All Forum Posts by: Cy G.

So I have a rental I am in the process of buying. It is a no money down deal where I will borrow the money to finance purchasing the home plus the renovation costs from a family member. Once I am done fixing the home etc, I will get refinanced by a bank and will pull out all of the money put in (buying for 100k needs about 30k work, once complete will be assessed at approx 200k). I have someone who wants to partner up on the deal who has a crew of workers who have the capability to do all the work rather than I do it myself. (Approx 3 months of work if I was to do it my self). I will provide all financing and materials costs but he will pay for his crews labour. He will be able to finish fixing the place faster (About half the time) and has experience managing properties and doing maintenance. Should I partner up with them or not ? I know they will teach me a lot but I feel I will also learn a lot by doing this on my own making mistakes etc.

Michael Lee, you are right. I did not include insurance.  The other fees will not apply but thank you for bringing them up.  And John that is a good point, I will budget for more. Thanks for the advice. So my true rental numbers were not as good as I thought.  

Based on these factors (and the fact that I am new and would prefer cash now to do more deals) I am leaning towards flipping the home.

Thanks again. 

True Rental Numbers:

3884.50 - 2000.00 (Insurance) - 1000 (Extra Maintenance) = $884.50/year

The numbers based not that do not make sense to hold it.

Thank you for taking the time to read this.  

I purchased a property in NY for $22,000 (in cash). Zillow is has sold compatibles in the area between 38-67k.  We put the offer in the same day the property was listed.  Possible rent would be 750+ utilities.  

Hold / Rent

Yearly Rental Income: $9000.00

Property Management : 10% = $75X12 = $900.00/year

Property Taxes: $2315.50/year

Vacancy: 10% = $900.00

Grass/Snow: Dealt with by Tenant

Maintenance: $1000.00/year (estimate)

Net Rental Income: $3884.50/year

Fix And Flip

Real Estate Agent believes if we put about $15,000.00 into it we can list for $69,000.00.

At a $55,000.00 sale(assuming low to be safe), We would have a $15,000.00 profit (aprox).  A house on the same street just sold for $67,000.00.

Quick Flip

Third option would be to clean up the place and re list it at $30,000.00

My question is which do you believe should be the route to follow based on these numbers? Any advice? 
Thank you. 

Hi Chad,

Thanks for the advice! I will be contacting a professional soon!

Hello Everyone!

I would like to know if anyone has any ideas to get the least taxation on US property investments? I hear people say make a LLC, then I hear personal is better, and I am quite lost as to which would benefit me as a Canadian the best!

Thank you for your time!

Hi Guilaume, 

I am a Canadian who currently invests in Niagara Falls NY.  I use Candace Corsaro from WNY Metro Paradiso Realty.  

Where do you all find your SFR houses in Ontario?