All Forum Posts by: Devon Tronrud

@Danny Randazzo thanks Danny! You’re right, I’ve gotten pretty good at calculating roi. Insurance, prop tax, mortgage, elec/gas/water if no individual metres, maintenance etc etc

I always ask for statements so I can get a rough idea what I will profit.

@Will Fraser ahhh! I understand. Like a hotdog cart vs a Restaurant.

Hot dog cart makes hoards of profit, but the physical asset is virtually worthless.

Restaurant profits, but also the property value is there aswell!

Thanks! I’ll keep this in mind ! Most of the cash cows in this city are in c class neighbourhood or need fixing! ( my forte )

Hello! New to BP as well as real estate investing! I’ve done years of research and seen tons of house in my city and finally deciding to take the leap and buy my first duplex.

I currently own a single family which I purchased 4 years ago which has compiled a net profit of 100,000$. This is just my monthly rents added up aswell as the appreciation on the property.

We’re tired of having room mates so we want to purchase a duplex and live in one suite and rent the other until we can refinance or have the buying power to get the next one.

I am a power engineer, I manage 1000 commercial retirement suites and have experience all over the board when it comes to maintenance. Also my accounts I have created with various suppliers in my city gives me extremely low pricing on all aspects of building materials. Hvac, plumbing, locks, flooring, paint, cabinets/counters....

Out of curiosity, I was just seeking some general advice that anyone would have for a beginner. In terms of infrastructure and general home knowledge I think I’m pretty competent, but in the accounting, investments strategy/lender side I am not.

I’m from Winnipeg MB and plan to buy in A/B neighbourhoods!

Any advice is appreciated!!!

Nathan G. Sorry I should've been more specific. Property maintenance manager would be the specific title. We have staff st each building that do leasing, reception, chefs, home care and all that. But as far as it goes it's me and two other people that manage the homes as far as repairs go. Some days I'm working on sump pits, other days I'm working on appliances. I also configure thermostats, timers for lights, heating and fountains. I do window repair, replace flooring, doors sinks and all that jazz. Only thing I do with air conditioners or roof top units is belts, motors, filters and the odd cleaning of an igniter. Also change the odd capacitor or thermostat on suite ac units. I forgot to mention I have my carpentry certificate. Nothing scares me about the maintenance on a rental besides the furnace. Which I doubt every real estate investor is an journeyman hvac specialist.

Drew Denham it isnt in one of the best areas in town. I have no problem being in the area. 20-40k you must be American.

Julie Haveman hey julie thanks for your reply. The numbers are very enticing. Do you manage your duplexes yourself??

Nathan G. I currently manage 8 retirement homes with approximately 100 suites each. I do repairs from renovations for new tenants all the way to hot water re circulation pumps, small electrical and plumbing as well as windows and appliances. I have a strong back bone. My goal is to focus on screening potential renters efficiently by references and credit checks. In my city, the standards are 50% rent for damage deposit and 100% non refundable for pet deposits. My uncle is a real estate agent, and my grandfather owns his own corporate human resource business and is extremely successful. Also on my girlfriends side of the family, her father is a commercial real estate agent. I would get a home inspection as well btw!

I'm currently looking into a duplex in a c class neighbourhood to buy And hold. It's in good shape but could use some lipstick. It's 135k. I plan to put maybe 5k into small upgrades and rent it out. Here's the numbers. ( I live in Canada) Mortgage: 551 p/m Rents: 2000 total Property tax: 1700 annually Insurance: 100 p/m This is my first actual income property. I own my own home right now and have renters paying my mortgage. The house has new windows, shingles, furnace and hwt. Tenants pay water and hydro and are on separate metres. I'm 23 and I'd appreciate any tips or advice. Also this being my first post, greeting BP users.

Go with the rv. Look at it this way. The bigger your down payment the less ur payments will be. And end up having extra money every month to re invest, save for another property or just spend as you please. 

Originally posted by @Wayne Yates:

@Devon Tronrud I'm planning on doing that in a year, I can't finance just yet because my credit and my job. I'm a contractor so it's harder to finance, especially just going so long without work. I'm going to do what you're saying a year from now, just unsure if I should rent a normal home and enjoy myself or buy an RV and make the sacrifice so I can save a lot of money in the next year.

 Always plan for the future and keep where you want to be in mind. If you're an introvert like you say take he ever and research rentals in the areas your interested in and prepare for your investment!