All Forum Posts by: Alexandre Harnois

Thank you very much for the replies! @Nathan Gesner @Theresa Harris @Greg Scott

Wow! Thank you very much Randy! It clarified a lot of things for me, I appreciate the assistance.

I hired a property manager for my triplex at the beginning he was great, filled all my expectations. He is a bit rough on the sides but my property is not in the best of location so I need someone who isn't afraid of confrontation. I am currently looking for a second property and I am not sure if I should be looking for another property manager. What I don't like about my current property manager is I always have to ask questions to get information he doesn't take the initiative to keep me informed of what is going on, I guess for some this is a plus but I would like to know sooner if there is a problem. The other thing is there are often mistakes in the monthly bills but when I let him know it is fixed on the next months bills. Example: Month of march charges me 8% of 1000$ for management fees but I only received $650.

My question is what are you willing to deal with when it come to your property manager? If I change and it is more expensive and the service is equal or worst than its not a good deal. Is the devil you know better than the devil unknown? What is the worst thing that a property manager has done to you? What is the worst that could happen if I change? 

Good day everyone,

I have questions regarding the BRRRR Method. I will explain my situation and I will carry on with the questions.

I own a house with a mortgage on it. In late 2021 I had a great oppurtunity and purchased a Triplex that was in my wife's family for 140k I refinanced my primary residence to get some money to rehab the property. I put 30K in upgrades. I am not sure what the value of the property is currently as it is getting appraised this week by the bank. I am looking to refiance the triplex to have some money to purchase another property.

I already got approved if the property is worth 250k, for 200k @3.54%. 200K-107K(left on mortgage)=93k+31k(money saved up)=124k for a 20% down payment + closing cost and maintenance.

Am I getting the BRRRR Concept right? Will I get approved for a 3rd mortgage? Is there a limit of how many mortgages one can have or as long as the income is good the bank will keep lending you money? When do you start thinking of creating a company to put your properties under? Is it better to borrow from a mortgage broker or a big bank?

Any help or advises would be much appreciated.

Thank you for your time and answers,

Alex Harnois

Good day, here is my situation I am a homeowner and I purchased my first rental property a year and a half ago. To buy my rental I refinanced my house to get some cash for the down payment and Renos on the rental.(NOW I know a HELOC would of been a better option but the interest rates where so low it's ok) I currently have 2 mortgages [email protected]% for my primary residence and [email protected]% for my rental property. I bought the rental for $140000(a triplex from my wife's grandmother), put $32k to renovate 2 of the 3 apartments. Now cash flowing $659/month. I am currently looking to acquire a 2nd rental property but the market is in a bit worse shape then when I bought in late 2021. A bit scared that I missed the uphill train and now it is going downhill. For my market right now in Trois-Rivieres ,Quebec, Canada it seems all sellers want post Covid prices for properties but the rents did not follow the Covid rise. I am also open to look elsewhere in Canada.

Is it a good idea to refinance right now and hold the money until there is a good deal out there or should I just get it appraised to see what the value would be and then once I find something decent I can get it refinanced? I have no idea how long the refinance process takes and if the deals are far and few between wouldn't want to miss one because of delays in the process. I will have more details next week when I meet with the bank.

Thank you all,

Also depending the eviction laws it might be harder to get to do Renos and refinance quickly.

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@John Warren Thank you John for the info. I wish I had more info to give you but like I said it is new and we didn't talk about prices yet. He said the municipal evaluation was @135000. There is a building similar to his on MLS # 26928374 (not sure if I'm allowed to post this but it's not the building I am looking at just similar). But the municipal evaluation is 145000 and they are asking 189000, potential gross revenue at $18060, which means they are renting for 500$. I spoke with 2 property managers and they told me that for that area rent is usually 600-700. When the bank looks at the numbers for refinancing which numbers are they looking for? My BRRRR book is in the mail. I don't think there is a lot of value to go get as the neighborhood is pretty old and I think maximized for what it is.

Hey everyone, I am still very new at this but I have an opportunity to buy a Triplex property. It was owned by my spouse's grandfather. They were living on the main floor, the 2nd level is vacant for a longtime now and their son was living on the 3rd floor rent free. 

My question is how will this affect the bank evaluation of the property since they can't rely on previous rent? Will it be harder to get financing since their is no income?

Also is this good for me to rehab and refinance?

What are your guys thoughts? Anything in particular I should look out for?

Thanks everyone,

Alex

Hey everyone, I am still very new at this but I have an opportunity to buy a Triplex property. It was owned by my spouse's grandfather. They were living on the main floor, the 2nd level is vacant for a longtime now and their son was living on the 3rd floor rent free. 

My question is how will this affect the bank evaluation of the property since they can't rely on previous rent? Will it be harder to get financing since their is no income?

Also is this good for me to rehab and refinance?

What are your guys thoughts? Anything in particular I should look out for?

Thanks everyone,

Alex