All Forum Posts by: Jeff Beler

The owner bought the place outright, and he is not nearly as motivated as I first thought.  I think it is a pass as I can't see it being a good deal for me, as the cash flow just isn't there.  He paid 600k and in no way would be willing to take anything less.

Hey all, was busy at my "real" job this weekend. 

Thanks for the info.  We sit down tomorrow and discuss terms etc...  It seems that there is 1 tenant that is on a social assistance program occupying a 3 bedroom unit for 700 a month while the market rents are more like 1200 and he feels like he is not getting the revenue he is looking for.

After we speak, I will post back with more inquires.

Hey everyone!

Haven't posted in a while.  I am looking at a 4plex in my neighborhood on Monday and they seller has yet to put the property on mls.  He is a recently retired  business owner that made a windfall selling his business and wanted to diversify the income streams he had coming in and so he purchased the property in February.

Turns out that he inherited tenants that he is not interested in dealing with and wants out already, as it is too much work for him. 

I am sitting down with him to discuss the place and I was wondering if anyone had any experience with a similar situation here in Canada. 

I am thinking to ask about owner finance, but as he is a savvy businessman, I am thinking that he wants rid of the place asap.  My other approach is the rent to own with a refinance in 2-3 years.

Cheers

Is anyone in the Niagara aware of any bp meet ups or investor groups in the area?

Nice work everyone.  This summer has been a bit of a tough one in my area with not many houses for sale on the market, turning it into a bit of a mob mentality with people bidding over the asking price.  Are any of you finding that the case in your areas?

Roy is right there. I have found that the credit unions have the most flexibility when considering rent as income, some will just wave the property on DTI and some will consider it as income. Also, are you sure that once it is rehabbed you will be able to rent it for 1450?

Hey Guiseppe,

It seems Toronto is just to pricey to make the numbers work.  I live in the Niagara region and am finding that very few real estate agents (and i mean basically none) understand that an investor needs to positively cash flow for the property to work.  Every multi family i have looked at in the last year are either basically a tear down, or so overpriced that the numbers are impossible.  I am sure that there is a deal lurking but with the prices in Toronto gaining at an exponential rate, everyone and their dog want to cash in on it.  Good luck, i'm sure you'll find something, but be prepared to see a bunch of duds on the way!

Hey all,

I invest in the Niagara region and like everyone else, wanted  to house hack with a duplex, or larger.

One of the troubles seems to be that the sellers want top dollar.  Most all would be negative cash flow on every unit that i have looked at so for, but i still have my fingers crossed that i will find one that makes sense.

Another trouble I am finding is that on the listings, the agent is claiming that the properties are multi units, but when you check the zoning, they are not legally zoned for MF use, and depending on the municipality, will NEVER be rezoned for MF.

Also, know what the fire code is on MF in your area before you put in an offer.  Again most agents don't understand this, and the retrofit cost could skyrocket and make the property negatively cash flow.

Just some food for thought.

Hi Crystal,

I am a new investor in the niagara region, so welcome.  Great advice here on this site.  

It is a tough area to find good multi families (by that i mean that most of them are not cash flowing and need a heap of work!), so be very diligent with your numbers.

Are you looking for a long term buy and hold?  Cash flow?  Appreciation?...

I think narrowing down your scope to what your strategy is will be key to your success.  

If you have any questions drop a line!

Thank you all so much for the feedback!!!  It turns out that there is a high water table in the area, which makes me reluctant.

The house is a wartime, and actually had a basement, block, and it leaked, like 40 years ago, so the owner was told that filling it in was the best idea.  So he back filled it by hand (took him over a month). 

So i am going to do some more research o the water table, turns out my father works for a gov't watershed, so i have a bit of an inside info guy on what it can and will do to houses in areas like that.