All Forum Posts by: Evan McLeish

Hey Jason , I do BRRR in Prince Geor ge B.C. The rents are good and the market is going up.

Reach out on facebook if you like to chat

@Jack Young

Hi @Robin L. @Chris Muller, I Invest in Prince George using the BRRRR method. Currently have multiple properties on buy and hold in the area as well as 4 properties being renovated with partner at the moment.

I am born and raised in Prince and have seen it grow and areas develop, @Robin L. I have seen you post about 1% deals, I have been able to accomplish this using the BRRRR strategy in B or A areas of Prince George. If a property is a 1% Turnkey i would recommend looking at the area as it will come with headaches. Generally the VLA area (veteran lands act) is what we call the "hood" and produces many headaches but very high cashflow. You may find success like most people investing on the fringe of the VLA. Such as MIllar addition, Fort George, area surrounding the hospital.

This is a short description and I have many more details of the city, if you have any specific questions feel free to ask.

I am the "working partner" of JV agreements having a contractor crew and multiple flips under my belt.

Prince is on the rise with major house developments happening as well as house prices reaching heights they have not in the past. You can call this a bubble about to burst but I believe if you come to Prince you will see its more of a city growing at a substantial rate. If your coming to play you would have to learn to shoot from the hip on good mls lisings as competition is high

Hey @Jacob Perez

Thank you for the info.

My partner has multiple 80 ltv loans so concern would be if we apply together the lender wouldnt allow him to proceed at 20 percent down.

There has to be a way that a guy with cash can give it to you as a investment for your project without him applying with you for the mortgage ? If he did that with all of his JV deals his debt ratio would last very long or at all.

If I had the capital to invest in multiple deals I wouldnt want to apply to all the mortgages , that would seem like a waste of my time and resources.

Perhaps hard money /private lending is the only way around this ?

Thanks

Hey BP,

I am looking into structuring JV deals. I am able to qualify for conventional financing 80 LTV and have a partner wanting to put 50% down payment to do the reno with me and make a profit.

I would be keeping the house in the end and be the only one on title.

If I set up a JV agreement with a lawyer, is this what the lender would be looking for to satisfy the half of the down payment?

Concern: If my partner transfered money into my account for down payment, would the lender inquire about its origin and not willing to accept the money from a outside source other then family. ( Gifting money has to be done by a immediate family member as far as I know ?)

Can the lawyer draw up a agreement which agrees the money to be paid out on completion ? Is there a sample JV agreement someone has to look at ?

Thank you

Dear BP, Im on my way to 5 rental properties. Would like to be Financial independent  by 10. Should I start a holding corp now so I can pay myself a salary to show a t4 ?

I have friends that have not started a paid salary early enough and are  now having trouble getting residential mortgages at 20 percent  down.

I have other friend that is not paying himself a salary and purchased extra liability insurance. Getting mortgages problem.. using diff lender.

I understand lenders vary , just trying to set up the best scenario. I would like to continue to 16 properties SFH then move to large multi.

Please keep.this simple as.possible... lamens terms.

Thanks

Most places use 50 percent rental income cause that's a easy calculation to find your net income after expenses... but some banks dont as I was told by my broker , do good question to ask

Roy N , yes I have heard of a fellow investor going higher with cibc with liquidity.  It does get ridiculous though. 

Matt which Credit unions are you working with? I called spruce and integris in my local branches and spruce said 4 and integris said 5 like the big banks... of course this was just a simple phone call they didnt look at my portfolio at all

That's interesting about BMO I'll have to give them a call. Watch out for misinformation though when I first called spruce some associate said unlimited and I asked for clarification and found out actually only 4

Who in Canada can lend the most mortgages or doors ? RBC does up to 7 residential mortgages.

National used to do 16 but they are out of the game now

I have only flipped my principal residence once , what ill do is out a suite in and make it a rental. Ya man just take your time and get organized... buy all the material on sale! Use contractors for finishing and cheap labor if your not good at it like mud and taping. If you do your own work and buy ALL materials on sale then you can make numbers work better. Ill have a garage full of materials buying over a couple months