All Forum Posts by: Felix Renaud

@Marco Bario I've been doing a lot of direct mail marketing with the driving for dollars strategy. An owner called me to say he would probably like to sell his property since he wants to start renting. The owner seems to be at the retirement age so I guess he wants less responsabilities with his house. Seller financing seems like a great option for me and for him since, for him, he would be able to live for free practically since I will be paying him a monthly fee for his property. In a sense, his property is giving him one year of free rent. He could also get a higher price, he could differ his taxes and he doesn't have to pay any commissons on the sale. Since he is living in the property, the house will be vacant at the buy. I am also not in the US, I am currently located in Montreal, Quebec, a bit far from you guys hahaha! For the terms, I was thinking about an interest only monthly fee, so between 4-8% interest rate, 30 year amortization with a one year balloon payment where I pay him off completely. Since this is a brand new lead, we haven't yet spoken about the price for the property but I was thinking around 200k-210k. For the downpayment, I will suggest 0% since it will permit the seller to have more money coming in to pay his rent. If he doesn't accept, we will negociate on this.

Thanks for the help!

@Luke Rorech

Thank so much!

Hey fellow investors, I had a question about the process of seller financing!

The big problem for me right now is understanding all the documents, agreeemnts and papers you have to sign to make the deal work and legal. I understand all the numbers and terms but I can't comprehend the back end of doing a deal like this. If somebody could explain to me the process with a step by step guide, that would be a great help!

Thank you! 

I am really trying to find some off-market properties where terms are easier to negotiate since you talk directly with the seller. I've been focusing a lot on the driving for dollars method and it's been working quite a bit. I've sent out approximately 300 letters and I've gotten three strong leads that I am pretty sure I am going to be able to buy or wholesale this summer. I can tell you that my hand has never been so strong and sore!

 I've also been texting a lot of people on facebook marketplace and kijiji which has lead me to get in contact with another investment company that will send me deals that do not fit their criteria! Funny thing was that this contact was made by responding to an ad that wanted to rent out a single bedroom! You can find contacts everywhere!

Hi Pierre!

Welcome to the BP community my friend. I am currently looking for my first real estate investment in the Laurentides region and can't wait to find it! I've met a lot of people on these forums that come from MTL and they can offer great help. Everyone is here to help each other out. What have you been up to in your real estate investing journey?

Talk soon!

Hi fellow investors!

I am currently looking for properties in the Montreal region, but mostly in the Laurentides region. I wanted to make this post to create relationships with other people willing to start investing or experienced investors willing to share their knowledge! I currently have no properties under my belt, but I am working hard on finding the first one!

Don't hesistate to try to connect with me on the forums!

Talk soon!

Hi everyone!

I currently have a property that suits my criteria, but their is one big problem. The property is a quadplex that has tenants paying less than half of market rent at this moment. To maximize my cash-flow on this purchase, I would like to increase rents to the market value by finding new tenants but I am not sure how I could get the tenants out. Their lease ends in 6 months, so is their any way to fix this problem? Also, I am from Quebec, Montreal so the laws will differ from some other place. 

Any advice would be so appreciated, thanks!

Hey Cliff!

I am a brand new investor also and I am also trying out the BRRRR strategy for my first investment!

Are you investing only in the city of Montreal or in the suburbs also?