All Forum Posts by: Brody Muxlow

@Chris Habets

This property was kind of a rare find for the price I paid and what it offers. All 3 units are on there own gas meters and own electrical meters. I pay for water. Each unit has its own furnace. Unfortunately 2 of the 3 furnaces are in the basement.

Hey BP,

I've recently picked a triplex in Windsor Ontario.

Currently has two 2 bedroom apartments and one bachelor. The all have a common area in the basement for laundry. As i renovate each unit i plan on putting stacked washer dryers in each unit to eliminate the shared laundry. Once this is done, I will have a large empty basement with good ceiling height. I would like to make it into a 4th unit. I have checked my zoning and it is zoned for it. 

I have zero experience with adding a unit to a property. Was curious if anyone has ever done this and could guide me in the right direction. Im not sure what the legal requirments are. The basement has lots of windows and good ceiling height. I just dont know about access/ egress codes and what the unit requires to make it legal.

Does anyone have any advice on where to search for information like this?

Thanks!

@Gagan P. just to follow up, i see that you are from Texas. Does this apply in Canada?

Wow, @Gagan P. that was exactly what i was looking for. Thank you!!

Hi guys and girls,

Was just wondering what everyone does for lease agreements. All the properties I've bought were all Rented and I've never had to get a new tenant and have them sign a new lease. 

Do i have to use the standard lease agreement? (residential tenancy agreement)

Or am I able to get my own made? I've never owned anywhere that I've lived and I've always rented. Every lease I've signed has been different. Just want to make sure I'm doing everything by the book.

Thanks, have a great weekend!

Thanks for the insight @Will Fraser, I will keep that in mind!

Hi BP,

Im just fairly new to investing so i still have tons of questions!

Im going to be managing all my own properties for the first few just to learn and experience it. After that i will hire a management company. Just curious about a few things. Im just wondering who i get to do everything around the property. I want to manage it, not maintain it day to day. 

Example, My triplex.

I already have someone to cut the grass and Im working on a company for the winter to do the snow. Who does the little stuff, like to the garbage pails to the road...the tenants? If so which one as its a triplex? I bought the property from a very old man and had no lease agreements with these tenants. Going to be messy until i get new tenants in the building and lease agreements signed.

~Thanks for reading!

Thanks for the help guys!

@Paul H. I eneded up getting a 6 month private loan, i only had one credit union that could get it done quick enough and they didnt let me know till i had already signed papers. Every other bank told me 2 weeks minimum and i had 2 days lol!

All in all, huge lessons learned and a few news contacts made!

Hey BP, 

Im in windsor, closing on a property next week and was just denied for a mortgage. I have already got an extension on this property for my bank taking their time and now they have denied me. I have 20% down and need a mortage for 158,000$

I have to have mortgage instructions to my lawyer by friday.

Any help on where to get a high risk mortgage done quickly would be appreciated.

Ive reached out to a few lenders i know but am waiting to hear back.

Thanks!

A lot of investors I know in Canada including myself use what bigger pockets calls the BRRRR method which is "Buy, Renovate, Rent, Refinance, Repeat.

However for myself, ive found that it only works on propertys that are cheap and under performing. The "turn key" properties that you may see listed on the MLS or other real estate sites do not work in my opinion. From what i see, someone has already done the BRRRR method to them. There would be no room for you to renovate and refinance.

I try and stick to the 1% rule when im looking at properties. I want one months rent to equal 1% of the purchase price. If it meets that requirement, I look further into the property and crunch the numbers. Right now in Windsor ON where I invest, it is difficult to find properties that meet that standard. It a sellers market here right now. All the under performing properties that owners have had for 20 or 30 years are producing little rent but selling high. Ive recently picked up a triplex but it was a private sale and it wasnt listed. My agent is always looking for these deals for me.