All Forum Posts by: Larry Smet

@Brie Schmidt, you'd probably know better but I also believe that they generally don't evict between mid-December and into the new year.  Of course, with a winter like last year's that moratorium can last a while.

Totally agree though - sometimes the court process can take a while anyway so it's not worth wasting any time.

Good luck

You're welcome @Lisa Lavie 

PM me if you're still interested and I'll put you in touch with my accountants who specialize in cross-border accounting.  They specialize in real estate, but it wouldn't surprise me if they know about cross-border work arrangements.

Hi @Account Closed 

Thanks for tagging me @Brie Schmidt 

As you can see, I'm not too close to BC and can't comment on your market.  However, if it's anything like a lot of major Canadian centres, it will be difficult to get a good cash-on-cash return.  That's one reason I invest in the US like @Shahriar K..  My market is the mid-west - mainly in Chicago.

By the way, if your COC is so low and your Total ROI is 12-14%, it looks like you may be assuming a significant rate of appreciation. I'd caution you to not assume you're going to get any appreciation, especially if your market is overheated like some Canadian markets. Depending on where your market is in its cycle, it can be a dangerous way to base investment decisions. There's lots of posts on the subject on BP and some people sit on the other side of this fence, but many buy and hold investors base their decisions only on their cashflow and any appreciation is just a bonus.

As you research your market you'll get a better and better idea of how good of an investment is in your town. I'd suggest networking with some other RE investors in your town or area - look for a REIA in your area or start one yourself.

Good luck and let us know how it goes.

Larry

Welcome @Lisa Lavie 

It's nice to see other Canadians investing in US real estate - even if you live in NJ now. lol

I live in Toronto but invest in Chicago so I can give you a few tips about investing out of state (or out of country for that matter).  Mostly it boils down to putting together a solid team of professionals that you can trust in your chosen market.  It takes some time, but it can make or break your investments.... and when you put a great team together, it's amazing what can happen.

Btw, you may want to look into a series LLC - I know some investors use them extensively in Chicago for all their holdings. You will likely have to buy in your own name (to start) and then transfer title to the LLC though, in order to get a mortgage on the property (unless you're buying enough to get a blanket loan or portfolio loan).

Feel free to PM me if you have any questions.

Happy investing

Larry

Welcome @Tony Jordan 

Keep us posted on how your learning goes and what you decide to start focusing on and where.  Are you planning to invest in Chicagoland?

We flipped a turnkey 3-flat in Bronzeville to an investor from California, but my broker found them through his network of brokers that deal with investors...  so I guess my advice would be to get a good listing agent in addition to the above  ;)

Welcome @Laura L. 

I recommend setting up a keyword alert for "Chicago" to see what's going on in Chicagoland.  I've flipped several houses in Logan Square - it's nice to meet another BPer in the area.  @Brie Schmidt is a buy and hold investor with properties not far from yours.  Also, she coordinates the Chicago meetups - she'll probably chime in now that I've tagged her.  :)

Happy investing

I use general contractors for my flips and always have a significant holdback.  In the past couple years I've also instituted a "mini-holdback" of $500 for 30 days after the punchlist is deemed complete and the main holdback is paid.  That way there's some incentive for the contractor to come back if we find some issue that was overlooked when putting the punchlist together.

I use hotpads.com as well - it works better in some areas than others, but the interface and information presented can be handy

Welcome @Kasey Ryan 

Good call introducing yourself here.  There's lots of us that invest in Chicago and you'll find a lot of support through BP.

If you haven't already, I'd recommend listening to all the BP podcasts.

Happy investing