All Forum Posts by: Jeff Travis

I'm trying to wrap my head around this refinancing thing. So here's the scenario: I have about $65,000 in equity in my $200,000 condo. Can I take 75% of this out as a home equity loan and use that towards a down payment on another property? 75% of 65,000 = $48,000 (rounded down) Investment property is $440,000, so for 20% down I need $88,000. If I raise the needed $40,000 from outside investors/crowdfunding could I then pull up to 75% of the equity out of this property to pay back the $40,000 to investors? Am I missing something here? The property has a gross rental income of $4200 a month and would need a bit of work as well. I would treat it as a buy and hold. Thanks for your help.

@Tyler Cruz that is what I have found here as well, the only properties that cashflow are not in the nicest areas.  That is an impressive system you have built.  I also have started a spreadsheet but I have to input all the data myself and it isn't as extensive as yours.  It is fun to run numbers on it though, I get carried away all the time.  I'm sorry to hear about your health conditions, I hope you're recovered soon and can purchase that second property.  

@Tom Stromar thanks for your input, I will have to do more reading into those topics.  Do you think this sellers market will turn around soon?  Is it just me or does the real estate market seem to slow down during the winter months and boom during the spring and summer around here?

Congrats on your first income property as well! I'm glad it is performing well for you.

I definitely don't have a budget for those types of properties, I was just interested to see how the profit scales with more units. Maybe someday I could do a big deal like that but for now I'm focusing on small single family properties. When you are looking for properties in Nanaimo do you just look on the MLS? I have been keeping my eye on the properties on there and haven't found any so far that would give returns that make it worthwhile. I went to the courthouse to see how the foreclosure auctions work but you have to buy them without seeing the property - seems risky. Also one more question, do you go to the Nanaimo real estate investors Meetup at all? I am thinking about going to the next one if I can.

Yes that's the one! I figured my numbers were too good to be true. You're probably right, someone would have bought it by now if it were that good of a deal. Thanks for your input, I will factor those things in the next time I crunch the numbers.

Hello everyone, I have been trying to analyze properties for the last while (mostly single family, small multi family) from the MLS and happened to come across this large multi family development property. I live in Nanaimo, British Columbia, Canada. I am not familiar with analyzing a property on this scale so I was hoping to get some feedback from others with more expertise in this field. Here is the information I was able to find, if there is additional info that I need to get to be able to analyze this please let me know and I will do my best to get it. -Vacant land. (6.73 acres) -Listing price: $2,988,000 (appraised at $3.77 M.) -Planned 143 unit townhome condominium phased development. 8 different floor plans, 3 bed, 3.5 bath, approx. 1100 sq ft. -Close to: all school levels, university, all amenities, golf course, highway, other new developments, central location off major arterial route through city. Comparable townhouses close by: -selling for $309,000-$339,900 -renting for $1600 (top end) Cost per square foot to build: -between $120 and $160 (not sure how accurate this is) So if the average townhome is 1100sqft: 1100 x 143 units x $150 = $23,595,000 + land cost $2,988,000 = $26,583,000. If all units sold for $300,000 gross profit would be $42,900,000 giving a net profit of (obviously there are other expenses I am not including) about $16 Million. Even with a lot of other expenses is this not a huge profit? Or am I completely off in my calculations? I definitely do not have near the capital or experience to do a deal like this but the numbers interested me. Any input is appreciated, I am just trying to learn more about larger multi family investing. Thanks.

Thank you everyone for all your support! I have joined a meet-up group called Nanaimo Real Estate Investors, but as Tyler mentioned they do not meet up often.  I have read through "The Ultimate Beginners Guide" and am still listening to the BP podcast daily.  I will probably try to do some more research and reading for a while and then get in touch with a realtor and mortgage broker to get the ball rolling. I will also look into the Mastermind groups and see if I can set something up there.  Again thanks for your advice, I will try to stay in touch and active in the forums as much as I can!

Hello everyone! I am a 22 year old student living in Nanaimo, British Columbia on Vancouver Island (Canada). I came upon real estate investing through watching YouTube videos of Robert Kiyosake and decided to search podcasts for more on the topic. I have been listening to the Bigger Pockets podcasts whenever I get a chance and am fascinated by the idea of not having to work a dead end job for the rest of my life. I am a little bit discouraged that I have spent the last four years working towards a biology degree (not to mention all the tuition) instead of working towards building a real estate investment portfolio. But anyway I am debt free and actually own my own 2 bed/2 bath condo (through inheritance money) and am looking to start getting into this business. I am most interested in house flipping and buying rental properties. Thank you for making this such a great resource for new investors, it really is a goldmine of information. Jeff