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All Forum Posts by: Jesse Schultz

Jesse Schultz has started 4 posts and replied 14 times.

Hi Mike, I currently have a partnership structured this way for the exact reasons you described. Not adding debt to my name, and more significantly, not being able to be approved for any more debt.

Some points from our ownership agreement are:

-Description of ownership structure ie. 50/50 and what funds that is applied to (equity, monthly cash flow, refinance etc)

-who is responsible for what with the property

-who is bringing what $$ to the deal

There are a few other things and more details to those points  but the final piece that should be considered is an agreed upon process and person for arbitration should the partnership not dissolve amicably at some point.

I have a positive history with the person who has graciously partnered with me. He is someone that is regarded well publicly and privately. I’m very fortunate.

I hope some of this helps, good luck!

Jesse

Post: Local Rental Licensing Fees

Jesse SchultzPosted
  • Waterloo, Ontario
  • Posts 14
  • Votes 1
Thanks a lot, that's helpful for figuring on certain expenses. It would not be a student rental but I think the licensing still applies.

Post: Local Rental Licensing Fees

Jesse SchultzPosted
  • Waterloo, Ontario
  • Posts 14
  • Votes 1
Hello, I'm considering keeping our current townhouse in Waterloo, Ontario as a rental. I have heard from others investors and read a bit about the licensing fees and inspections that are in place for rental properties in Waterloo. It sounds like as soon as you post a "for rent" ad anywhere someone comes and tells you that you need this and that license and building inspection etc, then there are annual fees. Has anyone experienced this Waterloo that can comment on cost and amount of work it is? Kitchener as I understand does not have such licensing fees. Jesse

Post: Brantford and Area Markets

Jesse SchultzPosted
  • Waterloo, Ontario
  • Posts 14
  • Votes 1
Hello, I'm looking at some of the markets outside Kitchener Waterloo as I'm finding it hard to purchase in the range of $150 000-$170 000 in town. From what I can find online there seem to be a number of SFH in Brantford with some income potential. Any investors or renters on BP that can comment on Brantford real estate? What industry and business keeps the town going? Is Brantford seeing any commuter presence from Toronto? Any leads on reputable property managers? I am curious about the surrounding areas of Woodstock and Paris as well. Any helpful information is welcome, thanks!
I have access to about $190 000. I was planning to buy in the $150-165 range and use the rest for renos. But recently have been pondering the idea of using the BRRRR strategy with that money as a percentage of a downpayment and aiming for a duplex in the $300-350 range. In the Kitchener Waterloo area there are literally 4 SFH that I could make offers on under $200 000...I may not be able to increase the value enough to borrow back on the ARV at 80% to cover the initial loan... What your thoughts...does BRRRR even work if not a cash purchase if using a private lender?
Hello, Does anyone have a template for a contract between a private lender and a real estate investor? Something that settles agreed upon lending rates, payment schedule and default follow up options. Any thoughts would be great thanks! Jesse

Post: Apartment Outlook and Cap rate

Jesse SchultzPosted
  • Waterloo, Ontario
  • Posts 14
  • Votes 1
Hi, I'm currently investigating Woodstock and Stratford,Ontario. I have just under $200 000 to work with from a private lender and am looking to implement the BRRRR method. Woodstock has some duplexes between $150 000 - $250 000 but the market is not hot there and some areas are pretty run down. I hear property taxes are quite high as well, it may be difficult to refinance and get money back to pay off the initial loan. Stratford is another place I'm considering, looking at a run down duplex for just over $200...I'd have to get it below that in order to leave room for repairs. The kicker is I'm from Kitchener Waterloo which is booming but I don't have enough money to pull off the BRRRR right now unless I find another lender with a bigger limit. Jesse

Post: Creative financing in Ontario?

Jesse SchultzPosted
  • Waterloo, Ontario
  • Posts 14
  • Votes 1
Shawn Allen Hey, I'm from Waterloo and I'm looking for duplexes in Woodstock. So far there seem to be a few for in and around $200 000. What's your take on the market there? It looks like it would be hard to get much appreciation and profitable refinancing might be difficult there. Also for the thread, if you know someone who has a fully paid off house. You can work encourage them to become your private lender by showing them how to use a HELOC on their property to finance your cash buy? Then use the BRRR method. The big selling feature to someone who could lend to you is that they could potentially make money on the equity in their home which is not earning anything.

Post: Tenants want to buy my property

Jesse SchultzPosted
  • Waterloo, Ontario
  • Posts 14
  • Votes 1

@Roy N.

Does that mean tax implications or legal implications for applying that strategy? I know some people that have several of these on the go. Does it require any kind of registering in order to provide a financing opportunity for someone?