All Forum Posts by: Chris Habets
Chris Habets has started 9 posts and replied 145 times.
Post: Finding Power of Sale Properties - Ontario
- Investor
- Ottawa, Ontario
- Posts 145
- Votes 52
I think a realtor can identify those, but unless it has it written in the description I don't think you can see it in the main MLS.
Post: Calling all Ottawa, Ontario Investors
- Investor
- Ottawa, Ontario
- Posts 145
- Votes 52
@Stephanie Beaulac I'm here in Ottawa - family in Nova Scotia. Are you looking to buy more in Ottawa?
Post: Calling all Ottawa, Ontario Investors
- Investor
- Ottawa, Ontario
- Posts 145
- Votes 52
Hi Stephanie! I have a duplex in Vanier, (plus a triplex in Nova Scotia). Nice facelift on your two deals!
Post: Duplex conversion costs
- Investor
- Ottawa, Ontario
- Posts 145
- Votes 52
Check out breakthrough real estate investing podcast, they talk about this a lot.
Post: Understanding Real Estate Limited Partnerships in Ontario
- Investor
- Ottawa, Ontario
- Posts 145
- Votes 52
Originally posted by @Paul H.:
@Chris Habets, I'm currently in the same situation as yourself two years ago. Have you had any luck and found a road map that works, I feel like I'm researching in circles. My Situation: Wanting to buy Multifamily properties, commercial or residential loan type, with Friends and Family investment. I would have some capital in the investment, and would do all the leg work in getting it off the ground for my share of the deal.
Hi Paul, I hate to disappoint but I ended up going a different route. I was confident that what I was going to do would be allowed, and would work (I even had a lawer look at it), but I was not ready to raise $100K+ in reality from friends and family. I had had roughly $40K committed when I let people know I decided against it FOR NOW, and am certainly not closing the door. I would hope to do it later, although I would probably control it through a corporation and have LPs in with the Corp being the general partner.
Instead I did it the old fashioned way - I took equity out of my existing rental property and bought a triplex in a lower-price area (Cape Breton), and am less than a month away from completing that BRRRR (I've bought, rehabbed, rented, now I need to finish the refi and start the repeat).
Post: where to advertise rental properties in ontario?
- Investor
- Ottawa, Ontario
- Posts 145
- Votes 52
Facebook marketplace
Post: Anyone look at resale condos in GTA?
- Investor
- Ottawa, Ontario
- Posts 145
- Votes 52
What was your appreciation estimate?
As a rule I don't buy anything that doesn't cashflow.
Post: Stand alone insurance policies for rental properties
- Investor
- Ottawa, Ontario
- Posts 145
- Votes 52
Without them having your primary residence, this can be difficult. Reach out to an Ontario insurance broker!
Post: Commercial vs Residential property financing
- Investor
- Ottawa, Ontario
- Posts 145
- Votes 52
The listing isn't as important as what the lender and the city thinks. Most lenders and cities consider a duplex residential. Definitely check with your mortgage broker.
Post: How to write an offer in Canada?
- Investor
- Ottawa, Ontario
- Posts 145
- Votes 52
Originally posted by @Leandro Zhao:
Conditions can be whatever you like - "property stays in substantially the same condition", "no tax liens on the property", or, best, "subject to due diligence by the purchaser". Due diligence kind of covers you for everything. The letter of intent mentioned above is also a very good idea, as long as it is clearly a letter of intent and has a due-diligence section.