All Forum Posts by: Brody Muxlow

Hey @Sol Yasin 

So the VTB's that we did were a little bit of luck and a lot of patients lol. Neither of the houses were for sale. We contacted the owner about the one house and asked if he'd be willing to sell. Well we got a conversations started and got him thinking about it. A week later he contacted us and told us he was interested. He then told us he had a second property he would also like to sell us. We asked if he would do seller financing and right off the bat said no. We went and got pre approved for the mortgages. The next time we spoke with him, he had changed his mind and would hold the mortgages for us. After a long back and forth negotiation we agreed on terms and interest rate.

We paid 10% interest on these properties but we got them with only 15% down which was less then the bank. We sold the first one 2 weeks after taking ownership, and my partner is keeping the second house.

Thanks for the insight guys! Much appreciated! 

@Evan Aagaard I'm actually waiting to hear back right now about seller financing. I've done Vendor take backs in the past. I know they aren't desperate for money. They've owned the property for a long time and are just selling to focus on other projects.

@Ned Carey I do agree, I don't want to bury myself. If it doesn't work out then it doesn't work out. But i figured if there was a creative way to make it work then why not. I never thought about a delayed settlement but I am definitely going to look in to that, Thanks!

The property is located in Ontario. My credit is quite maxed out right now. Ive already bought a property with a line of credit. Its not sold but does not close until the end of October. I do know some high interest lenders that could give me the mortgage but i would have to have the downpayment.

Hi BP memebers,

I've recently found a really nice deal on a triplex. Purchase price is $354,000 Unit price is a little high at 118k per unit. 

The purchase price is a little high but it is definitely justified, as it produces $47,000 per year. 

Typically I would try to get a hard money lender buy the property cash and BRRRR the property. But after seeing it, the units are pristine. This property needs no work inside or out. There is really no room for refinance.

Im actually in need of a place to live so i thought about using my home buyers plan and moving in with only 5% down.

Next issue is that all my other money is tied up in other deals right now. 1 property closing next week, and another at the end of October.

Trying to think outside the box right now on how to get this property but Im coming up blank. Anyone have any suggestions or routes i could take towards this?

Thanks guys!

Thanks @Anibal Mejias @Carolyn Q. Just sent them a request on Facebook to join!

@Scott Innocente My Partner and I were just talking about the demand for housing the bridge is going to bring here. We already have a low vacancy rate in Windsor.

Does anyone know of any upcoming seminars or real estate groups that meet up? Interested in Networking some more but dont exactly know where to start.

Thanks!

Hey Everyone,

My names Brody. Im a fairly new real estate investor in Windsor, Ontario.  

Just wondering if there are any other investors on here from Windsor.
Would love to meet up and chat about real estate.

Currently closing on a triplex, and did a VTB on 2 single family properties with a partner.

Thanks for reading!