All Forum Posts by: Colin Murphy

@Alex Franks Thanks for the recommendation about Tyler.  I sent him a message.

How do colleague requests work anyways.  Do you think US investors are interested to investing in Canada (weird... my question mark key is not working) :) 

@Ned Carey Thanks for the reply and advice. I am new to REI. I would like to start by attracting Joint Ventures to fund buy-and-hold properties. Eventually I would like to generate enough capital to purchase my own buy-and-hold properties for long term financial freedom.

Our home is our only personal asset... which is certainly significant to us :)

Would you have advice on name of a business.  ie. Murphy Walker Investments

Speaking to a business lawyer is probably a good idea at this point.

Cheers,

Colin 

Hi Ana, I notice the original post was over a year ago, and I was wondering if you met your goal and how has your business been going. I'm just down the road in Stittsville and have yet to get started on any deal, but doing lots of research. For our area, could you recommend ways to find private money investors who might be looking for joint ventures... Even with a rookie like me?

The townhouses in Ottawa tend not to have HOA and owners take care of their own properties. They usually are built in rows of 3 or 4 and if owners want a fence built they might price it out together, that's about as far as it goes. I was looking at 3bdrm TH for $300,000 in a trendy development area. The rents average $1500/mth but I see a few high end places fetching $1800. I would need a JV partner willing to not just put down 25%, but more like 30-50% to make it cash flow. Our market is averaging 5.7% growth over the past 10 years. When you build, we pay no land transfer tax, but we do pay sales tax. There are rebates to recoup these costs for the title owner. Some of the older properties, less attractive, are selling for more, which I don't quite understand.

Congratulations, your story is truly inspiring to this newbie!

When just starting out as a REI business, how should you structure your company? Sole proprietorship (with enhance liability insurance) or LLC. If you and your spouse are running the business together, is this a partnership? Or is it better to put the business under one name and keep personal assets under the other name?

Hello Janek,

In your black book of investors, would you have private money lenders who would be willing to partner with a rookie, such as myself. I am seeking JV deals where the private lender puts up the capital and I put in to 'sweat equity'. I know standard is 50/50, but if I'm just starting, would it be reasonable to give the money partner more of the split (60:40, 75:25)? Until I develop a track record. I'm in the west end of Ottawa and wonder if Kanata is a good rental area.

I would love to here your thoughts.

Cheers,

Colin

Hello BP community! How exciting is it to find this site and forums. It's an amazing learning tool. I am a full time teacher in Ottawa, ON and I've thinking seriously about real estate investing for a few years but was never sure how to start. Living with tight finances was the reason. We have a great life, good jobs and a nice house. But we never go on trips, can't afford big gifts, and our line of credit seems to grow in our sleep. Last month I couldn't sleep because I could not figure out how we would ever send our kids to university, give them a good start with their own real estate, care for parents, and enjoy our retirement. So my goals are pretty long-term and I see buy&hold rentals as the key to being ready for these financial challenges. My strategy is to SOMEHOW convince a private money lender to give me one shot at a Joint Venture deal. I would want to prove myself, start a track record so I good attract more partners. I have so many questions (mortgages, business, legal, accounting), but I'll leave it at that as a intro. The videos are amazing and I love the enthusiasm shared by everyone in these posts. Cheers, Colin

Just starting out and I have this idea that purchasing a town home from a builder would make for a great rental. Pros: - reputable builder - growing area in west Ottawa - trendy, new outlets, lots of new development - attract high level tenant - good for buy&hold long term Cons: - wait for closing - might be tough to rent if cannot show - lose most profit as it goes to the builder - would need a larger than usual down payment (30-50% +) to cash flow *also I am completely new at this and only see it happening with a JV partner who provides the capital. Can this strategy work?