Crossed the border. Time to speed up the snowball.

[Brandon Parkes]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

My first US Property. A duplex in Detroit. Startin classy !!
It's a turnkey property, which I would like to get away from soon, but the company was great for the hand holding that turned out to be very valuable, as a Canadian citizen living in Canada. The banking, legal, entity formation etc was very taboo from my perspective north of the border, and the turnkey company took care of that challenge.

I am planning on continuing to purchase homes as frequently as possible, hopefully through my own channels as quickly as I can.

What made you interested in investing in this type of deal?

Properties are getting too expensive in the Greater Toronto Area (Canada) and between the rising interest rates and ridiculous prices of homes, it's difficult to new much (if any) cash flow on a home up here. My wife has Lyme disease and we have a 14 month old baby. Anything I can do to help her have the choice of "work optional" would be incredible.

How did you find this deal and how did you negotiate it?

Met the turnkey company owner through a trusted colleague of mine.

How did you finance this deal?

Pulled the money from equity in my principal residence and bought the duplex outright.

How did you add value to the deal?

Turnkey company did for this one. We've reno'd properties up here and I would like to start doing the same in the U.S.

What was the outcome?

Ball has just started rolling. Closed, reno'd, and just recently tenanted.

Lessons learned? Challenges?

Trump has sure made it hard to get a business checking account in the US, as a Canadian citizen, when the business has no physical structure and the address is in Canada.

All those fun hurdles are behind now. Time to start BRRRRing, and exponentially growing our portfolio.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

In Canada, yes. Looking to start creating some great teams and new friends in the U.S. too.