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All Forum Posts by: Cole Black

Cole Black has started 31 posts and replied 90 times.

Post: Email advertising in Ontario.

Cole BlackPosted
  • Rental Property Investor
  • Markdale Ontario
  • Posts 94
  • Votes 12

I’m looking to send out an advertisement to realtors in the area. Is it legal in Ontario to send one out without them signing up for it? I will put an unsubscribe option. Also, what's the best site to send email advertisements on?

Post: is anyone on here a Commercial Pilot & REI

Cole BlackPosted
  • Rental Property Investor
  • Markdale Ontario
  • Posts 94
  • Votes 12

Hello BP, I have my self in a little bit of a pickle. I was wondering if anyone on here is a Commercial Pilot that I could connect with.

Post: using line of credit as a down payment

Cole BlackPosted
  • Rental Property Investor
  • Markdale Ontario
  • Posts 94
  • Votes 12

Has anyone ever used a line of credit to cover a down payment to get into the investment with no money down? eventually refinancing the property and pay off the line of credit. Is this a good idea bad or a bad idea? Haven't given it much thought but I thought it might work, what are your thoughts?

Post: Real estate lawyer attorneys and mortgage brokers Ontario

Cole BlackPosted
  • Rental Property Investor
  • Markdale Ontario
  • Posts 94
  • Votes 12

Thanks Seth I’ll send him a pm

Post: Real estate lawyer attorneys and mortgage brokers Ontario

Cole BlackPosted
  • Rental Property Investor
  • Markdale Ontario
  • Posts 94
  • Votes 12

Hopefully, this is allowed. I am looking for a lawyer who specializes in real estate as well as a mortgage broker. Any recommendations are welcome.

Post: How have you implemented systems from the E-myth in your business

Cole BlackPosted
  • Rental Property Investor
  • Markdale Ontario
  • Posts 94
  • Votes 12

Hello, Bp community,

Tonight I am reading the e-myth. In the book, as many of you may know, it talks about how systems are used in business to make the business run without you. The book discusses how franchises sell their systems to franchisees and how it makes for a much more successful business. My question is how have you implemented the use of systems into your business/ REI? What was the result and how would you do id differently in the future?

Post: The 2/3 rule, my way of getting into investing

Cole BlackPosted
  • Rental Property Investor
  • Markdale Ontario
  • Posts 94
  • Votes 12

@Jason D.

I still live at my parents so I can live fairly cheep. I will have to sacrifice at the start but will be back to spending what I can spend now in the future. Some people might not be able to and that’s fine in a different situation they can change it to fit there needs. It also depends on there goals and they can adjust to make it fit there goals.

Post: The 2/3 rule, my way of getting into investing

Cole BlackPosted
  • Rental Property Investor
  • Markdale Ontario
  • Posts 94
  • Votes 12

For the two thirds rule an investor must take they’re cash flow and split it in 3, whether it’s money from a job or cash flow from there property all money that you can afford to spend gets split in three. Two thirds are for investing the other third is to be lived off of. You can do this in two ways.

1- for me I make $900 bi weekly, this means as soon as I get paid I put 600 in a savings account to invest and live off of 300.

2- keep your full pay and for every dollar you spend times it by 3 and put the rest in a savings account. For big spenders this night make you think twice when buying wants. A $30 meal turns into $90. $30 for the meal $60 for investing.

My theory behind this- a person will be forced to live below there means. Spending money on needs instead of wants. They will get creative on living costs finding a dueplex to house hack and live for free, taking public transportation to work and save money by being cheap.

Secondly they'll be forced to figure out how to make more money. Using the money they save to creatively make more money. For example I might want more then 300 bucks a week to live off of so I'll buy a SFR cash flowing $200 a month. This means I'll have an extra $66.66 to spend on myself but also saving $133.33 extra a month to invest.

In result my means of living will increase until it is back to the point where it was. At the same time I will also have much more money going towards my investment portfolio.

In the long term I will create more cash then what I will need to live off of. At this point 80% will then go into investing. Once I hit this point I will be able to buy greater liabilities while still growing my portfolio tremendously. Eventually living greatly above my means while still investing a large amount of cash.

So what do you think, I am about to start living my life this way and in a few years you’ll see how it works. Just thought I’d share it with the bp community and get some feedback. Keep in mind I’m 19 have few liabilities and can afford to live this way, those who have a family and kids may only be able to do 1/2 income to start. Good luck to anyone else who tries this let me know how it works out for you!

Post: Lending in Ontario for a youngster

Cole BlackPosted
  • Rental Property Investor
  • Markdale Ontario
  • Posts 94
  • Votes 12

@Jonathan Hynes is there a length at which you have to live in it before you can move out and rent that apartment like with a FHA loan in the states?

Post: Lending in Ontario for a youngster

Cole BlackPosted
  • Rental Property Investor
  • Markdale Ontario
  • Posts 94
  • Votes 12

@Roy N. ok so unless I were to live in the property the required down payment is 20%?