All Forum Posts by: Cara Kennedy

Hey @Stephen Icon,

These gents are from Eastern Canada. They may be able to provide some context about the market over there (though not sure about NB). Also, I've heard the published book on bigger pockets about Real Estate investing, written by the Turners is really good for an overview and also actionable advice. Good luck!

@Guy Breton, @James Marjerrison, @James Marchione, @anthony loiselle

@Tchaka Owen @Frank Geiger - thanks for the thoughts, gents! I appreciate the feedback. Have a great day!

Hey @Matthew Defore, firstly, I make no professional claims that this information will fix the issue without having seen it myself. I can't get the picture in view in mobile, but if you have soil "erosion" under a patio slab you're likely looking at soil transport instead (soil getting moved by water). The big question needs to be: where is the soil going (i.e. what route is it taking)? And checking that you don't have any water issues in the basement or dirt inflow into your sewer should be high priorities. These are two commonly culprits, especially depending on the pipe material and age of the sewer.

As for a fix, make sure the water/soil isnt causing damage elsewhere and then there are products that can lift the patio stone using a flowable polymer to fix it. Consult with a local geotech engineer who can customize your solution to your exact problem. A company I've seen do the polymer infill/lifting is Uretek. Not sure on their service area, but they're a place to start. I haven't researched whether any good DIY techniques can do the same job. Good luck!

Hey folks,

I'm still getting used the rental property calculator here on BP. What do you think of my assumed variables on this duplex in Warren, Michigan? Any thoughts/critiques would be appreciated. Thanks! I'm eager to purchase a multi-family property by the end of this year but don't want my gut and wishes to make the numbers lie. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Thanks Michael! Same to you and yours!

Hi @Humberto Martinez, your renovations and improvements and estimated ARV (after rehab value) make this property sound like a great one to refinance on and go for the BRRRR method. The overall cost is high, so weigh whether you are comfortable taking on more debt, but if it's cash flowing at $600 a month and you're saving for large capital expenditures/surprises Ben it sounds like you're set up well.

Refinancing sounds like a good option to me given everything I've heard. Make sure you factor in buffer savings for capital expenditures and take into account future vacancy rates. But otherwise it sounds like a great refi candidate. Good luck!

Hey @Anthony Loiselle, I see you invest in Nova Scotia. Ever buy property on PEI? I heard the market there had been heating up a while back for short term rentals as people love to holiday there. I'm curious how it is lately. Take care!

Hey Kimberlee,

Welcome to BP! I'm fairly new here myself. I haven't read the book, but if you're considering investing outside of where you live (or reasonable driving distance) there's a book written by a BP big shot called Long Distance Real Estate Investing (by David Greene I think). I've heard it's great for laying out a road map of overcoming long distance REI challenges, while also providing steps on jumping into real estate investing in general. Good luck!

Hi BP,

Being new to REI, I plan to start small but I'm concerned about overlooking market/geographic indicators that guide whether purchasing a SFH or small MFH is a good investment. I'm in the Metro Detroit area, and Detroit as a whole is very "pocketed" with neighbourhoods of high reputation, those that are run down, and those that are up and coming. The appealing part of Detroit is that there are homes that are "deals" and relatively low cost to start out on, but I'm having a hard time figuring out if the neighbourhood is good enough to hold up an investment or will be more trouble for me than it's worth in the long run.

What are the things I should look out for when assessing a property in areas where the surrounding homes are only about $60k? I'm finding some deals that with largely cosmetic upgrades I can purchase for ~$30k, but I want to be cautious about investing in an area where my profits will just be eaten by high turnover or poor reputation of the area. Any advice would be appreciated. Thanks for your time!

@Jhory Miller may want to hear your thoughts too. 

Hey Jeremy,

Be aware that index funds are generally for long term hold and slow but steady (ish, subject to market volatility) growth through compounding interest. Traditionally the market as a whole grows about 7-8% per year on average. There will be periods where the bottom drops out though and all you incur are losses.

From the reading and financial education I've taken on, finding low cost index funds are a good place to park money that you don't plan on using for 20-30 years. Key takeaway being LOW COST - you want to pay 0.2% or less in a Management Expense Ratio (MER). Also, avoid individual stocks. They are much more risky and leave you less diversified and thus more greatly exposed to risk in those industries/companies.

Everything I've learned backs up the philosophy that having real estate properties in your portfolio help accelerate your financial goals tremendously. Keep saving (that's rule #1) and diversify between real estate and tucking away long-term savings in index funds. Good luck and good on you for thinking about this early in life!