All Forum Posts by: Huong Luu

@Daniel B. I have a person I can recommend. She is an RE agent and investor along with doing airbnb and student housing in Windsor. Her name is Morgan Byrne. Send me a separate message and I will send you her contact. 

@Liam Lamont In these high appreciation areas, your strategy may not be to buy for cashflow, but to buy for mortgage paydown and appreciation. Your proposal to money partners would be to put their money in for X years, refi to get paid out with continued equity share. In this case, you don't need to raise 50%. 

Another option is for you to continue to rent, and use your money to buy in other areas that cashflow or participate in JV deals.

Good luck 

@Sam Hecht Everyone's COC and ROI will be different depending on their risk level and where they are in their RE journey. A good deal to you might not be a good deal to me. After you look at 20 properties+ (the more the better) you will have an idea of what works for you. Keep in mind, you want to compare apples to apples: cashflow, appreciation and mortgage paydown, while keeping certain things the same ie: down payment, interest rate, cap-ex, etc. Good luck

@Jayden Thompson Most investors with 100+ units are not spending time on BP or other similar platforms because they have other businesses or traveling, etc. There are a few investors in your area that are at 100+ doors. Look into high-networth programs with National Bank and CIBC. Funding requirements are not impossible after 5 doors. What is driving your target of 100+ doors? 

Here are my suggestions, make your presentation simple and easy to understand, and then invite them to a 2nd presentation or call to get more info. Make sure your investors are accredited unless you are setting up the JV in a different way. Present high level # with the cashflow, mortgage paydown and anticipated appreciation. Show the total ROI the investor can make and tell them what kind of splits, what makes this investment different from others, etc. I have a few presentations I can share with you. With whatever spreadsheet you use, make sure you can explain and navigate it. If you use someone else's spreadsheet and have trouble explain the numbers, it puts your expertise into question. Good luck.

Your accountant will be best to guide you through Section 85. You can calculate the capital gains and land transfer tax and other expenses involved prior to doing so. I have a great accountant in Ontario who walked me through this, that I can refer if you want. The other option is to leave these under your own name and going forward put new acquisitions under a corp. You may want to set up a 3-tire structure too. 

@Scottie Galloway Wholesale can be done successfully in Canada. However wholesaling in the US is easier because you are able to get owner info easier (ie Deal Machine, court info, etc), so 'drive for dollars' is more common practice there, whereas a lot of the owner info is harder to find in Canada due to the privacy act. Many Wholesales in Canada do it with yellow stickers and door knocking. Or have access to a lawyer/ realtor info. The issue is getting a phone # or email to make that initial contact. Good luck. 

@Noah Audette BRRRR is absolutely available in Canada and being done by many. The thing holding you back is your low credit score and your annual income. To get around that, there are a few things you can do:

1. partner up with a money source

2. creative financing (VTB, AFS, etc)

3. private lending or B lenders

4. get a higher paying 9-5

these are just a few ideas. Good luck. 

@Ryan Martin You can ask them what forms/paperwork they want to use. Usually investors/private lenders have their own paperwork that they want you to use. If they do not, then that is when you suggest you send them yours. Your contract should be reviewed by a lawyer and should have terms, rates, payment, colleterial, etc. Be prepared to offer employment letter, credit reports, promissory notes, etc. Confirm if they want to use liquid cash, or RRSP/TFSA. This sounds like a good friend so think of it as several deals, and not just 1, so you want to make sure they are happy and get their money back. Good luck.

This came up in the Canadian forum, so if the VTB is not in Canada, then ignore my comment. 

@Michael K. If your lawyer doesn't set this up as a VTB, then how will you have ownership or be on title? If the owner is doing a VTB to delay capital gains taxes, then it does need to be registered. If he is doing this to delay breaking his mortgage, then you are doing an AFS and you will need other legal documents. Are you sure you mean refi? That would mean the new lender would replace your VTB...which you don't want. I think what you want is just a reno loan, which you can do. A VTB registered doesn't mean you will be hindered on getting a HELOC, or a reno loan. You just need to find a lender willing to do that. So without knowing what province you are in, it is hard to suggest a lender. Another option is if you don't qualify for a HELOC, look into zero to low interest credit cards. Good luck. Sounds like a great deal for you.