All Forum Posts by: Brock Peel

@Roy Cleeves I agree with the benefits of holding onto my current rental.That is my biggest hurdle right now, if I can't find a reliable partner with access to funds. Would it not make more sense to utilize the cash I can get from the sale of my property to take a more aggressive approach on a cheaper property I could BRRRR or just flip?

Just trying to bounce ideas... 

@Lexi Teifke

@Lexi Teifke that's what I'm leaning towards. Thanks for the advice! I may try my hand at flip, or use the brrr method. I can do most work myself, and anything else my father is a contractor so I can save lots on contractor costs. 

@Lexi Teifke I'm here for the advice and knowledge of others, constructive criticism is what I need. My current situation is. You also have to keep in mind I'm from Ontario Canada, where the dollar is much different and prices are very inflated in my area (average home 450-500K) .

Currently I am trying to plan my next move, I owe 318 on the property and it's appraised at approx 430K. So do i sell and cash out, and try to diversify my money better on my next investment. Or leverage myself in other ways and try to keep the property. My fiance and I also just bought a small house together for 399K @ 5% down. So getting another mortgage doesn't seem possible for me. But that's what I'm trying to learn. Experienced investors seem to be very creative. 

I will also look into recasting  @Eddie Espinal thank you!

Investment Info:

Single-family residence buy & hold investment in Angus.

Purchase price: $349,000
Cash invested: $21,000

Single family townhouse, 1600sqft.
Currently renting out for $1650 a month, I Put the minimum down of 5%. So total cost of mortgage, PT, insurance, is $1710. No extra cash for profits. Was first home purchase at 20yrs old. Will hope to improve profit margins in future deals.

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

Wanted to get into the market as soon as possible to start building equity

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

Sister was selling, waited out listing agents contract and bought privately at 10% BMV

How did you finance this deal?

Had a 20K truck loan with no lean, sold truck and used cash for down payment

What was the outcome?

Lucked out with great tenants, have been there 2.5 years with not a single issue. Only been there a couple times for walk throughs, and to bring new fire alarms.

Lessons learned? Challenges?

Cash flow isn't high enough, 5% down really limits you for potential cash flow and turn over time for withdrawing equity.