All Forum Posts by: Mike Jakobczak

I will try and make it out!

I'm a big fan of Alberta and Saskatchewan as a whole. Did some things in Yorkton, Sask and Edmonton. Might be doing some things in the summer in Saskatchewan, I can update the thread once I firm up an specific area of interest.

sounds like you have a good pocket to grow over the next few years. Great to hear. Keep us updated over bigger pockets.

Hey not bad portfolio. When I speak with my investor friend I can introduce you guys. Might benefit both of you.

How is the cashflow in your local market?

Welcome Nathan to Biggerpockets.

I get as far as Muskoka, haha I know of some investors who have invested in Thunder Bay and Sudbury.

What do you invest up in Timmins?

Best books specific to Canadians I would say Don R Campbell books. He has a bunch. I like 97 tips for Canadian Real estate investors.

but they all are pretty good.

Speaking form my experience when I'm borrowing funds I pay for all upfront cost. This allows my private lenders to make the points as stated in the agreement.

Stick with the first position with new investors. But if you do take second I would be asking for more % on the loan.

Also 3 year balloon is what I find works well.

@Account Closed I have a list of cross-border accountants that operate out of Toronto. Having said that they are all very expensive since they pretty much cater to Canadians who buy a vacation property etc.

Now I do have one I use but they are out of Houston. She lived in Canada for 20 years and specializes in foreign investors. She is reasonable and knows her stuff. But does live in the US.

PM me if you are interested in any of the referrals.

Well most Sellers won't want to do a full 25-year payment schedule. They most likely will want to be cashed out sometime in the next few years. Obvious the longer the better for you if you can get the seller to carry the note at a good interest rate.

I typically like to ask for 5 years and will see what they say. I like to structure them to be open so if I get a bank on board at a good rate I can cash the seller out.

As for down payment, that depends on what your willing to do. Most sellers may want to see 25% down, to show you have some skin in the game. I have done deals with 10%. Just keep in mind that low down payments may hurt you in the long run if the property doesn't perform as well as you think.

@Metin Guler Here is a local meet-up I run you can check out when you are free

http://www.meetup.com/Canadians-and-US-real-estate/