All Forum Posts by: Colton Potter

I'm trying to learn more and optimize this myself! 

Right now I have 4 properties (All with different property managers) and here's how I have my accounts set up:

1x Business Chequing Account (For all properties that my deposits and most of my expenses come out of)

1x Business Mastercard (That I use for anything across all properties where I can drum up points)

4x Savings Accounts (1 for each property that has ~6 months of reserves in)

1x Savings Account (For property tax)

I'm in the process of incorporating and am trying to find a better way to track expenses for each property. I assume having a separate chequing account for each property where all the rent and operating expenses occur, is the best approach, but I'm not 100% sure.

I'm in Canada but its been a similar situation for me. SFH inventory are at record lows and I'm hard pressed to find deals that fit my criteria (BRRR, 15% CoC). Luckily, I do everything remotely so I'm positive I just haven't looked and networked enough.

I'll keep looking and purchase deals as they present themselves, regardless of the upcoming sale that will happen at some point.

@Gustavo Marin It really depends. You gotta educate yourself first and foremost. Devise a strategy, set your goals and criteria and then go from there. Theres so much you can do with Real Estate, including and not limited to:

- Flips

- Wholesaling

- BRRR

- Buy and hold

- Development

- Long-Term Rentals

- Short-Term Rentals

+ Much more.

Hindsight is 20/20 but if I could start again I would start with a property with more doors, rather than picking up several single-family properties over a longer period of time.

And, like many others have already said, I would have tried harder to find a mentor and learn from others who invest on a regular basis. I educated myself primarily through this forum, books, and podcasts, but only recently started actually networking with people who invest on a regular basis.

Very cool that you've decided you want to pursue REI at such a young age! You've got a lot of time to figure things out. I've read quite a few books laid out here that have helped me develop some of the strategies I'm using currently: https://www.biggerpockets.com/...

I wouldn't necessarily ignore college at this point, but you should start to figure out ways to earn some money - summer job, etc. Save everything you can, and as long as you're responsible with your money, try to build up a credit profile with things like a credit card when you hit the right age (I'm Canadian, not sure how things work in the US). There are many ways to invest in real estate with little money, you just need to spend time educating yourself and figure out a plan.

Welcome! I can confirm what Theresa said regarding areas like Lethbridge. If your priority is cash flow you can get your start in a lot of LCOL areas similar to Lethbridge with a minimal amount of money down and a strong remote team to work with. Housing prices haven't risen a lot historically, but rent rates run strong and the demand is there.

Also, PC build community represent! ;)

Welcome! Honestly, there are a LOT of creative ways to get your start in real estate investing, even in Canada. My partner and I had been researching for years before finally pulling the trigger earlier this year, and now I wish we had started 5 years ago. 

If you have good credit/financing options and are open to investing in areas outside of where you live, a lot of doors will start to open up for you.

Appreciate the insight! We purchased a second property and shopped around until we found a different company with better rates and a better policy. We're now averaging $80 per property, per month.

Just curious as to what other landlords are paying for home insurance with a tenanted SFH rental. I've got one property in Alberta and have my insurance set up through Square One, and am currently paying around $120 per month (Home covered at $220k valuation).

This SEEMS fair based on what I pay for my primary residence, but I'm not entirely sure.