All Forum Posts by: Jay Shaw

I'm looking at relocating to another city and purchasing a property for myself and my kids. My plan is to purchase a property that needs renos to force the appreciation that way.

I'm looking for examples of post-cards that I could use to drop in mailboxes in the neighbourhoods I'm interested in. I'm looking for something a little more than the traditional yellow letter campaign and thinking of using a pic of me and my kids. Good idea? Bad idea? Thoughts? Help?

That's great, Clayton. Look forward to meeting you on the 22nd!

Very interesting thread. Curious to hear what people are projecting as capital appreciation of those properties. Are you banking simply on cash flow or are you also getting the capital appreciation as well?

We actually chose to pass at this time. We've been focussing on buying SFH in St. Catharines and have so far avoided the student rental market to date.

Thanks Roy. We have been doing that through local REIs on Meetup.com and are members of an investing club here in Ontario. I agree, the deals will sell themselves, just curious as to how to position these to people in my network without it seeming like they are being 'pitched' (I really don't want to be that guy).

What if you have a deal in hand?

In our case we have stumbled upon a deal with a homeowner who has 3 rental properties and just wants out as a landlord. He's had enough. He's agreed to sell us all three houses below market comps, but only if we buy all 3. We're buying the first one with a JV partner, but we need to raise capital in 60-90 days.

We've never had to raise capital before or search for JV partners but now have this opportunity in hand.

I guess my question is this - how do we go about finding a JV Partner(s) for the other two houses?

A lot of my friends and inner circle aren't exactly involved or interested in real estate investing, and the ones that are only have 20k they can invest. Keep in mind this deal is in Canada and we would be required to put 20% down, thus we are looking at roughly 55k per house.

I agree with a lot of what has been written about showing a proven track record. We have just closed on our 7th property in 3 months and all are cash flowing which we can show to potential investors, we just don't know how to go out there and find the money.

Any help, guidance, advice would be greatly appreciated.

so essentially like a rent-to-own type situation?

Thanks @Claude Boiron. I'm not sure I follow so perhaps help walk me through this. I understand the latter part in that if we had a conventional mortgage of 80% LTV we couldn't have a seller willing to do 20% VTB as the first condition on any first charge mortgage is that there can't be any secondary financing on the house. So could we in theory, do 100% financing on VTB? Or would we have to do something along the lines of 80% Conventional, 10% us, 10% VTB?

My partner and I came across a great property the other day however, we're tapped out capital wise. We thought Vendor Take Back might be a good way to be able to move forward on the property, however, we were told that back in 2008 in the province of Ontario, the mortgage rules tightened on this and VTB can only be used for commercial properties and not Single Family Homes.

Any truth to this? Anyone doing this in Ontario?

My partner and I have good credit but lack the down payment which is 20% which is a large chunk of change. Other than JV - any other creative options people might want to suggest we continue? We're eager to work with the seller as he has 4 other properties and is looking to get out of the rental business which could be quite beneficial to us, and to him, after all, positioning VTB is really about helping solve a problem.

Any advice would be appreciated.

My partner and I came across a great property the other day however, we're tapped out capital wise. We thought Vendor Take Back might be a good way to be able to move forward on the property, however, we were told that back in 2008 in the province of Ontario, the mortgage rules tightened on this and VTB can only be used for commercial properties and not Single Family Homes.

Any truth to this? Anyone doing this in Ontario?

My partner and I have good credit but lack the down payment which is 20% which is a large chunk of change. Other than JV - any other creative options people might want to suggest we continue? We're eager to work with the seller as he has 4 other properties and is looking to get out of the rental business which could be quite beneficial to us, and to him, after all, positioning VTB is really about helping solve a problem.

Any advice would be appreciated.