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All Forum Posts by: Leandro Zhao

Leandro Zhao has started 6 posts and replied 39 times.

Post: London Creative REI Meet-Up

Leandro ZhaoPosted
  • Rental Property Investor
  • London, Ontario
  • Posts 40
  • Votes 10

@Hassan Habib Yes Matt is right you gotta stay connect. I hope we see you again in the next meetup. Please also try to find a local meetup in Windsor. 

Post: London Creative REI Meet-Up

Leandro ZhaoPosted
  • Rental Property Investor
  • London, Ontario
  • Posts 40
  • Votes 10

@Hassan Habib

Welcome to BP, definitely go to the meetup even if you have no experience in real estate yet. Everybody had been there.

You can learn a lot just by listening to other people.

If you think your level is below zero, you can listen to the Bigger Pockets Podcast but be aware that a lot of information are US based.

I hope to see you at the next meetup!

Post: Accessing "Lists" In Canada - BC specifically

Leandro ZhaoPosted
  • Rental Property Investor
  • London, Ontario
  • Posts 40
  • Votes 10

@Huong Luu That's really good information, Thank you for sharing

Post: 1% rule for BRRRR in Southern Ontario

Leandro ZhaoPosted
  • Rental Property Investor
  • London, Ontario
  • Posts 40
  • Votes 10

The only place I can think of you will be able to achieve 4k a month is in GTA for SFR. You might be able to find a multifamily and get 4k a month, but not for 400k. At current market, this kind of deal doesn't show up often (not impossible).

If you actually want to find this kind of deal, you will need to look for an off market deal.

In case you find this kind of deal let me us know what city you bought.

Post: Cracked window wants to be replaced

Leandro ZhaoPosted
  • Rental Property Investor
  • London, Ontario
  • Posts 40
  • Votes 10

That would depend on your lease. A crack could be cause by an animal or kids tossing stuffs from the outside.

Personally, I would change myself and not charge. You cannot charge for wear and tear.

Post: Hi From Newbies in Ontario, Canada

Leandro ZhaoPosted
  • Rental Property Investor
  • London, Ontario
  • Posts 40
  • Votes 10

Welcome to BP!

Try to look for a local meetup to connect with people who are doing the same as you! I promises you will learn even more!

And maybe you can find partners, mentor, etc. 

Post: How to write an offer in Canada?

Leandro ZhaoPosted
  • Rental Property Investor
  • London, Ontario
  • Posts 40
  • Votes 10
Originally posted by @Chris Habets:
Originally posted by @Leandro Zhao:

 For the condition, would it be the same as buying a property with the realtor? (Purchase price, closing time, if furnace, stove heater,etc are included, financial, inspection, etc)

 Conditions can be whatever you like - "property stays in substantially the same condition", "no tax liens on the property", or, best, "subject to due diligence by the purchaser". Due diligence kind of covers you for everything. The letter of intent mentioned above is also a very good idea, as long as it is clearly a letter of intent and has a due-diligence section. 

I see, This is the kind of stuff that is not covered by the realtor's purchase form. I think I'll have my lawyer to write the a template agreement for this. Thank you so much for the tip.

Post: How to write an offer in Canada?

Leandro ZhaoPosted
  • Rental Property Investor
  • London, Ontario
  • Posts 40
  • Votes 10
Originally posted by @Hai Loc:

You can start with an LOI letter of intent. More commonly used in commercial but why not in your case. It can just be a one pager stating the important facts "purchase price, deposit, close date, conditions, parties etc.." then where you get serious have a lawyer draft out an agreement..

 @Hai Loc That's a very good advice! should i have an template of the letter of intent on hand and give it to people on the spot when I knock at their door?

Post: How to write an offer in Canada?

Leandro ZhaoPosted
  • Rental Property Investor
  • London, Ontario
  • Posts 40
  • Votes 10
Originally posted by @Mike Cumbie:

"I offer to buy this property at ____ for $20,000".. Eh!

 "Sorry, but my maple syrup is worth more than your tunnies, eh"

Post: How to write an offer in Canada?

Leandro ZhaoPosted
  • Rental Property Investor
  • London, Ontario
  • Posts 40
  • Votes 10
Originally posted by @Chris Habets:

You could just write on a napkin "I offer to buy this property at ____ for $20,000" - but I would strongly suggest listening to @Chris Muller and paying someone to have a contract drawn up as a template. There is no registering offers or anything like that - but as soon as you sign it and hand it over it is legally binding. The person who you gave that napkin to could sign it and return it at any time in the future and you would be obligated to buy the property for $20,000, since you put no condition on the offer.

 For the condition, would it be the same as buying a property with the realtor? (Purchase price, closing time, if furnace, stove heater,etc are included, financial, inspection, etc)