All Forum Posts by: Thomas Pollard

@Shanice Stewart

I would say you need to narrow down your search to a specific market/city. Then once you’ve decided that look for a realtor and property manager in that market.

@Erik W.

Also, the building is already built. He is in the process of rehabbing it. Not building it. That’s my bad!

@Erik W.

I think he just googled and my name popped up because he is local to me. I don’t really have anything to bring to this deal which is why I am putting it out there to everyone to see if I can help him get the funding he needs. (Which is why he originally called me).

The 37% of phase one is in regards to a progress report inspection he sent me. They are 37% complete phase one of construction.

I hope that answers your questions.

Ok so I just started out (haven’t even bought my first investment property) and an owner of a 50 unit reached out to me to see if I could help him. It sounds like an amazing opportunity but I have no idea what I’m doing!

Here’s what I know:

Building is 50 units.

Construction has already begun and is 37% phase one complete.

Current appraisal is 977 000. As of (Dec17/2020)

Expected complete value is 3.8 mil.

One private money loan of 300k in first position on property.

Needs 2.6 to complete construction.

9 units pre leased.

I told the guy that I was just starting but it sounds like a good opportunity so I would reach out to some people. What better people then the BP community!

You can check out the building at lemajestique.ca and I can try to answer any questions you have.

I’m in the New Glasgow area and looking to get started. Looking for cheap flips and Brrrr opportunities. Would love to connect with other investors in the area!

@Kenneth Hynes

I installed and sanded floors for 5 years. These floors look like they can be sanded however I think I would echo everyone else and see what other rentals have.

The vinyl plank will outlast the wood and is much easier to do then refinishing the hardwood. The lock together vinyl can go right over the hardwood so no need to even rip it out. My though would be cover the hardwood with vinyl and maybe refinish it when you are looking to sell.

Just starting out in Nova Scotia. Looking to get my first deal in the next couple months!

@Salvatore Giancola I don’t know what rents will be in two years but at current rents you will struggle to make any cash flow. 3 bed house are renting for 1500-2000 so with 1700 in expenses you might just break even. The price of the property does seem reasonable. This is a new development they are starting? Current comparable properties are listing in the 450 range.

@Salvatore Giancola I actually live in Lindsay. The market has already almost doubled in the last ten years. Currently the market is still very hot. Personally i feel that the market should continue to go up. With the extension of the 407 it is now possible to get to most of the GTA within an hour. I don’t know what kind of deals you will be able to find as I don’t invest in the market but appreciation should be steady. If you have other questions I can do my best to find them out for you.