All Forum Posts by: Lu Bien-Aimé

@Russell Butler Hi Russell, very cool that you are investing in Sherbrooke and also helping others that are not familiar with the intricacies of the market.

I am also looking at Sherbrooke to invest but I also live in Montréal. So the distance is one of the things that make me hesitant.

I assume that since you are present you are not using property management for your property, which is one of the things I'd have to look into. I am looking at markets closer to me for that reason, but none are as solid, "city wise" as Sherbrooke.

As you said inflation of the housing market in the Estrie region has not happened yet but it will within the next decade or so which means that it's definitely a good time to buy and hold.

@Derek Gibbs Congrats!! What were the hurdles that delayed the process?

@Rufus Crumble Private lenders are your family, your friends, or perhaps someone who has their house paid off and a REER who wants more return on his/her money with real estate as the vehicle.

@Rufus Crumble using fictitious numbers, let's say you have a $400k to invest, yes you could put the whole amount in a $400k rental income property such as a quintuplex that generates you a cash flow $500 a month ($100/door). However, you would not make your money work for you the way it could. With that same $400k you could put 5 20% downpayments on 5 quintuplex which would generate you $2500 of passive income. Using the same scenario, if you were able to put only 10% down per deal, you'd make $5000 a month, and 5%, double that. So to answer your question, put the least amount of money down and repeat the process.

@Axel Ragnarsson Good stuff! Congrats and great advice!

Hey @Philippe Laurin, one good way that I've heard is to go to sites (kijiji amongst others for example) from a renter's perspective. There you will find the contact info of the landlord. Similarly driving by and seeing "For Rent" signs also will prevent you from knocking on doors. 

But to answer your question, I'd knock and say Hi I'm looking for rental properties such as this one, are you the owner? (No.) Okay do you have his/her contact info?

I think it's a cool and proactive approach, as well as a number's game so it may sensible and effective for some snd not for others. Best of luck!

Lu

@Cheryl Daniels Your tenant's "property" (which is likely personal items) are in your legal property. It seems your tenant missed that point. Sounds like a difficult tenant, so I'm curious to know if you have any existing stipulation that could effect the situation in a timely manner. I have seen lanlords provide tenants with documentation to sign addressing outlier issues directly that were not included in the original lease. Therefore, failure to comply within the said time period can/will result in the cancellation of the lease hence initiating the eviction process.

@Stacey Cook Congrats!!

@Warren Garceau Congrats!! 

@Corey Adams Infinite Returns! Sounds like an awesome deal!!

What were your biggest challenges?