All Forum Posts by: Luc Boiron

@Marlon Pieris I'm doing a BRRRR in Brantford right now. I got a discount on the purchase price, and it's not a home run deal but it's ok. It's a 1,600 sqft condo townhouse.

PP: $176,000

Reno: $30,000

ARV: $250,000+

Should rent for $1,600-$1,650 + utilities, condo fee of $320/month includes water, exterior maintenance including windows, doors, roof, etc.

Will cash flow a little bit and is in a good area of Brantford where I expect to see appreciation.

@Calus Glispie $1 EM is not a myth, it is possible, but that doesn't mean it's common.

I always want the sellers to be comfortable. My typical EM is $2,500, given in trust to their lawyer, and many sellers ask for $5k+.

The lowest I have done is $10 cash to the seller on a $440k purchase in Ontario that I assigned for $465k. So it can be done.

However, I have a deal right now with a $32,500 deposit on a $325k purchase. I had another one recently where I had to register a $50k mortgage on their property so that those funds could be released to them and they could go and put a deposit on their next purchase and pay some bills.

So small deposits exist, but don't expect most sellers to be happy with it. 

Great podcast, really enjoyed it. She clearly knows every aspect of her business well. 

I thought it was interesting how she sticks to the budget so intensely. I am much looser with my budget. If the property needs more work than I budgeted, than I will spend more, because the property needs it. If I go over budget, either something came up that was not expected, or I underestimated the cost required, but either way, the work needs to be done.

Really enjoyed the podcast. I also enjoyed the Flipping Junkie episode where Melissa broke down where their leads were coming from and all the numbers, that was great. Can't wait for the next one!

There are so many ways to make money in real estate in Canada. I flip and wholesale. I also hold rentals. I just bought a townhouse in Brantford for $175k that will rent for $1,600. 

I also have a cottage that I bought for $130k, spent $150k renovating, and now rent it on Airbnb and cash flow $2,000 a month on after all expenses (except income tax).

@Omar Khan oops I think I've been plucking too much of the easy fruit :)

A car that is inexpensive and good on gas is fine. Just get a hitch put on it, and a utility trailer will handle whatever you need.

I bought my first property at 18 years old and rented it by the room. 

FHA loans didn't exist here, so the best I was able to get was 10% down. Bought a house for $302,000 in 2007. I had saved more than $30,000 by the time I was 18 though, worked hard jobs from 12 years old on, and saved. Also finished high school at 15 and went to China to teach English for two years and saved quite a bit.

You can start young, but don't expect anyone, even a family member, to lend you money to invest if you can't show you are capable of saving some for yourself.

@Steven Gingerich I think when starting out buying under your own name is the best bet. Otherwise just a normal corporation. Having a corporation costs thousands per year to file taxes, not worth it for a couple properties.

Thanks Doug. I'm at the point where I have the basics all working, just trying the little tweaks to improve things. I'll let you know if it makes any difference.

 Yup Doug, I could definitely pull out all my money on a refi and keep the property. It's in Toronto and wouldn't cash flow though.

Also, most BRRR's in Canada and in the US don't have all their money pulled out, but if you can pull out more than your reno cost than you are already doing better than most.