All Forum Posts by: Brad Anderson

Hi everyone, 

I have been interested in owner a rental property for a while now and have been casually looking but now I've stumbled on something that looks interesting...

The Deal 

One owner is selling 2 condos.  (Located about 45 mins outside the GTA)

1st Condo  = $120,000 CAD         2nd Condo  = $130,000 CAD

Rent paid =  1000                           1000

Expenses 

Condo Fees =    290                        290

Property Tax=   100                        109

Mortgage =        540                        590 

Total =                930                        990

This is a basic cash flow for the 2 properties I put together quickly and I believe rent could be increased as basement apartments in the area go for 850-1100 and condo's go for around 1100-1400. 

My question is... What are some alternative ways to finance ?

I have a stable job making around 70,000 with good credit. Been working the same job since 2014 BUT my problem is I left the job this summer to take a dream job contract but am back now. (They wouldn't approve a leave but were more than happy to have me back and my boss literally told me not to pass up the opportunity but for corporate reasons would not be able to accept the leave) 

So question is do you think a bank would lend to me and if not what sort of deals do private lenders offer ? 

Anyone have experience with private lenders in the GTA area and have any recommendations ?

Realtor also mentioned if both were bought they would cut me a deal. Currently only able to afford the down payment on one condo but was thinking of asking to see if they would be open to owner financing for the second.

Thanks for reading and would appreciate any feedback. 

Hey Connor, 

Lately I've been looking more and more into the Whistler market for investing. I have seen some good deals on phase 2 hotel deals, was wondering since you're in the area if you've heard if these are able to cash flow. I am from Ontario so don't have ears on the ground. If not I've seen some under 300,000 that if rented weekly/nightly could have some great returns. Wondering what kind of deal you got on your studio apartment. 

Thanks 

Brad A

I am looking into purchasing my first investment property in the next year (Goal is by May 2015) and I am faced with a few questions/concerns....

I have been researching a lot of different options and he's my thoughts for far.

Budget 250,000 CAD  (Have been Pre-Approved)

Located in Ontario, Canada

1. Buy a house with an in-law suite and rent out the upstairs hopefully cover mortgage payments 

2. Buy student rental and use buy and hold strategy 

3. Buy house with unfinished basement, finish basement forcing appreciation then do the same as option 1 or 2. 

My problem is that I am young and don't have that much money and my goal is to build up a portfolio of houses as quick as possible so I want to choose an option that will let me do this.

My thoughts are to force appreciation by renovation then rent out and refinance the property to buy another rental income. 

Questions...

I have heard it's harder to get refinanced now as they are tightening up on who to lend to. How do I know if I will be qualified or they will let me refinance. 

The US seems to have a lot of opportunities what are the rules for buying a house there when you don't live there ? (Will it have to be all cash or bigger percentage) 

I am open to new ideas and thoughts as well 

Thanks in advance !

Sorry for the newbie questions.  

Brad Anderson

@Dmitriy Fomichenko Thanks for the info. Have read the beginners guide will start on the podcasts now thanks again for the help !

Thanks for the info will look him up ! 

Hello everyone, 

My name is Brad Anderson just wanted to introduce myself and hopefully gain some more knowledge on investing in real estate so here's a little more about myself. 

I am currently 21 years old and have had an interest in real estate since I was a kid. I have lived in 12 houses and 2 countries (Born in Scotland lived there till I was 12) and through that I have had a natural interest in how it works and it really sparked my interest in the financial side of things. 

I got into investing when I was 18 where I started trading FOREX and still do that (getting slowly better). That's where I found my passion for investing.

I went to post secondary school for 2 1/2 years but dropped out after looking at jobs and realizing it wasn't what I wanted to do with the rest of my life. 

After watching many documentaries and reading a lot I decided I wanted to get into investing for a living and I love real estate also I figured it would be smart to combine the 2.

I am really eager to learn from the more experienced and looking forward to making some connections. 

I have attended a Scott Mcgillivray seminar and would really like to get more info on how exactly you can refinance your current home and use its equity to purchase another. 

Lastly I have been pre-approved for a mortgage of 250,000 CAD and looking to get into the student rental market in the Guelph and Kitchener/Waterloo area's but open to other ideas. 

Thanks in advance,

Brad Anderson 

"if you're the smartest person in the room, then you are in the wrong room"