All Forum Posts by: Amadeus Hladun

Thank you John, that explanation answered literally ever question I have ever had with regards to the BRRRR method.

Cant thank you enough and would up vote you more than once if I could! :)

Also to do the BRRRR calculator, what number would I put in the refinance loan amount section. In this field would I put the$360,000?

See so right there THAT is what I keep getting hung up on. Why cant I figure out how I can pull the $100,000 but ALSO have the $90,000 Equity left in the deal??

I just don't see how I can pull all of the money invested out but also still have the $90,000 equity still in the deal, please could you explain how I would have $90,000 in equity PLUS be able to pull all the money invested ($100,000) in the deal out where does the $90,000 equity come from?

Good Morning Everyone, I have been putting this off for a little bit because honestly I am kind of embarrassed but I realize that to learn I need to actually ask the questions that I need answers to so here it goes.

for the refinancing portion of the BRRRR strategy I for some reason cant seem to wrap my head around how all the numbers work. I know that it is pretty straight forward but I think I am overcomplicating it.

So lets just say $250,000 is the purchase price with down payment of $50,000, $50,000 is the rehab cost, when done it would sell for $450,000. So I purchase, Rehab and rent out the property, now the seasoning period for the loan is up and now I can refinance. From there the bank appraises it and says it is worth the $450,000 so I can refinance it to 80% of the appraised value (80% is what my bank will refinance at). That leaves the refinanced loan at $360,000. THIS is where my brain gets stuck for some reason.

Is it $360,000 - $250,000 = $110,000 equity now in the property??

This is why I am embarrassed because I know it is a simple concept but I just cant seem to get it.

Thanks!

Yes $700 is cheap, it's because the property is not in great condition.

It's on the north side.

What would you do in our shoes?

Hello everyone, I am both excited and sort of terrified! So I have been looking at properties and analyzing them and I came across 1 property. It is not in the best (Or Worst) neighborhood so I know it wouldn't attract the best tenants but if I screen properly I think I would find good enough tenants to take care of the property and pay rent on time. 

Without further adieu,  This property is a 4plex In Lethbridge Alberta, it's current rents from the landlord are all $700 and tenants pay utilities. He was asking $320,000 (Which is already well below market value for a 4plex in my area) but with some negotiating he is willing to get rid of it for $281,900. The property needs a lot of work though, I have budgeted for $25,000 per unit. After rehab is complete my plan is to raise rents to $850 and tenants pay utilities. 

So the basic financials are $281,900 purchase price, $100,000 rehab cost, then when this is complete the income of the property would be $850 and no utility expenses.

I am planning on using the BRRR strategy for this property.

My wife and my personal finances is I have $14000 in savings, $600 in another account and I have a line of credit of $40,000 with and interest rate of 7.8%.

I have not exactly officially offered this $281,900 but I want to but before that I want to hear any opinions and things I may not have thought of. It looks like a great deal for my area but I am worried I am overlooking something.

Thanks!

Good Afternoon everyone, so I have a question regarding a strategy for direct mail marketing?

How is it done in Canada because of the privacy laws that we have that make it extremely illegal to have such a thing as listsource?

I am really wanting to up the flow of leads for myself but I just don't know quite how to because it seems impossible to at least direct mail market like in the US.

Any info, tips and tricks, and guidance would be greatly appreciated!

Good afternoon everyone, so I am living out in Canada and I currently own a suited home as a rental property (not planning to stop there). I JUST recently created a website and would like to have a link to whatever method of payment on it and have THAT their only method of payment just to simplify it for myself and hopefully them... but in comes the issue, I realized that every app or website that does simple peer-to-peer money transfer is only available in the US.

So is there any app or website that is FREE to transfer money through that I can link to my website that is also available in Canada and not just the US?

Thanks!

Thank you everyone for all the great advice, I truly appreciate it!