All Forum Posts by: Kelvin Hamilton

Originally posted by @Pat L.:

Great 'between the eyes' post...& it is a tough business.

However, I would rather be threatened &/or verbally abused by transient tenants residing in a building generating double digit p.a. returns than a employer demanding 70 hrs a week, while living in false hope of a 1-3% p.a. raise & the anticipation of a promotion into greater servitude.

 Oh main Pat, you so hit it on the head with what you have said.

This game I know is not for the faint hearted.  All my life I have struggled to get ahead and I am battle scared, but undaunted.  Keeping it real is always the way, so as a "Newbie" I appreciate the advice.  My life experience so far should stand me in good stead then... I will continue to read, listen and question you great people until I have learned to stand on my own two feet; I guess I'll be here a very long time (hehehe).

The best to all for 2015.

Sorry, just realized I'm 2 months too late with my response... My excuse... I'm a newbie. Hope you got what you needed. Cheers

Whoops... Just realized how old the post was... Sorry, I wasn't around then ???? My excuse is I'm a newbie!

Hey Mark, It really depends on the quality of the build (i.e. Finishes). But as a rule of thumb, if you allow between $110 to $150 per Square foot, you should be able to get a good quality build. That being said, I might be over compensating as I am in Calgary, the town of expensive cowboy builders... Up here you are paying between $185 to $210 for a reasonable stick build construction.

Originally posted by @Ahmed Porter:

look at some of the old post on line of credit obtains and doing deal s on line of credit like your getting a collage eduction on BP if you do your research on here

 Hey Ahmed,

I'm new here, so what you are saying, would that apply to someone in my position who is currently unemployed/not earning an income at this point, but has equity tied up in properties?  Is there a possible door that can be opened to release funds to to attract funds?

Roy,

My motto with agents is the fewer the better right now... I will negotiate my offer, build a relationship with the current agent to make the deal happen in my favour; but as mentioned previously, the seller is a trust who are looking at the best interest of the old person who is now in care.

My good will it this... if my numbers add up and the profit can be made without lowering the price, I will offer the asking price.  I am a strong believer in what goes around comes around in this world.

William,

Great advice and thanks.

I just got back from the viewing and in fact, I created a good first impression to the point that I did show the agent the development I did before and felt could fit on the property I am interested in.

Total confidence has been gained from the agent.

The property is in trust, so the agent was just chosen purely on their valuation of the property; I have created the incentive that if I get the property, then they have four to sell later.  A promise that was agreed could not be gained by any other for the land in question.

Now the next hurdle is to make the offer to the committee  for the trustee.  Do I just offer the full amount on condition that the city accepts the proposal?

I will first do the number crunching.

I'm still looking at the best step forward, so please do not be shy to share your thoughts.

Regards

Thanks Roy,

I just hate using realtors here because they are all about themselves, and do not seem to look past their pockets; the less amount involved, the better.  Generally they complicate things.

I know... Bad experiences creates bad vibes.

Thanks again for your advice though

Kelvin

Hi everyone,

So I'm new, but motivated.  Today I have set up an appointment to look at a property that is zoned for 4 units.  I am an architect with experience and my forte is: I can design well with small spaces (I'm originally from UK).  I say this because the property I am about to go and view is on a piece of land that is smaller than the norm, so it will not be so attractive to developers here as they are use to building such units on bigger or the correctly zoned sized land.

I have little money at this time as it is tied up in the properties I own + I am not in full time employment (no cash flow right now to release), but I have the foresight to make this land be worth more than what it is, by using my architectural skills.

So where I need help is on how to secure the seller's confidence by achieving a conditional offer, subject-to doing my due dilligence with little money down (i.e. $1,000)?

I want to package this deal to possibly sell on to a builder with full permits in place (which will greatly increase the land price after an apraisal of the property with approved permit to build 4 units.

Can anyone give me any ideas to bridge the first stage, which is to secure the deal?  Do I share my plan with the realtor?  I do not have my own realtor, so it would be the seller's realtor.  Maybe I can suggest that the realtor can be tied in to sell the future units if they help make this deal work?

The advantage I have here is that I bought a similar piece of land when I first came to Canada when I moved from the UK, but the difference is that it was mine.  I did eventually develop it and built 4 units and sold 2 and kept 2 for rental purposes; so I have an example of what I can do, which I could show and possibly gain the realtor's confidence.

Sorry, I've said much, but I want to give you a good picture of where I am at with this plan, so you can best share your experience as to the best way to secure this deal.  Obviously I will do due dilligence during my feasibility study, whether its worth tying myself in.

Thanks in advance

Kelvin.

Yep, that does J... It has sunk in clearly now.  Thanks for your time and effort to explain this to me; very much appreciated

Kind regards

Kelvin