All Forum Posts by: Eric Delcol

Today at our local REA meeting our host was talking about his new book and how he couldn't have written it without the help of so many other people. 

He had started our REA several years ago - giving his knowledge out to anyone who proved they were serious enough to put it into practice.  Over the years the members started sharing their knowledge with him and collaborating.   During the evening he highlighted how these other people helped him in areas where he was inexperienced or lacking in knowledge and ultimately helped him write his newest book.

An example I always like to look at is Jimmy Kimmel.  That man is extremely generous with not only his wealth but his time.  Even when he was doing morning radio barely making enough to pay for his crappy apartment at the time - people close to him would describe him as exceedingly giving.

It's something we all know but sometimes forget - that the more we give the more we get back. Not only that, but it simply feels darn good to help others!

"- find a lender with good rates who will let me setup structure under LLC/Trusts etc."

Hey Chris,

Why are you set on financing via your LLC? A common thing to do is to obtain financing personally and then transfer the property over to your entity. That should open up more doors for you from a funds perspective.

Re: your idea of AirBNB.  It could be more profitable, but it's usually riskier (how do you manage the off-season? what happens if during high-season you have three weekends of vacancies in a single month? who will clean and maintain the property between stays?)

The trick with AirBNB is have a plan to get off of the site eventually and have regular clients that come to you directly.

If this is your first rental you might want to try something with less risk. 

Try Foremost insurance or Partners insurance.  They have branches that specialize in rental property.

Roy, I agree with your points. Finding a REO property in Canada is like seeing a unicorn in the wild.

The best way to make money in real estate in Canada is via flips.  For me personally, my company's strategy is buy, rent, hold - which is much better suited in most of the US.

If you are interested in investing in the US and want a Canadian perspective on how to do so give me a shout.  I'm happy to share and exchange info with fellow investors.

[Moderator:  removed self promotion and off-site link]

Hey Jay,

You have three options:

1) Fix your credit, once your score is above 700 refinance the property  - this will take time, perhaps years.

2) Finance your property through a lender that will only look at the property's financials and lend based on it's value opposed to your credit score.  There is a company that's affiliate with bigger pockets that does this - I can't recall the name though..

3) Get a home equity line of credit (HELOC) from your traditional lender. A HELOC is probably the easiest of the three and you can finance up to 80% of the value of your property.

Hi Ryan,

I've been wondering about usaprivatemoney.com as well.  Did you find any information on them?