with. Too bad condo fees are going up or you are getting hit with a levy. 

Condo fees are (almost) always going up. Even if you have no mortgage you could still owe a significant amount of money every month with taxes, insurance and condo fees. 

I could go on and on about my dislike for condos as rentals but that is just my opinion. 

Regards, 

Tarik

I'm in.

Hey,

@Mike Langin @Courtney Loney @Nicholas Watt @Joe Paletta

Look at the Winnipeg crew growing! 

I'll touch on what was said regarding areas; 

I know a lot of investors like the Scotia Heights area but I am not a fan. It is too close to what I would consider some really rough parts of town which limits the kind of tenants willing to live in that area. 

I am 100% with @Mike Langin regarding Transcona. I really don't understand why people talk so much doo-doo about it. Great option for rentals there in my opinion. 

Regards,

Tarik

@Seth Ferguson good to know, thanks!

@Seth Ferguson have you gone through Stefan Aarnio's course or know anyone that has? I see his stuff all over as we are both from Winnipeg.