New Canadian Investor in Montreal, Quebec

[Stirling Mintz]

Hello, My name is Stirling. I have no experience in REI, however I have ammassed considerable savings, enough to make an investment in a plex rental property on the island of Montreal, Quebec.

I do not yet think I am at the stage of "Analysis Paralysis", as I have only begun reading and studying the topic of Real Estate Investment for less than a month. That said, before I read 100 more books and get lost in all the different potential strategies I could use, I figured it would be wise to preemptively introduce myself to the bigger pockets community, and see if the people I meet and connections I make incline me to embrace a certain strategy or influence my perspective on this potential investment.

Based on my limited research, I believe BRRRR investing/Buy and Holding of rental properties is the strategy that suits my vision. I do not want to create a 10 year plan. I want to focus on property #1 and based on my experience developing this property I will decide the pace at which I will make furthur investments. I know I can do this, but doing this will require navigating through many steps, all of which will be firsts for me.

To give you a sense of who I am and how my skills fit into a BRRRR strategy:

- I have a Bcomm Finance, and I took a couple courses on Real Estate financing in my major, and despite this being a solid 5 years ago, these were some of my best grades. Of course, school is different than reality, but this experience leads me to believe I am capable of navigating the details of financing and refinancing a rental property investment. 

- I work for a company that sells home decorative goods to mass market retailers. I understand the difference between price and value. When I consider BRRRR, although I am not particularly skilled in handicrafts, I naturally understand the potential of forced appreciation through Renovation. This is perhaps the most exciting part of this investment for me. Challenging my creativity to make small priced investments that significantly increase value. I understand that I am not trying to accomplish an artistic dream in a remodel, I will not fall in love with any property and become closed to other suggestions.My only goal to maximize the value recieved for each dollar invested. This challenge is my favorite part of my day job, and I am hoping this ability is equally valuable in the Real Estate field.

- I would like to be very "Hands On" in my first investment. My goal is to learn and create a network of people who can help me develop future properties. That said, my lack of direct experience is a major concern for me. Everything from negotiating a good purchase price, analyzing the cost of renovations, doing the cost analysis (although I do hold and BComm Finance and did a course on Real Estate Finance, it has been a few years since school..), finding and vetting tennants, refinancing, etc, will all be first time experiences for me. Ideally, it would be amazing to have someone with me during each stage of the process, from which I could learn from. It is not in my nature to completely hand over responsibility for any job to a contractor. For example, in my mind, any contractor who quoted on a renovation for me would also have to employ me as part of the contract. When I am done my day job, I want to be on the floor laying tiles, cutting wood, etc etc. Because of my lack of experience, I will need to be given direction on the work to be done, but I will happily do the hardest and dirtiest work in exchange for being part of the process. Same could be said about any of the other steps in this process.

Anyways, if there is anyone in the Montreal area who has similar ambitions, I am pleased to make the introduction! If there is anyone on the Bigger Pockets Community who just has words of encouragement, equally happy to make the acquaintance! Really no expectations, just exploring all the resources available to me!

Nice to meet you all,

Stirling