All Forum Posts by: Bryce Fairburn

 Hmmm Hurricane damage....... I am assuming it would need to be purchased cash then repaired then refinanced.  I am currently doing armchair analysis so I do not have the full scope of construction yet. Best case:  major lipstick on whole property inside and out.  Worst case, structural and roof repairs.

If it is in the worst case side I might not tackle a project like that in that location due to the added complexities.

Once again thank you all for your responses

I plan on inflating my expense side of the analysis significantly to make up for the expected increase in material costs.  My hope would be to compete in the labor part by doing the work myself.

@Andrew Steffens 

Thank you for the response

To your first point.  That is my same thought

To your second point.  I think this gives me potential to be more competitive

@Chris Seveney thank you for your thoughts.  Before I move on a purchase I will for sure be visiting the property.  
the ‘un-insurable’ part makes sense too

@Adeeb Shaheer

hi, yes you can flip a house, however I would recommend treading carefully right now.  There is a lot of ‘tear down’ deals hitting the market.  Also there is higher risk locations to invest in in SSM.  I person have chosen not to invest in Ward 1.  

SSM still has steady demand growth as there is increase in people moving in. However SFH have started to enter a price point where the rental rates are not matching out. I am strategically doing deals that can increase the number of units in the building.

let me know if you want recommendations of subs.

Bryce 

Hi community

looking for some feedback. I am looking at a property on St. Thomas, that needs some significant renovations. Here are the things I see.

- I have the skill set to do majority of the work

- the numbers appear do work well as a STR

- the property has sat on the market for a long time (100+ days)

- I am assuming material and substrates will cost significantly more then doing the same work in the lower 50 states.

- the topics I search on BP appear to all be pre/mid covid, and have some recovery discussions post Irma. Recognizing we are in a different season of investing right now.

where my suspicion comes in:

- if it is a good deal, why has no one bought it yet?

- am I missing a significant red flag about this property that I do not see?

- when I dive into the deep due diligence, am I most likely going to find something that crushes the deal and makes it not feasible?

Thank you for thoughts and feedback as we look at this market

Bryce

 Congrats on the purchase.

Bryce

Can I hijack with a question?

When getting the business account does it matter if I open the account in a branch close to my house or close to where my business is? 

My situation is my business is registered in Texas, my rental properties are in Texas, but I am living in Michigan.  

Hey Lubica

As a fellow Canadian I feel your tension as well.  The cities you listed are the expensive ones in the country (I am not sure about Halifax).  I am from Ontario and have also lived in BC.  

My strategy it to invest in one of the small cities currently.  I am finding that I have to make a deal work.  i.e. if I buy a duplex and convert it to a triplex then it becomes a cashflow monster (2-3% rule).  I have also found in the past year the rent rates have not increased at the same rate the house prices have increased at.  This results in it being more difficult to find a good cashflow deal 'out the gate'.

If you are house hacking I would recommend going the route of finding a property that can have an ADU in it. Ontario is behind BC when it comes to having ADU's on properties but the zoning and by-laws are starting to catch up. If you can live in the ADU and rent out the main house then you will start to see numbers getting closer to that breakeven number.

My last thought is you make money 4 ways in real estate: Cashflow, Appreciation, Tax Write-off, and Mortgage pay-down.  Figure out how to get the tenant to cover as many of those as possible.

Hi BP community

In the current climate I am looking for some recommendations.  If this is covered on the forums can you please direct me to the spots and I will look there.

I have a investment property located in Texas. It has a 58-60% LTV mortgage on it. I am looking to access the other equity in the property and I am currently having no luck calling banks. and credit unions to see if they offer a HELOC on this type of situation.

Do you all have a bank you could recommend who would lend on this?  or maybe a creative strategy to access the equity to purchase a new primary residence.

Thank you in advance

Bryce