All Forum Posts by: Leon Doucette

@Jordan Bird thank you

@Julie Toh when it comes down to it my investors interest are above my own. They must feel secure and know that I am protecting their interests first. I'm sure the structure and how I present to investors can only get better with the next deal. Thank you!

@Chris Baxter appreciate it I agree 100%, conservative numbers very important. I always add a $ value for extras per trade above bid. As a electrician and someone in construction there are ALWAYS extras. Also usually add an additional 5% -10% on top as the project as a whole. Depending on the amount of unknowns I can't see. It's important to have everything covered before it happens. Thank you!

Hey BP! This journey I’ve begun a year ago has been inspiring, educational, motivational, and exciting. BP has been crucial to my development through webinars, podcasts, books, and tools. These set you up for success. Even still there is more, this forum and the members that helped and continue to help along the way. Thank you all! The goal when I started this was to be ready to purchase my first property by my Birthday May 23. When I started analyzing properties, I wanted to purchase them right away, but I stuck with the plan. Looking back now that was one of the best decisions I’ve ever made. I didn’t know enough to be successful coming out of the gate. A year later I still have a lot to learn and now its time for the hands on. Time for action!

The plan is to BRRRR my first few properties in my personal name. I'm going to buy properties that need a total rehab using investor (friends and family) loan. The rehab is being done using my home equity line, and personal LOC. Rehab will be managed and completed by Pro Management & Services Inc. which is the company I incoraptated in February. I have a CPA I work very closely with, he will be guiding me though this process, and we will be providing financial statements to investors during the project. Once Rehab is complete pre-approved tenants will be moved in producing positive cash flow. After grace period property will be refinanced using pre-approved bank or others mortgage. All Equity will be taken out of property using home line or other products. Investors initial investment and agreed upon interest will be paid back to all investors first. What ever in left in equity will be shared among investors based on the % of their investment in the project as a whole. Investors are repaid as stated and I retain 100% ownership of the property and rental income.

At this point, I have had preliminary meetings with some of my friends and family on my core list to gather interest about investing in my plan. The results have been promising to the point that they want the second meeting to sign the “Agreement to Loan” document. This document will state agreed loan amount, interest rate, date of funds availability, and repayment date. As well as Property/Project approval by investor before funds dispersed. Also continuing preliminary meetings with others on my core list to present business plan. Getting quotes from firms in Halifax to produce loan security documents and promissory note from me. Investors at this point are friends and family and they trust I am doing things right. I want to protect their interests first.

Still a month or two away from my first purchase. The CPA I work with is a valued member of the team. There has been invaluable information that has helped along the way. Next member is the lawyer that is going to help build my business in accordance with the law. Providing the advice and information that is necessary to succeed in this business. Still a few more steps left but I’m excited about the direction. I appreciate any feedback, just a rookie here and knowledge is power. Thanks BP!

@Babatunde Akinpelu I live in Nova Scotia. I use the ViewPoint app and tag properties as my favorite. When they sell I get the notification and once sold I can see what I sold for by viewing the property.

@Kasey Luft there not much to say that has been said. Investors need to see that you have skin in the game as well. Tell them your goals and be confident and believe them. For me it's not just my money in the game it's my financial free/retirement. Also investors must see its a win win situation for all parties involved. Good luck!!

Thanks for starting this Chris. My goals for December 31, 2022 are the purchase first property using the BRRRR method and have ready to rent with positive cash flow by this time. Starting my path to financial freedom. Good luck all !!

@Gurjot Grewal in some case they are going above. The properties we are looking at are mostly complete gut and total reno. Usually the properties that are a great deal do sell for above asking price. In the business money talks. Cash and quick close will sell before someone waiting on financing. I've recently seen a single family easily turned into two unit on mls @ $99,900 it sold for $137,000. But on the other side did numbers on a $40,000 story and a half sold as is it required total reno and it sold for $37,000. Both of which sold in less than two days. Got to be quick.

@Gurjot Grewal welcome to BP! I live in the Halifax area. My target area is within 150 km of Halifax. Mostly rural areas outside the city. Almost ready to BRRRR my first property. The deals are out there once the team is established to find them. Just have to have financing in place to act quick. Good luck!!

@Gurjot Grewal I am a RE rookie and have started this journey almost a year ago. 6 months ago my next door neighbor offered me first opportunity to purchase a piece of property her deceased husband had owned and was selling for $10,000. This is lot only and at the time had a tentant renting the property. Long story short it took her 3 months to get tentant off property. Throughout this process we had numerous conversations. At one point I asked if we needed to have a purchase agreement drawn up. I was advised by her that no agreement was necessary because of the close friendship shared with her husband and this would have been what he wanted.

MISTAKE! I knew the property was worth double that. Advised by my newly acquired lawyer to "GET IT ON PAPER". I approached the neighbor with purchase agreement prefilled out only requiring her signature. Three days later she called and backed out of the deal. I offered more cash, options, she did not want to deal. My guess is she found out what property is worth is deciding to sell at market value. Good lesson to learn on first deal. Moving forward "Get it signed". Good luck!