All Forum Posts by: Chantal Routhier

I just bought a house at a tax sales auction for $9,000. 
the most is most likely a tear down. Though if it can be saved it’s a beautiful Victorian style house with amazing details. 
The best part is ...the house is located downtown. Walking distance to everything.
I have verbal agreement (pending good number and research) to have funding to rebuild or remodel. 

I'm hoping to BRRRR and keep the property as I believe this location alone is valuable and will continue to be valuable in the future. But of course will sell it if I have too at any point

Since I’m incredibly new to all this what do you guys recommend to some one starting out working with an investor.
What reports should I be focused on? What experts regarding the house should I be talking too?

What should be my main focus on researching the potential of the house ? 

Any tips help 

Thanks 

Hi all, I have a rental home and Im looking at refinancing to do a basement renovation. It is an ambitious project as its currently a dirt floor basement. It requires a whole next deck (two stories) and cutting in windows, etc. I was just wondering if anyone who is experienced at hiring contractors would add to this quote or iqy. Im keen to do the renovation but wondering if anything is missing like fireproofing/soundproofing the ceiling to the upstairs? Things like that? 

The contractor has good reviews on google and has come in at the lowest price. Though this seems good I want to know what you would also look for when hiring ?

I have some preliminary numbers based on our walkthrough.

I have included as much material as possible including allowances for; bath fixtures, kitchen cabinets, flooring and windows and doors. I have NOT included pricing for appliances.Obviously, there are a number of unknown factors that may affect final pricing but I am confident that my pricing is close.
I am factoring in:

Removing existing upper deck, staircase and lower deck.

Replacing lower deck and stairs within permitted footprint and reducing upper deck.

Having concrete foundation cut in order to install new steel door and 2 windows.

Removing existing interior deck surface.

Digging and removing dirt and debris to create living space as able.

Bringing in a separate electrical service with all required upgrades.

installing plumbing to allow for a bathroom, laundry and kitchen.

I am allowing for sprayfoam to be installed as needed.

Framing, boarding, taping and painting as needed.

Supply and install flooring and trim.

Supply and install new door and 2 windows.

Remove all debris including tipping fees.

Apply for and arrange for permit and inspections as required.

Labour and Material as noted above - $72,000 - $76,000.00Plus HST.

The next step, if you wish to proceed, is for a site visit with my electrician and plumber for sure. And Target drilling and Artic Spray Foam if possible. We can then finalise details and I can finalise pricing. If you have any questions or wish to proceed, please let me know.

Hi there, my partner and I are looking for advice

We are refinancing one of my rentals in my name. The market has gone crazy we’re we are at. Like an exact comparable for my house just went for $150,000 over asking and this happening regularly on the street.

So I purchased the house for around $222,000 in 2012 and comparables are selling for $500,000.

I’ve making a few hundred in cash flow upstairs as is.

The unit has an unfinished basement that id like to make into a rental unit. However it’s quiet the job. Currently dirt basement, no access, new deck has to be put in, new doors and windows cut into foundation. I’m having trouble even getting a quote for the work.

Though hopefully once completed I can refinance again.

We also have 3 acres private water view land 2.5 hours away for the city. It’s a dream lot. Easy access, flat, trees but not too many. It’s just very far from the main city but you are 20 mins from groceries. There is a buy boom rurally aswell.

My partners idea is to build new (or container home) there and then sell? We aren’t sure if we can find a quality tenant there locally.

I’m leaning to develop the basement despite the troubles. Husband wants to build new and cash out ?

Just curious what any professional investors would do first ?

I’m starting my real estate journey and have mainly been buying vacant land through tax sales. I notice an upcoming sale with a lot of houses listed. So today I did a drive buy of all the houses and talked to as many neighbours as I could. One of the more promising houses I was told if filled with dangerous mold, many unsealed points (which I could see) and has a history of water damage. Vacant for 10 years.

This house along with all the others I was told the same thing again and again... don’t buy it, it’s a tear down.

So I’m wondering where do you other more experienced investors draw the line for “distressed”?

*As a note the tax sale prices are around $8000 but could get bid up.

Hi Nathan,

That’s a complex question and everyone will have a different answer. 

I will tell you my experience. I went to a community college and got a business diploma in investment management for about $3000 (though I did get into every university I applied to). While my friends got mountains of student debts (every year!). 
Currently I own multiple positive cash flowing properties and have never regretted my decision for a second. My opinion is forget university, jump into programs like toast masters, networking groups, find a mentor. Read rich dad poor dad (like now). Actions like these make the needle move not a degree. 

Though if you’d like a “career”. I’d recommend a trade that could also help you in real estate. Like becoming a lineman, learning carpentry, welders. It’s always good to have another source of income and another skill set as a back up. Once again that’s optional but it never hurts to have a way to make your own capital either. Trades are so low cost to obtain and immediately you are making good salary. Plus most of these you can make into your own business and corporations too for better tax write offs. 

Hope this helps !