New member North of the border in Montreal Canada

[Jeffrey Levi]

Happy to join the BP family as a member finally. I have been involved and attached to real estate for the past decade purely in a spectator way for the past decade. After a few successes in business and a kind uncle's inheritance, I have finally reached a point in my life where I am ready to go deeper in to REI.

Currently own a condo in Montreal with a market value of 280K with a 115K mortage on my personal name. In addition, I have been lucky enough to find a cheap lease in downtown Montreal on Peel (high traffic/tourist area) where I paid off the tenant (14 year lease rent controlled). With a 12K investment, I currently return 4-6K monthly in short term rentals and, after cleanings and expenses, make roughly anywhere from 1500-3K monthly. 

Recently, had an uncle pass away leaving me around 200K cash in addition to 1/3rd of a home in a great location (triplex) with a market value around. Hoping to decide whether I should elect with the 2 others to sell the home or should I keep it in a family trust and collect monthly rent (house is in great shape and is rented at 3700 monthly with 7.5K annual tax bill) or offer to purchase the property from the 2 other family members. 

I hope that's enough info to help people get an idea of the cards I am working with. Definitely interested in leveraging what I have in other to achiever my plans for long term real estate investment success. 

You should all be proud of contributing to such an amazing community! 

[Mazen Al Ashkar]

Hi Jeffrey,

Welcome to BP. I'm from Montreal too, mainly invest in mortgage notes in the US. My first reaction to the options you have on the table is absolutely keep the triplex! Especially, with the way you describe it as a well-maintained triplex and cash flowing 3700/month. As a matter of fact, if you want help buying the other 2 out, let me know, would be happy to consider investing with a partner in Montreal in a triplex. 

Cheers,