Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Greg Gangle

Greg Gangle has started 14 posts and replied 43 times.

Post: Knob & Tube Wiring - How much value can be found?

Greg GanglePosted
  • Rental Property Investor
  • London, ON
  • Posts 43
  • Votes 13

Thanks @Hai Loc and @Marc Winter. If I do purchase, I will 100% upgrade right away. I just don't like the idea of using 100% of my own money for the upgrade. Mind you the home is underpriced….most homes in that area are at least $80K. I'm hoping I can do this upgrade and a few other minor things (windows/paint) then possibly get it refinanced for the $80-90K and claw some money back. 

Post: Knob & Tube Wiring - How much value can be found?

Greg GanglePosted
  • Rental Property Investor
  • London, ON
  • Posts 43
  • Votes 13

Hello @Melanie Dupuis and @Account Closed thanks so much for your input. I thought about sitting tight and preparing for a 'correction' however even if I have to drop rents I'm still cashflowing and have lots of equity in them. Melanie...I'm 50/50 about even going through with this deal because I've heard as well that knob and tube doesn't increase the value of the home for a refinance. Therefore it might not be a good investment. The purchase price is $44K requires about $20-25K (including K & T). It needs new windows, paint, flooring in one room. My realtor says the home should be worth around $80-100K. 

Post: Knob & Tube Wiring - How much value can be found?

Greg GanglePosted
  • Rental Property Investor
  • London, ON
  • Posts 43
  • Votes 13

Thanks @Account Closed I have an accepted offer on a house but the knob and tube is live throughout the house. I can A) leave the knob and tube and pay higher insurance or b) replace the knob and tube ($13K reno) along with a few other things (windows/paint/etc) and hopefully get it reappraised at a higher amount then refi. I'm just not sure what way to go. I could leave it for now and upgrade later or do it now and be done with it. I'm not a flipper but a buy and hold kind of person.

Post: Knob & Tube Wiring - How much value can be found?

Greg GanglePosted
  • Rental Property Investor
  • London, ON
  • Posts 43
  • Votes 13

Hello just wondering how much value is to be found in updating know and tube wiring prior to refinance? Is there a rough estimate? Seems like a must upgrade. Thought everyone?

Post: [Calc Review] Help me analyze this deal

Greg GanglePosted
  • Rental Property Investor
  • London, ON
  • Posts 43
  • Votes 13

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Post: How is everyone raising capital?

Greg GanglePosted
  • Rental Property Investor
  • London, ON
  • Posts 43
  • Votes 13

Hi Everyone

I’m sure this has been a regular topic.

I’ve now purchased 4 rental properties and I’m struggling to find ways to raise capital. What is everyone else doing? I have equity in each one of my properties and all cash flow nicely.

Am I better off refinancing? Putting up lawn signs to do a J/V?

Just curious about other people’s stories.

Thanks in advance

Post: Advice on using Other Peoples Money

Greg GanglePosted
  • Rental Property Investor
  • London, ON
  • Posts 43
  • Votes 13

Hi Everyone

I have a question/looking for advice.

I came across a property I liked so I messaged my agent. She tells me her niece has a conditional offer on the place but is struggling with financing.

Her credit is good but she’s on contract and good a leave from work last year due to taking care of her ill father.

She has more than enough for the downpayment and closing costs.

Obviously she needs me for my credit history etc.

My question is “What is the best way to make this deal proper for both of us”?

She’s planning to live in the house with her son.

Any recommendations would be great.

Thanks

Greg

Post: Advice On Non Paying & No Communication Tenants

Greg GanglePosted
  • Rental Property Investor
  • London, ON
  • Posts 43
  • Votes 13

Hi Everyone

I’m seeking advice on tenants that won’t pay and won’t communicate.

I have tenants in the lower unit of a duplex that haven’t paid rent in March or April.

My landlord issued the first warning (N4 I believe) then the eviction notice (L9 I believe).

The problem is that the tenants won’t return phone calls, emails, messages etc.

Every time my property manager knocks on the door no one answers or they have there kids do it and say there parents aren’t home. Even though both cars are.

The only communication was last week when they actually answered the door when the husband said he was filing for unemployment (and was very rude) which was a lie because my landlord phoned there place of employment and both are fully employed (both work there) and are not affected by Corona Virus.

The tenants have become liars and clearly have every intention of using the corona virus to there advantage.

The problem here is like most places is that the tribunal and courts are not operating and everything is delayed. The tenants could be there for a full year.

My question is... what are my options? Any recommendations?

I’d do cash for keys but I know they won’t take it. They’d have no other place to go and won’t even return a phone call or email.

My landlord even seen the husband walk out of the house with a cigarette in his hand. There is a fence around that property and they have locked the fence from the inside so people can’t even get to the door step now.

Sorry for the rant but I’m just looking for suggestions here in Ontario, Canada.

Thank you

Greg

Post: How to purchase your next property?

Greg GanglePosted
  • Rental Property Investor
  • London, ON
  • Posts 43
  • Votes 13

@Logan Freeman thanks for the great info Logan. I’m not even sure what website I’m Canada shows foreclosures. The brrrr strategy seems to work best but is difficult at times in Ontario.

Post: Money Tied Up - How to get another property?

Greg GanglePosted
  • Rental Property Investor
  • London, ON
  • Posts 43
  • Votes 13

@Jonathan Greene I like what you’re saying. There are ways I can improve my properties. I appreciate your insight. It does make sense to maximize the rentals i currently own. Thanks.