All Forum Posts by: Leon Doucette

@Leonel Francis welcome to BP! I've been a pro member for over a year. Along with the previously mentioned, the tools and calculators are helpful. I use these when first analyzing a property to decide if its worth a further look. Pro give you unlimited uses. The well of knowledge provided by the everyone in BP is an asset to anyone investing. Good luck!

@James Collins welcome to BP! I live just outside of the city. We invest outside the city at this moment. Always interested to meet up with local investor. Feel free to contact me I'm in the city everyday. Love hearing the stories on how people got started. Take care.

@Chris Baxter will do!

@Chris Baxter as stated before this is an awesome idea. Accountability reinforces your goals. This has definitely helped me. I purchased my first duplex with the potential for third basement apartment a little more than a month ago. Using the BRRRR strategy. Property was bought as is. Our team in that time has cleared the property of all trees grown and covering the house. Cleaned all contents and garbage from all three floors. House is mostly plaster and lathe, top floor demo is complete and ready for new framing. House needs total rehab, complete new roof with sheathing and shingles. Roof should be completed at end of next week. Foundation needs repair scheduled to start next month. Three new electrical services are completed and we have construction power for the last week. Our goal now is to complete the top floor and ready for rental while continuing demo on main floor. April is our target date for top floor completion and get a tentant. July is our target date for bottom floor. We did not budget for basement apartment reno so this will be considered towards end of project. New goal is both units occupied and providing positive cash flow by July 2023.

Hey BP,

As mentioned in first property coming up post I am looking to BRRRR my first property. Don't want to jump the gun but I have struck and deal with home owner for vendor take back mortgage. My lawyer should have purchase agreement done by beginning of week. As a recent experience has taught me its not a done deal until it's signed. We are looking for a two week close. In which time I get my contractors in to check structure. Home is a total rehab job. If deal goes through I have a year to turn into income property before refinancing and paying out principal. I am in the process of finding an insurance company to insure a completely uninhabitable home that is being rehabbed. I live in Halifax Nova Scotia and if any of my fellow investors doing the BRRRR method have an insurance company they work with to insure at the beginning of their project I could use the contact. Thanks

@Michael McKinders this has been an ongoing issue in my trade as an electrician since covid. The days of quoting and holding pricing for 30 days are over with pricing and supply changes daily. This is the case with all construction materials. I agree with your 5-10% I'm on the higher end of the spectrum. Thanks

Hi BP!

I'm a huge fans of David Greene's BRRRR book it was one of my first reads. I have since referenced the book numerous times. I've actually used alot of the systems talked about in the book to scale my business for my first purchase. One of the systems I've put in place are contractor contracts. I've had these drawn up with the 5% addition or subtraction for job done on time as opposed to going over time line. I love this incentive. Just struggling with how it would be structured for electrical or plumbing trades. These trades are done in different stages. For instance rough in is done before the drywall and fit up or fixture installations after. The time line between these two stages can depend on so many variables. Was thinking of structuring these contracts according to milestones. For instance electrician said 3 weeks for rough-in and 2 weeks for fit up and final inspection. Contract would show start date and finish date for rough-in. For final, 2 weeks complete time and start and finish date subject to change depending on other trades progress.

Guess my question is does anyone use contractor contracts? And if so how do you structure them for contractors mentioned above. Thanks in advance!

@Ryan Dehaney thank you my friend you are so right each pitch gets better. Putting together an business plan for investors to answer any question they may have. Takes the guess work out of it for them and give them something to talk to their people about. Believe it will help the process along faster with less questions.

@Alex Carpio thanks buddy. Good luck too you as well my friend. This has been an exciting journey and as you say the time is now!