All Forum Posts by: Yousef Reda

@Justin H. good job man. I thought I was a lone wolf looking for properties in this area looks like your in it too. The housing market seems to be appreciating in this area, they are tying to get GO transportation to expand here, plus a 1 billion dollar golf course is being built close by. Im just about to hopefully close a deal next week close to Brock University. Im doing  more of a triplex situation. My Rental income will meet the 1% rule. Yours is almost like having 2% so congrats on that, its rare in Canada. 

If any investors in Winnipeg area want to discuss real estate investing over coffee or after playing sports(I play volleyball, basketball or soccer) that would be great. We can talk about our experience in investing for fun. I am currently closing a deal in Ontario which is a buy and hold with decent return. We can have discussions and give eachother tips etc. My overall plan is to obtain 3 properties per year. 

If anyone is interested please feel free to touch base! Thanks 

@bill 

@Bill Gulley were u in investigator for a large bank or a smaller one? 

@Account Closed thanks. I essentially took out Property management. One of the tenants seems to just want to manage the property on his own(its a duplex). He does the repairs and charges the current owner only for the parts for the repair.

Plan on getting conventional versus a portfolio lender. Im in Canada so want to see if a portfolio lender would accept 5% down if not i can put 20% down also. 

So I value cash flow more then appreciation because obviously appreciation is speculating and I treat that as icing on the cake as some woudl put it lol. 

It cash flows 370 per month if im very conservative and include repairs and capital expenditures. It will cash flow 700 per month without repairs and capital expenditure costs as the owners the people there seem to be okay with living in bad conditions. The tenants tell me they have about 1 repair a year so thats not to bad. The last one was a sink leak 9 months ago. So although they are sloppy tenants they can manage and repair the property on there own. 

Cash flow great. Area appreciating yearly in last five years. Tenant seems very responsible and staying there long term. Very poor condition of house. Roof, water tank recently fixed. There is a leak coming from outside when it rains to the basement stairs. Area is actually decent and not a vandalism or crime area. Lots of phillipinos around which I know makes it more safer. According to tenants there is one repair per year. Last one was a sink leak. The agent posed that we offer a price equivalent to the cost of land and maybe the roof. So will hopefully get a low ball offer . Average home prices 200 to 250 k. We may offer 150000. Essentially use this as a rental income . When I have more capital in five years in thinking of demolishing it and possibly building two new houses or one better triplex on top as the lot size is for two homes . Anyone have any thoughts on why I shouldn't do this deal

@JD Martin Lol thats irrelevant. I went to school for like 10 years to get there.

@Jeff Copeland Yea i have no experience in flipping and prob wont start now till I have better capital and more knowledge.

@tyler 

@Tyler HermanThanks. Yea ill be in this job for quiet some time. I do really want to get my investment portfolio moving asap. So I may pull the trigger .... 

If anyone has any other thoughts I would love to hear it! thanks guys

@Tyler Herman Thanks . What about getting a rental property that cash flows 100$/unit in a triplex that includes a property manager taking care of it. Is that still not a good idea.

If you had 30-40 K of savings and earning 80 k/year but your not sure where your going to be living next year for your job that will start you at 300 k/year would you start investing now or wait till you are fully placed in your future job(the location can either be 2 or 3 different provinces, which is still tentative and unknown) and at least u can be sure to buy a property where you will be living. People who own multiple properties could you comment please thanks!

@Lee Jackson THat interest rate is high. Your cash flow is not great obviously. Your basing that the area being decent that you assume appreciation will occur which is entirely speculating. Your going to drop 25 thousand dollars on this I believe you can cash flow better in other properties. However to be honest in Canada its not as easy as USA to find good cash flowing properties. I have a friend who has been trying to rent out his commercial property for over a year now which has been difficult. He rents out the other rooms which pays the mortgage. One thought is you can convert the commercial property into a residential property and increase your chances of renting it out. Obviously requiring more money into the deal lol. Hence if I was in your shoes I wouldnt. 

@Matt L. Hi im looking at a triplex with cash flow 500$/month in Gibson neighborhood. Corner of cannon street east and sanford. Any thoughts about this areA? Thanks in advance