All Forum Posts by: Leon Doucette

@Josh Bartlett Congratulations and welcome to BP. Definitely interested in a meet up, feel free to DM. Like you I'm just starting out. Going to purchase my 1st few properties using the BRRRR strategy to build my portfolio. Raising capital now through family, friends, and local clients to purchase my 1st property by the end of May. There's been a lot of steps to get to this point and it's very exciting. Always interested to hear somebody else's story. Good luck!

Definitely not. As relayed by others be clear about your intentions. REA's need to know they are working for an investor. Understanding with that comes alot of viewings and rejected offers. The right REA is a huge part of the team. Good luck

@Chris Baxter I couldn't agree more. I started this journey almost a year ago. The amount of info and advice that has come from BP members has been crucial to this journey. I've have been and continue to raise capital from investors. In every situation with investors I give first and see what I can do to solve their problems or help them out, wanting nothing in return. It has always and continues to help me build relationships to further my goals not to mention it feels good to give. I have not met an investor that was not excited to tell their story when asked. Sharing experiences is what BP is all about. Analyzing deals and sharing contacts is not something that will happen without developing the relationship and giving first.

@Elaine Lee I wish I had something good to tell you but starting this project without permits or inspections is not a good beginning. I'm a certified electrician and have been doing construction for 20 years. Any situation I've ever heard about like yours has not ended well. What is your exit strategy? I'm not a lawyer but if you are flipping, or renting that puts alot of liability on you if something should happen to the property after sale or it has been rented. In most cases the building inspector will have you remove drywall to the studs. Then they will inspect framing, insulation/Vapor barrier , amp final inspection. New walls need to have wiring and plumbing installed up to code, these also require inspections. Rough in inspection, and final. Good luck

@Elaine Lee building code and regulations vary depending on the province. In most cases if you're removing or adding new walls you are required to have a permit. Especially if you're changing the interior structure you are also required to have a floor plan. In saying that there is also other aspects of removing walls that you must consider as well. Are any of the walls load-bearing? Is there Plumbing or electrical inside the walls that will have to be reworked or relocated? Also if you're adding new walls those walls need to be brought up to code and inspected by an electrical inspector. If you're not knowledgeable with construction I would advise bringing in a general contractor to give you some ideas of what you can and can't do. Most times you just have to pay for an hour of their time or a flat rate to give you some ideas. Feel free to reach out to me if you require any more information.

@Roy Cleeves that is awesome congrats on getting there and thanks for sharing

@Aaron Gordy as always thank you I do considered what you said in my numbers always. Have been pre-approved for mortgage. Sitting on HELOC I'm I'm using for reno/holding cost. I love the reinforcement and being a construction electrician measure twice cut once is a moto I live by.

@Paul Sverdlin thanks for the reply in regards to your question the lawyer is our next step. Before this I want it to get a feel for how some people's structure their agreements. I'll give you a little jest of my situation. My client owns a chain of restaurants and has the capital to purchase the property. We have agreed on the loan costing me 3% the loan would be taken out over a 1-year. Depending on the deal and the money left in the deal on once the refinance is complete goes to him as well. And the property is turned over to me to complete the process. He has a targeted ROI that he wants to make plus his interest most of the properties I am looking to BRRRR his ROI between 12 and 15%. I would just like to structure our agreement so in the end if anything goes wrong my interests are protected. Not sure exactly how that works still very new to this. Would just like to have a little more info before I go to my lawyer.

Hi BP!

I have a meeting with a client I work with before. I'm looking to purchase the property using his money. Renovate with my HELOC at 3%. Rent out. Refinance in my name and take over the deed of the property. Once refinancing is done both of our capital would be paid back. My question is how do I protect my interest or structure the contract so I don't leave myself open if something should go wrong? Would like to hear more from investors using the BRRRR strategy with the purchase done with somebody else's money. What's a good percent of interest to offer the lender? How do you structure your agreements with the lender in regards to deed title of the property? Any stories any situations and any help would be greatly appreciated.

Hey BP!

Good luck Janelle third property is an accomplishment that you should be proud of for sure. I definitely look forward to hearing how this story ends. Just as everybody else on BiggerPockets I am always interested in hearing from local investors. If anybody would like to sit down for a coffee anytime feel free to reach out. I love hearing people's stories about how they got started and what brought them into the real estate business.