All Forum Posts by: Elijah Williamson

@Anthony Therrien-Bernard

I'm not entirely sure how to do that. I understand what it is but never personally seen it done

I had a deal brought to me that looks good on paper, is close to me, and has a motivated seller. Even at asking price, the numbers seem to work out decently. My only problem is I'm currently renovating a property and don't have enough to take it.

Any advice on what I should do? The property is located in Alberta, Camrose

@Caleb Brown

I have some equity. It was appraised at 80k and I got it for 65k. I'm not sure what that equates to when everything is said and done. I didn't have an official inspection done but I had a contractor friend walk the property and check a few things. I was trying to save money but this was probably my first lesson learned. I did plan for some unforeseen repairs as well but there were just quite a few more than I anticipated. That and life in general got a lot more expensive.

I purchased my first, and so far only, property about a year ago. I've been a follower of BP for a few years now and have spent many hours reading the various books they recommend on the podcasts. I was eager to jump in with all my new knowledge and see what I can do. All my friends and family were sceptical, with some telling me why I shouldn't do this but I was already set.

Turns out, I was ill prepared for this endeavor. I spent the majority of my savings fixing the place up before getting a tenant in. Once I did get a tenant, everything seemed to break. Leaks, plumbing issues, broken appliances, mold. All this plus the rise in cost of living has drained me of my savings. On paper, everything worked perfectly but I'm sure you vets of the industry know that it's not that simple. In all honesty, I don't regret it yet as I've learned a lot and I'm young so if I had to start from scratch, I wouldn't mind. In hindsight, I should have waited a little longer and tried to have a partner with this.

Regardless there's now a couple more issues with the property. The tenant wants them fixed which is understandable but I'm essentially broke now. I'm unsure how to proceed. Personally I'd like to sell the place, take the lessons I learned, and try again in a year or two when I'm in a better position to do so.

Hey guys. I'm pretty new to landlording, acquiring my first and so far only property in December 2021. Haven't really had too many issues so far with my tenant until now. She's demanding I provide an AC as the house is too hot. I'm a small investor with and a new AC is a big expense for me. I tried recommending fans but she says its not good enough and I need to get her an AC. I understand there's a heatwave right now but even I don't AC at my own place. Am I required to get her one? I'm in Alberta, Canada if that makes any difference

EDIT: Am I also required to disclose information about partners in the deal? She want's to know if there's anyone else she can talk to 

@Owen Langis

From what I know, her mother originally bought it then eventually sold it to her. She Reno'd it and lived there for awhile until she outgrew it then rented it out. Turns out she doesn't like landlording and me being the only investor she knows, offered it to me. As for the 0% financing, I think it's due to her not being financially savvy. I mentioned that 0% is crazy and she clearly didn't realize

@Bill Brandt

I actually moved back into my mom's in order to rent out the first property which is giving me a decent amount of cash flow now.

But yes, this was my main concern. If something goes out, will I have enough to replace it? What if something goes out on both properties or both properties become vacant at the same time? I'm not sure I would be able to cover all the costs.

Hey guys. I'm a newer investor from Alberta, Canada. I bought my first property in January 2022, and since then, I've had other deals come to me but none worth pursuing until now.

I had someone approach me asking if I'd like to buy their property. I know the person well which is why she came to me. It's a 2 bedroom/2 bath house that they gutted and redid about 9 years ago. Everything's in great condition honestly. She's asking 100k, seller financing, 0% interest (not a typo). Basically I'll just pay her every month until there's 20% and then I get conventional financing plus I'll pay her enough to cover insurance and taxes. She does want 5% down though. There's a renter in there already paying $900 a month plus utilities. I know the renter personally and he's a good guy from what I know.

My issues I'm having is

1) I'm a little low on capital after my first purchase plus Renos.

2) I've been saving for a house that I can house hack. I own a large rescue dog that doesn't like people so a house hack for me means separate units. Personally I think eliminating my housing cost would benefit me more.

What do you guys think? Should I take this deal or pass on it?

@David Dachtera

They aren't behind on rent yet. They paid security and first month's in full and so far they paid their rent early, on about the 27th instead of the 1st.

I was skeptical about them asking to be long term renters and having a decent amount saved up but after talking with others I know that aren't in real estate, I was surprised at how much some of them have saved but are still renting with all their capital sitting in a chequing account. I simply chalked it up as someone who doesn't know how to handle their money efficiently.

@Bjorn Ahlblad

I basically followed Brandon Turner's guide on the book on managing rental properties.

Gave them an application, called the numbers they gave, and went through a questionnaire. Credit and background checks were done singlekey.