All Forum Posts by: Drew Bursey

Funny update:
I asked the real estate agent for expenses. I did the numbers based on her numbers and they weren't very good.

I shared my numbers with another investor and he said the insurance was about twice as high as what it should be! It turns out that the numbers aren't actually as bad as I thought they were.

Lesson learned: get a second opinion on the numbers!

Thank you so much everyone for your help! I really appreciate all your advice!

@Suzanne Player

Investing in the US has crossed my mind. I'm very new to investing. Investing in another country sounds a little scarier. I think I'd like to invest closer to home first before I invest out of the country. I know it's pretty much the same thing when you're investing far away whether you invest 50kms away or 1000kms away...

Hopefully I'll put my big boy pants on soon

@Max T.

Thanks for sharing, I guess I'll offer a price where the numbers are good (at least $100 per door and minimum 7% ROI)

@Ross Davis 

The property has been on the market for over 2 months. How long is a long time on the market?
I don't have my financing settled yet so I won't make an offer until I get preapproved.

@Steve K.

Wow that is incredible! Thanks for sharing!

Based on that information, I could ask for 40K 🤣

@JD Martin

Wow that is pretty low! Was it a brrrr property? How much work did you put into it?

@Hai Loc

I'm looking at smaller towns south of Ottawa Cornwall, kemptville etc.

Right now I can't purchase a house in Australia. You have to be a permanent resident to buy a house.

@Theresa Harris

Thanks Theresa for the advice. Where I'm looking (in Ontario, Canada), you can legally only increase the rent by 1-2% per year. I'm guessing that the tenants have been there for awhile and the landlord was unable to raise the rent more. I might just wait a few months and see if it's still on the market

Hello Everyone,

I was looking at some properties and the numbers (based on the price and current rent) don't work for a decent ROI greater than 8%.
If the property was $20,000-$30,000 cheaper the numbers would work (8% ROI). Is that too low?
Have you offered a lot lower than the asking price? How much lower have you purchased a property for?

This will be my first property, would you suggest getting a property that has a decent ROI or would you recommend just getting a property that cash flows (say 4-5%ROI) so that I gain experience? I've watched Brandon Turner's videos and he wants a minimum of $100 per door, is that a minimum you go for as well?

Thanks

@Joseph Hartley

I think that is a pretty good idea! You'll learn the ins and outs of "the other side of the coin". If the agent is open to it, I think you will learn a lot.

But just like in rich dad poor Dad, the guy who Robert worked for free was sceptical even though Robert was a millionaire and had multiple businesses. I don't think you have any of that so you'll have to provide something; "sell" your skills.

It's like looking for a mentor; you don't ask someone to be your mentor right after you meet them for the first time.

I've never asked to work for free but I think that's a great way to learn from experienced people.

PM me later and tell me how it goes, I'm very interested.

All the best 👍