All Forum Posts by: Jon Kepler

@Ralph Noack, I hope you don't mind my perspective, but what do you mean when you say a property "needs" to get torn down to the studs? Is the bylaw enforcement department leaning on the vendor? Are there work orders against the property? Probably not.

Sometimes things don't, in fact, "need" to be done. What if you repainted and rented it as-is? Would that really lead to as bad an outcome as implied?

@Barry Allen, I used the BRRRR method. Buy, rehab, rent, refinance, repeat. For some deals, I didn't even rehab - I just used vendor financing to buy the place, raised rents, then refinanced 24 months later.

@Barry Allen, in addition to what others have said here, I'd like to add that saving money at your age is *very* powerful. I know that five years seems like a long time, but it won't always feel that way. If you save $6000/year for the next five years, you'll be a 20 year old with $30,000 cash! That is a big deal. You'll be able to buy your own real estate investments and do very well for yourself. When I was 20, I did not have $30,000. However, I worked as hard as I could, and became a millionaire at 29. If you have $30,000 at 20, you'll be able to progress faster than me. Something to keep in mind.

@Justin H., I recommend talking to someone at Meridian about their commercial side. Even if you aren't large enough yet for them to consider you, it's worth sitting down with them to figure out how to get large enough over time. Once you move over to the commercial division, they drop the shenanigans and consider deals logically using the debt coverage ratio.

I invest in Owen Sound, but I may be in London that week. If so, I'd love to attend.

@Jim Chuong, possibly my favorite aspect of real estate investing is the ability to borrow against it. Would you mind sharing your thoughts about buying property mortgage-free?

@Thomas S., it seems to me that this might actually be a good reason to incorporate. If your corporation sends an employee or contractor, the corporation is effectively representing itself. However, if you operate in your personal name, the only way to self-represent is to literally show up yourself.

If you have time to read about this case, it's well worth it. I would also love to hear any thoughts on this:

http://www.canlii.org/en/on/onsc/doc/2013/2013onsc...

(I got the link above from the following blog post: http://ontariolandlordandtenantlaw.blogspot.ca/2013/05/can-property-manager-represent-landlord.html)

@Matt Geerts You can do it for free. The issue is avoiding the need for an LSUC number. Have a look at the last paragraph on the first page here:

http://www.sjto.gov.on.ca/documents/ltb/Brochures/Rules%20for%20Representatives%20Involved%20in%20Board%20Applications%20(EN).pdf

@Steven B. If the landlord is a corporation that you work for in some significant capacity, I think you're fine. I called the board once to inquire about details. I asked if there was a difference between a corporation's employee and a corporation's contractor. They didn't care. So, if you can prove your association with the corporation, I think you're covered. The problem is when a property manager with many clients tries to represent several of them.