All Forum Posts by: Dominika M

Hi @David Vogt!
we welcome your experience! Are your flips all in Port Colborne?
Dominika

@Michael Sherwood,
it would be great if you could meetup with us. Since you're having family time here, what day and time and location would be best for you that weekend for a BP meetup?
Dominika

Hi Canada -ians, what are you up to at this time? Over the past few months we've seen many new investors join on BP, and I'm curious about everyone's progress. In the intro post everyone says what niche they're picking for REI, but I think it changes over the next few months of research.
Everyone welcome!

From me:
I gave myself until March to do further reserach. In the meantime, I've had a heart to heart with my mortgage broker, and it looks like I won't be able to get a second mortgage for an investment property (because my primary is eating up all my debt room). So that helped me make up my mind to go to US (which I was going to do long term anyway). I've approached an investor from BP to partner up on a deal in their area. The conversation so far is looking good. My short term goal is still to buy 3 properties in 2 years.

And you?

@Mike Ouelette, hello over from Ontario. We always welcome Canadian experience!
Dominika

@Shaun Reilly,
what?!?!?
(giggle)

@Noah Zielinski,
we recently had a chat on a similar topic that may give you some ideas and some people to call out to:
http://www.biggerpockets.com/forums/12/topics/108738-foreigner-partnering-with-a-us-citizen

By the way, I think you posted some months back that you were going to travel to US around this time to look at properties. Update?

@Michael Sadler, you really got to the heart of my question - thanks.

@Tabatha Lomov thanks for the numbers - I appreciate getting to know more of the Canadian numbers.
and
@Roy N - thanks for the perspective on those numbers.
Roy, 1000 posts is going to happen today! congrats!

@Roy N. wrote: "It is important to plan for this growth upfront"

Exactly. I do plan to have multiple properties within 3 years, so I do want to take the time to structure things correctly. Thanks a lot, as always
(see, I'm helping you get to 1000 posts with all my questions ;) )

Tabatha, I'm glad you enjoyed the course and learned lots. Could you shine a light on what was taught as a good deal? I'm getting my learning here on BP, from US investors - their numbers are just so different. For example, they have the 1% or 2% rule of thumb - that a place that you can rent (monthly rent) for 1% of purchase price (e.g. buy for 100,000 and rent for 1000) will cash flow well.
On the other hand in Brampton I talked to a man who learned from a guru to buy a 500,000 property and be satisfied with $150 cash flow from that. It is positive cash flow, but my concern is that the investment amount was very large.
Another Canadian perspective: In Hamilton, a guy was giving me a rule of thumb that annual rents should be 8% of purchase price.
Can you give some rules of thumb and rent to purchase price ratios that you'd like to work by?
Thanks a lot in advance,