All Forum Posts by: Andy Welmers

I am putting in my first offer on an investment property. (in Ontario, Canada) I think the numbers work well, however it will be a major renovation. (I'll put the numbers and property up if I am successful on the offer).

I am looking at terms for the home, which I should include on the contract.

This is something I am thinking of taking on myself, but would be willing to assign the contract to an other party or to partner with them to do the deal.

where is - as is,

for $200k, Cash,

30 day closing,

14 day due diligence,

contingent on inspection,

with a clause that I would be able to assign the contract to an other party,

minimum of 3 additional visits outside the due diligence timeframe,

Anything else I should be including? anything to be aware of specific to Ontario?

Thanks, Andy

@Matt Geerts Thanks Matt, I don't have money for a 20% down payment, but I do have lines of credit available to complete a renovation. With the 20% down payment (which I would like to get) I would love to do a mortgage + improvements. 

I had not thought of looking on Kijiji for lending.

@ming 

@Ming Lim I am looking for private lenders. "B lenders" where do you find more info about them? through Mortgage brokers? 

When I purchased my personal home, my broker had talked very briefly about hard money lenders, and that they had relationships with a few. I think I'll book an appointment with them to see if I can pull more information

Does anyone have any experience buying and rehabbing fire damaged properties? I am still running numbers to see if this is even a possibility, as it looks like the property would be a complete gut due to the smoke damage throughout the home.

Thanks, Andy

What sort of "deals" are investors from Canada (ottawa, ontario) finding? and what are the approximate ratio's of offers to accepted offers?

Specifically looking at SFH up to 4 plex, typical % reduction from ARV that you can see.

I would like to start putting a few offers out on distressed properties, and it is probably just my pre-conceived notions when looking at the MLS that the prices listed are less negotiable than I think they can be.

Hard money seems fairly readily available in the US. Is hard money / the availability of hard money different in Canada, specifically Ontario?

I am researching as much as I can, and am starting to go out to look at a few properties in my local area (Ottawa) in order to start evaluating properties as best I can. I am looking for asset based lenders (private or hard) willing/able to fund 100% of the purchase price of a home, and I would fund the rehab (BRRRR).

Thanks,

Andy

Good luck with your investing future @Ivan Mak. Lots of good info here on BP, just sift through and drink up as much as possible!

Anyone on BP have any suggestions for Realtors in Ottawa, Ontario (Brockville / Kemptville as well)?

I'm just starting out looking for an agent to help find my first deal, and would love any recommendations.

Thanks, Andy

Roy, I took a look at some of the other posts you discussed this. It looks like Arms Length may be the best option at the moment for the LIRA ( I was already looking into options through Olympia ). The additional fees ect seem like a drawback on personal mortgage, especially if I can use a HELOC (not an option at the moment) at a lower % rate while still using arms length for a higher rate of return for my LIRA.

@Roy N. Thanks for the info Roy, Why is it not advantageous to hold non-arm's length mortgage on your own home, using registered accounts?

I have been interested in real estate investing, and as I am learning more, I am looking for strategies to use my retirement savings from a previous job as a down payment / investment funds for my first property (through conventional mortgage, BRRRR)

From information I have been told, I can use a self directed LIRA as a funding platform, but I cannot fund my 'own' deals, I would have to invest arms length (not to myself, or immediate family members). 

Would anyone know of a way to be able to use these funds myself? potentially setting up a LLC and investing in it? Or finding someone else in a similar situation, and having reciprocal investments?

Andy