All Forum Posts by: Cody Kahl

@Dylan Earl

Hey Dylan, just curious how much percentage wise you put down on your principle residence? I live in Canada too and have yet to buy my first house. I am weighing my options of where I want to live and most places I look at are between 400-600k. I ran the numbers and even with 20% down the mortgage isn't fully covered. Of course these are in nicer areas. I could go the cash flow route and buy in a cheaper city or province, but then its also a principle residence so I have to take into consideration where I actually would enjoy living, plus the higher price places have better appreciation (at least the ones I am looking at). Thanks

Hey,

You mentioned that you had to fix the foundation? Just curious what was wrong with it, and was it a big part of the renovation budget? I am currently looking at a multifamily with foundation issues. Some people say not to touch them and they scare some away but it could be an opportunity for someone that is willing to do the work.

Thanks.

@Ashley Gish

Hey Ashley. I don't have a lot of experience yet but have been reading a lot on here in the last few months. You know you need a place to live so I would look at the numbers. I am not sure what you qualify for but maybe you can get into a situation where you buy a place & then the rent the other side or other units. This may take care of most or all of your housing expenses which would in turn allow you to funnel all of that saved money onto your debt.

With that much debt, I would be first looking to house hack, and if that can't work I would be finding as low of a rental as feasibly possible. Since you probably don't have a lot of control of your earnings right now, I would focus on your spending and cut it down as hard as you can. Someone can make 500k per year but save nothing due to foolish spending, so I always look at spending first. So yeah, look into house hacking first, and then spending as well.

@Isaura Orellana Hey no worries. I think people here generally want to help and people see markets differently. I hope Detroit does very well.

All the Best.

@Tim Bradley Hey so let me wrap my head around this. Up until this point for example, you save up a down deposit of 20% for each of your 4 rental properties. Using this approach maybe you are able to save up for 1 house per year. Instead, you want to use the BRRRR strategy of finding a distressed property, buying lower to create locked-in value, rehabbing, renting and then refinancing? So instead of losing your seed money each time you buy a property, you are instead fixing up the property and then refinancing and getting your seed money back so that you can repeat this a few times a year - Is this correct?

Thanks!

@Isaura Orellana

Hey I'm new here. Hope you have good luck in Detroit. Question though - Why are you calling males that disagree with you misogynistic? It does nothing for your cause.

All the Best.

Hey @Sheldon Caruana,

I would check but I don't think you can use a line of credit to put money down towards a mortgage in Canada. I am looking at getting into my first house right now, and my broker told me I had to use savings or get money from a friend/relative. The lenders will scrutinize where the money is coming from.

Cody.

@Michael Ealy

Hey Michael. If I go to the place what sort of things should I bring? A good level is what I had in mind. There are some pictures of the basement units:

https://imgur.com/a/nt1wXb1

Not sure if you can tell much from the pics though. I can see what looks like some cracking in the corner of one photo. I just got a quote from a foundation company with good reviews saying it could cost anywhere from 5k - 25k, and that they would use piers under the concrete slab foundation.

Thanks for looking!

All the Best,

Cody

@Greg Dickerson

Hey Greg,

Yeah I am in the process right now of talking to a foundation company. I will see what they have to say.

Cody

@Michael Ealy

Hey Michael,

I tried uploading some photos directly on here but it didn't work, so here is the link:

https://imgur.com/a/Pf0EMvA

Thanks for the help!

Cody