All Forum Posts by: Dan Lee

Hello BP, I have an opportunity to develop an extended stay hotel in a rural market. The market is small, so I don't think traditional data sources will have much info. The market has a few employers which draw in transient workers so the idea sounds great on paper, I just want to validate it. There are a number of existing hotels in the area, but no extended stay. 

My question is does anyone know of creative ways of guestimating how other hotels in the area are doing? Besides sitting in the parking lots counting cars? 

You may want to look into 5 units and up multi family buildings with commercial financing available. You may be willing to find an owner willing to do portion of the down payment VTB. 

You should look into Main Street equity corps business model, that’s what they do in Alberta and seems to be working well for them. 

Hello,

I own an old home in a central part of town that I am going to be tearing down in the spring to build a semi detached home on.

I own this home/ lot in cash. I was thinking instead of getting traditional construction mortgage for the project if I got a HELOC on the property now that and some cash I have would be more than enough to get the project done.

Would having a HELOC on the property affect me severing the property though?

Any input appreciated. Thanks. 

I am ignorant in this area myself, but I listened to what I thought was a good podcast on it. It’s the Canadian commercial real estate podcast Episode from March 29th. 

Hello David, 

In my experience, it's pretty hard to find properties in the Ottawa area with the numbers they use for the American markets. If you do find some properties that work you are probably looking at a submarket with some less than favorable tenant profiles. Just my experience. Could be wrong though. 

For real estate books, I liked. 

The Real Estate Game by William Poorvu 

Confessions of a Real Estate Entrepreneur by James Randel. 

Lots of the real estate books I find filled with useless regurgitated fluff. 

I've done a similar strategy to the BRRRR but instead of refi, I used a HELOC, then used that to help with the next property. I could have gone with Refi but for my situation and needs for the money, HELOC was a better option.

I have also used hard money for a flip in Ottawa but I stay with more traditional financing now. 

Late reply but I have been looking into this for myself as well. I am by no means an expert, this is just from my own research. 

CMHC will offer up to 85% LTV on a property but CMHC uses historical cap rates for their valuations and other conservative measures for valuation of properties while sellers will be using current market cap rates and other factors that make the property value higher. Thus leaving a gap between CMHC value and your market rate of the property.

Makes sense?

I have found this resource from CMHC to be helpful as well. 

https://eppdscrmssa01.blob.core.windows.net/cmhcpr...

It could be the drywall taping itself is not done up to par with what you are used to seeing? In that case, no paint will make a difference. 

If that's not the problem a very light sanding in between coats may help to keep the lint specs, from rollers etc off and a smoother finish. 

Ive found the greys to be gaining popularity, as had already been said. My favourite that I have been using is Benjamin Moore Moonshine. 

I like to go to google images, houzz, or pinterest and search "neutral paint colours" find a room I like and the colour may be posted with the picture or you can comment on the picture asking for it. 

Thanks for the responses. It has been a week since I sent the email. I did not sign a buyers agreement with the agent.