All Forum Posts by: Valerie Hiscoe

Hi Maroon, 

Center Street Lending has a great blog on flipping improvements.  They're US based but it's all applicable to Canada  (except the lending part). 

There's a realtor outside Toronto, Ian Szabo, who's written two books, 'Fix n Flip' and 'Reno's to Riches' I think they're called, with lots of good stuff too.

Is there anything specific you were wondering about?

Can anyone recommend a lender for a non-resident US citizen (with SSN but little US credit history) to refinance out of a rehab loan for an Arizona triplex?  Is it better to apply to lenders who specialize in Canadian citizens or are there other options?

I guess my concern is that the general public has difficulty envisioning a finished product. They either wont be able to see it at all or, when promised a 'custom built dream home', will expect what they see on television, (including the furniture). As well, you have the intention of transforming (less expensive) neglected communities but will people want to plan to live there before they see it transformed?

I read a post in response to a similar question by someone who had a lot of experience in both working with buyers and doing traditional flips and he said that buyer's decisions and indecisions made it very difficult to be efficient.

Scheduling a 'concept review meeting' seems like it would be a very informative and worthwhile decision.  If you called them 'townhouses' and stayed away from the word 'duplex' and made a clear definition between the two 'properties' you'll be selling to homeowners instead of investors which may make it worthwhile to jump through a few hoops.

Banks are a great place through which to buy property but will often (usually) not finance renovations. They also don't like short term mortgages. Hard money lenders charge higher interest but they have a very keen understanding of the 'fix and flip' model in everything from deciding whether your estimates for your scope of work are reasonable, your time line, your ARV, etc and that's what they'll back you on. Loans are usually from 6 months to 2 years.

Here its not unusual for one partner to put in all the money and the other to find and oversee the deal (not do any labour though) and they split the profit 50/50. The inexperienced partner pays for the other partner's expertise allowing them to make money from their investment. You wouldn't actually be 'flipping a house' because you don't know how and don't have time to do it even if you did. You are instead 'making an investment'.  If you can make 50% of a 20% profit in 6-9 months, you're doing well.  But for you to get 80% after he did all the work is not fair.  Although I'm very unclear about what that work would entail.  When you say "manage the project", do you mean he'd act as General Contractor as well?

Of course you'd want concrete evidence that the track record is legitimate.

Hi Samantha

If you're looking local, check out www.investkamloops.com and as Brandon recommends check out all the info under the education tab of the menu.

Welcome to Bigger Pockets

@Shane Forrest started a post "What would you do with $30k???" that you'd probably be interested in reading.  Just search his name and it will come up.

I have a triplex in Glendale AZ, my first investment property,  that I've learned a lot from.  Let me know if there's anything I can help you with.

Wow!  That's an amazing deal!!  I agree with @John Van Uytven about asking a realtor about the specific expectations of the neighborhood.

If it's somewhere you can live at the same time you're doing the rehab, I'd buy it.  Do as they recommend though and carve yourself out a peaceful space to escape to and, ideally, a good shower, before moving in.  Being constantly surrounded by your to-do list can be exhausting and depressing in itself, and those are things you need to protect yourself from with so much work to do.

You mentioned things took a longish time to sell - is that just due to a slower recovery in that area from the housing downturn?  Sales will probably return eventually to pre-downturn volume as they're doing everywhere else, so you might get more accurate info from that.

If the city planners have just released information that affects the property favorably, I'd buy it before someone else does.  What's the land value by the way?

While you're at it, you might as well see if that abandoned property beside you is for sale too. Using other people's for real estate isn't necessarily considered a bad thing but being located beside a vacant rundown property sort of is.

Wishing great things for you in your walk thru tomorrow!! Sounds like you're doing all the right things - so don't do the classic newbie/neverbe thing and be afraid to act. You don't seem to have much to lose unless there are liens or back taxes or problems with title that you don't find out about until after closing. Let us know how it turns out!