All Forum Posts by: Dominika M

@Simon Lloyd, congrats! I was also entertaining the idea of doing a flip and my rationale was the same as yours - doing it for experience, if you get any profit, that's bonus. All the best with it, I really hope you can keep updating us.

@Roy N. are you sure you don't have some business to do here in January-ish? We're flexible, we go as far as Oshawa for you;)

@Roy N.
Very good to know!

@Roy N.,
top of the morning, sir!
Thanks for making that note. To clarify: Mark Loeffler's rent-to-own book describes a process where a tenant/client
1. pays a deposit,
2. makes monthly rent payments (with portion going towards eventual purchase) and
3. there is an option to purchase property, usually after 2-4 years at price fixed at beginning.

Hi Canadians,
@Simon Lloyd has suggested a GTA meetup a couple of weeks ago.
Interested?
At this point I would just like to poll people on preference of:
1. Month (do you prefer December or after Christmas?)
2. Day of week (weekend, weekday)
3. Time of day
4. Proposed location (you can give your preferred area of town or particular location - like a coffee shop or office)

*Everyone is welcome*. A lot of us are newbies, don't be shy. The point is to meet other investors, make connection, exchange stories. No pitch.

To get started:
Any month, weekday evenings, I prefer north west edges of Toronto or Mississauga.

Dominika

Michael, welcome from Brampton (Toronto suburb).
Dominika

Hi @Carly Arbuthnot, welcome.
If you're feeling overwhelemed by all the options, set some time for yourself (e.g. 4 months) to do general RE research. That way you won't get that overwhelmed feeling every time you hear of a new strategy and are dying to know more about it.
Regarding lease options, i believe this falls under what we call rent-to-own. I just read a how to do it in Canada book about it by Mark Loeffler. It was a really good step by step. One thing he doesn't mention in the book (but it's in the supplementary info analysis spreadsheet) is that he's had to pay people commission to help him get a rent-to-own tenant. Knowing that you need to spend an extra $10,000 on that strategy is worth knowing up front, IMO.
Dominika

Hi Victor, welcome! Let us know how your initial wholesaling goes. I've seen a few people from this area mention it in initial intro, but haven't seen any updates. Maybe it's a secret goldmine ;)
Dominika

Thanks @Doug Pretorius

@Doug Pretorius,
thanks for your input. Sounds like a good approach, - how long does it take you to find a client and how many have you done (if you don't mind me asking).
Dominika

Thanks all for your replies.
@William T. , I could envisage myself doing a partnership on a long term fix and hold. I don't know a lot of investors in person (and even when you know them, a lot of people are just talk). There are some people here on BP that I could potentially approach. But being new, i don't necessarily know how to check out a few people i'm interested in, so I could feel more sure of them before I approach them. I'm new,- they're not necessarily going to want to spend a lot of time proving themselves to me. I should know what to specifically ask for and how to check it.
Initial thoughts:
How do you do a background check? Criminal?
If they have properties online, how do you check if they really own them? Ask for papers or is there another quick way?