All Forum Posts by: Colton Potter

I live in a HCOL area (In Canada) and recently purchased my first rental at about 1/5th of what single family homes cost around here, so I'm doing everything remotely. Being able to get started, learn, and not sink every dollar I have so I have some reserves has personally helped me a ton.

Obviously there's some issues being long-distance but I've now got a solid team together, fixes done, a tenant, and some money coming in. Just make sure you do your research first.

@Byron Scott

I think this is what I'm going to do. Thanks everyone!

Hey! I purchased a SFH in a C-class neighborhood and am trying to improve the property through some sweat equity before renting it out.

The one project I'm stuck on right now is what to do with the counter-tops in the space. Do I paint them, replace them, or update them with either paint or wrap? Looking for ideas, thanks everyone!

Oh this is very interesting @Travis Hewlett, appreciate the heads up! I'll do that and report back in a few months.

Financed through RBC, and yes, the LOC is secured through them. Appreciate the help!

Just closed on my first rental property in Alberta and got a pretty good deal on a foreclosure - all is looking good so far! 

Along with the sale I applied and got accepted to open up an equity-secured LOC. I'm planning on using this LOC to finance down payments for future rentals. Unfortunately, they appraised the home with the sale and it came at exactly what our purchase price was, so the LOC won't be worth anything right away. Judging by comps on the area I bought in, it SHOULD appraise for $140 - $150,000 after everything is fixed up.

My question is, how long should I wait to get it re-appraised? I'm thinking May once all the fixes have been completed but should I wait longer? Do banks typically appraise higher if someone is living in the home? I sent an email out to my bank but any advice is appreciated.

Just purchased my first long-term rental property in Canada. My goal for 2020 is to get it fixed up, re-appraised, and rented. That and I plan to establish and lock down the systems I'm going to refine and use in perpetuity for other rental properties.

I've been looking into this a lot recently as well (Was eyeing Prince Rupert which is an 8 hour drive easy of PG) - glad to see others have seen success in this market!

The properties I'm looking at right now are located in a place called Prince Rupert, in BC, Canada, which has a small population but has several key projects going on which keeps jobs and people flowing through the city. I'll be purchasing it remotely, heading up to do what I can, and then managing it remotely as well (I've built up a pretty solid team and know someone who lives there and is willing to help keep an eye on things for me).

In my four months analyzing sales of single family homes in this city, I've seen most 2bed/1bath places (Built in ~1940's) going for around $125,000 which is what I'm hoping to get. Essentially, I'm hoping to get a fixer upper that has an unfinished basement or something so I can turn the 2bed into a 3bed if possible. With current rental prices in the city, I shouldn't have too much of a problem hitting the 1% rule.

Where I'm struggling right now is understanding how much to offer on these properties. I have a few spreadsheets analyzing deals but aside from the 1% rule and how to estimate CapEx and repair costs, I'm never sure what price I should think about pulling the trigger on a property. Should I just get near what I'm looking for and then start writing offers?

Hey everyone! Finally got around to joining the Bigger Pockets forums tonight. I've been reading books, listening to the Bigger Pockets podcast, and absorbing everything related to Real Estate for the last year or so. My wife and I are living in our second home in Chilliwack, BC, Canada, which has already gone up in value considerably since we purchased it a few years ago. Our experience with this is what got the gears turning in my head. 

My background is in Influencer Marketing out of all things, I do Business Development for a media company called Linus Media Group; we manage a few YouTube channels, including the large tech channel Linus Tech Tips.

My current Real Estate goal is to buy a few single family homes remotely in key areas in Canada utilizing the BRRRR method. Already have a team built out in one city and am close to buying my first property!

Looking forward to chatting with you all!