All Forum Posts by: Hai Loc

With the interest rates now it makes it even more impossible to break even let alone cash flow. 1% never existed in GTA for a decade and expanded GTA for the last 5 years. For a decade investors have been banking on appreciation on everything in Ontario in exchange for negative cash flow. It’s been working till Mar 22..

That’s just how it is here making a lot of Ontarians seek US properties

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Toronto, Ontario

Orea Form 400

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Quote from @Joseph Cianchino:

Hey everyone ,

Interested in getting to the point of owning my first property and how to get the most out of where I live (Toronto). Unfortunately the First Time Home Buyers Plan only lends out $35,000 with 5% down instead of %20 and which is payable after 2 years which you must live in the property for one year. I’m looking for investors to help with owning and finding properties that aren’t more than $30,000 down with 5% down which is basically $500,000 condos and apartments with one bedroom. I need to purchase a property with this first time Home Buyers Plan and I’m also very creative when it comes to this and looking for deals. I’m not interested in buying a mobile home for $200,000 and maintenance fees of $1,600 per month. Anyways. Looking to find someone who’s done this before and how I can do this with becoming profitable at the same time if this can be done before please share and spread some light on this topic.

Thanks.
Joseph

It would be better to get 10% down the CMHC fees are much less.. However you need to look at the whole grand scheme of things as how much your mortgage and property taxes can potentially be compared to your rental income

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Toronto, Ontario

Quote from @Corey Duran:

@Hai Loc how do I find out how much it would cost to build?

You need to get bids but I don't think a builder would give it for free unless you know him well..

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Quote from @Corey Duran:

I want to buy a home but I’ve been doing a lot of research and a lot of investors suggest that duplexes would be a great way to start off. I have been looking but am having a hard time finding a duplex in the area I would like to live and in a decent condition. I am thinking of finding land and having a duplex built but I don’t know how or how much money I’ll need to actually make that happen? Is It better than buying an existing duplex?

I would say compare the overall cost of land and build vs resale and reno.
I would say there needs to be a significant discount on building to even consider.

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Detroit is tricky. You really need to fly there and drive a whole tank of gas driving through neighborhoods. When you see a lot of vacant lots in neighborhoods that means stay away. Southern part of Warren that boarders Detroit is a no no. There should be much more red in Detroit..

1 Vote

Detroit, Michigan

Quote from @Peyton Millirons:

What exactly is the rule on being an Owner Builder?

I have heard that you have to wait at least 1 year after construction or remodel to sell/rent the property?

However, I see house flippers all the time that are obviously not Contractors do all of their own work and then sell the property 6 months later.

Is it only for the projects that you have to pull permits for? Obviously you can buy and sell as many homes as you like so I guess most of these flippers just never pull a permit during their remodels?

If an owner builder can do all of this what is the point of even getting a Contractors license?

I think every state is different. From where I am if you don’t have a builders license. Anyone can build but you cannot sell unless the home is occupied for at least 12 months. When you have a builders license you can sell a home at any point however you need to provide a standard 7 year new build warranty.

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Quote from @Matthew Schoettlin:

AFTER BUYING MY HOME, I REALIZED HOW TRAPPED YOU CAN GET, I WANT OUT NOW. I'VE BEEN DOING LOTS OF READING AND WANT TO STEP TOWARDS DEEPER UNDERSTANDING FROM PEOPLE WHO ARE DOING THIS. WITH REGARDS TO THE HOUSE IF I COULD GET SOME ADVICE ON DIFFERENT STRATEGIES TO MAKE MY HOME A RENTAL I HAVE A GOOD OPPORTUNITY WITH THIS. FOLLOWED THEN BY DIRECTION TO START GETTING MY GOALS ACCOMPLISHED IN REAL ESTATE. I REALLY THINK GETTING SOME FOOTWORK IN IS GOING TO ME UNDERSTAND THE DIFFERENT TYPES OF REAL ESTATE INVESTMENTS. I WANT TO WORK ON A TEAM THAT HELPS GET PEOPLE TO LEARN WHAT INVESTMENT REAL ESTATE CAN DO, SHOWS WHAT PROCESSES LOOK LIKE, AND SETS UP DEALS, ECT.

First thing you need to do is switch off the CAPS..

Then browse around and dedicate a few days and reading posts

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Surprise, Arizona

My partner is summoned to small claims in Erie County NY for a security deposit she didn't return. Now the tenant is asking for 5x the amount from pain and suffering..

#1 my partner is not a US resident

#2 the name on court order is incorrect

Is there still a case here? Can someone bring it to the courts and say nobody by this name lives here?

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Upstate New York, New York

https://www.eservicecorp.ca/

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All Forum Posts by: Hai Loc

Hai Loc has started 56 posts and replied 2177 times.

Post: Multifamily property Investing in Ontario, Canada

Post: Canadian Lease Agreement

Post: Purchasing Rentals Using Home Buyers Plan

Post: Building a duplex or buying an existing duplex?

Post: Building a duplex or buying an existing duplex?

Post: Seeking Investment Advice in Detroit

Post: How to be an Owner Builder?

Post: HOW TO START / FIND A MENTOR

Post: Small claims court on security deposit

Post: Service for finding owners of a corporation in Ontario?