All Forum Posts by: Kash Jawed

Scotia - better to use a mortgage broker in these cases. I normally refi after my rehab which takes 4-6 months (3-4 units)

thanks for the insight Bob! I have browsed through various threads to gain more knowledge of the CLE market 

Hi BP Fam,

I am looking to invest in the CLE market and seeking referrals to build a team there. 

Strategy: I am a fan of the BRRR strategy and looking for 2-4 units in B-C neighborhoods (thanks to James Wise Cleveland grading guide) where I can do some light rehab and refinance after 3 months. I'd normally finance the initial purchase but able to buy in cash (quicker) in exchange for additional equity. With this criteria, I have signed up with various wholesalers for off-market deals and been analyzing them to have a feel for the market.

Team members I'm looking for:

1. A reputable contractor who can help verify property condition and provide rehab estimates. This would happen after I have the deal under contract and I will be compensating them for their effort to provide the estimate. Hopefully I can continue to work with them once I go firm.

2. A reputed property manager who can help me with providing rent estimates and able to manage the property for me. If they can provide a comparative market analysis and help source off-market deals, that would be great asset.

I would love to get some recommendations from the experts already in this market.

Also, please let me know if I am missing anything. All feedback is welcome and appreciated

Thank you.

Would zoning allow for 1 building with 5 or more units?

If not, it’s a risk you would be taking. It’s not just replacement but if they enforce the bylaw, they may ask you to shut down the additional units. 
at least that’s how it is in ON 

Housesigma and Redfin are as close as you can get. Another option is to ask a realtor to pull solds 

I know a lot of investors moving to Sudbury and North Bay. 
for those of you invest there, do the fundamentals support investing there? Such as job and population growth, diverse industries?

I’ve been to Sudbury before on mining projects and it was purely a Nickel mining town dominated by the big 2 miners

I've signed up for the course with @Marco Kozlowski. What I liked was support until you close your first deal and allow to share the knowledge within family members (up-to 4). During the 3 day course, he was candid around the negative press mentioned in this thread with his side of the story which was very appreciative.

I believe in Rule of first deal. If I can make this first deal happen (3-5 units), I'd be delighted and it would be money well invested. I am following the process and will keep you all curious people how things progress.

I've signed up

Yes, New broker indeed. I can refer you to brokers who cater to investors if you are unable to find one.

Welcome Sienna,

I agree with Andy as well. follow your "gut". I assume your firm approval is from RBC. I've not heard them backing away from their firm approvals before but again, this is not a normal market. Fundamentals are out the window. Most would disagree with me with arguments such as immigration, etc. If you feel you're already stretched, then follow your gut. Unless you really thing you can ride the wave and god forbid and if required, can you get private funding to close your other deals?

The article does highlights "Hamilton real estate prices are increasing at a much faster pace than fundamentals"

I sold my MF in Hamilton. Why? I wouldn't buy it at the price that I sold it at. I'd rather explore other markets. A few folks I know are closing using creative financing. I don't want to guess what would happen when govt. pulls the plug on printing money or increase interest rates. 

Again, that's my thoughts. You should follow your gut and I suggest talk to a mortgage broker who is investor focused and not just the bank.