All Forum Posts by: Mark Brazier

Thanks for the input @Leon D. But is there no benefit of an appraisal for leverage purposes? I'm thinking I can reappraise for about 30-50k more than I paid for it when I bought it. @Sarah Ziehr this is the only reason I consider getting an appraisal. To access equity.

I'm looking to get my home re-appraised for leveraging purposes. I am not positive what it is assessed or appraised at currently but I paid 200k for it and I'm estimating a current appraisal of 230-250k. I am wondering if there are any increases in property taxes etc. if my home becomes more valuable through the appraisal. If there are anything else that anyone can add feel free. I'm located in Ontario.

Thanks

Yes this will be for ontario @Brian Gibbons

So my specific thought process for setting up a deal would be something like this.

I find and approve a tenant buyer. I allow them to shop for homes. I then approve their choice of homes. I make offers with exit clauses. If my offers are accepted I contact the tenant buyers and get our lease and option to purchase in place as well as some skin in the game from the TB such as 3-5%. I base our terms on fair market value and not what I paid for the property "make money in the buy". Also I believe in the terms I should have a different price for each year in our term. For example if average appreciation is 1.5% in the area then on a 200k property they could purchase anytime within the first year for fair market value but into year one the price would be 203k year two 206k year three 209k etc.

Does this sound correct? I like the idea to have two contracts lease and option. That sounds like a must to save some headaches. 

Thanks

@John Santero@Brian Gibbons

So here's an update! I purchased a property for 137k with a 26k rehab budget and will list for 220k The great news is that based on the circumstances of the property I was able to make 28k in the buy! in 2014 the property was sold for 165k but the previous home owners just abandoned the place and left the private mortgage holder with the expenses. He wasn't too upset to let it go for 137k. 

This is mine and my partners first rehab but so far so good. We have learned a fair bit about rehab expenses and management and we can see the light! @Steve Vaughan

I'm looking to broaden my real estate library with something on lease options. Does anyone have any good recommendations or any advice on the lease option strategy? 

Thank you for the quick feed back. Good to know. I just met with my lawyer today and told him I'd be coming up with lots of questions concerning these endeavours but I figured I'd get some input here as well!

I have acquired a couple of properties through the MLS but I am now looking to start my own lead generation and to do so I am trying to come up with a business name to appeal to people who would like to sell their homes. If I call myself a capital company but use my private lenders money is that legal?

So for example can I call myself Joe Blow's Capital (example) but actually use my lenders money when the transaction is made?

Happy new year to the BP family. I hope everyone had a great season in 2015. 

A few words of inspiration to new investors. I would like to share my story thus far. Several years ago I bought my first owner occupied investment property afterwards my investment dreams and progress remained stagnant for several more years because I didn't put the work into learning. In 2015 I got strict with myself and decided I was going to step up my game and get out there and do something. I put the work into all aspects of my personal development and made some very important connections and relationships. All of which I would not have made if I didn't put the work in. I was able to purchase my second property in December with none of my money down and am now in a position to accumulate properties more easily in 2016. In 2015 I sold myself and became an authority in real estate investing and thats what it's all about, building your personal brand. 

Best of luck to everyone in 2016. I also joined BP in 2015 and was part of my success. Thank you! 

If anyone is interested in my suggested curriculum of materials send me a message.

Cheers!

Mark

Thanks for the input Jay!

Our Market is fairly tame. nothing too crazy happens either way. Over the last several years we have averaged approximately 1.5% appreciation per year or less depending on the area. The property is assessed at 133k.

In general fix and flips are not the greatest strategy here unless the property is acquired at a great price and the seller is very motivated. We need to find a large portion of our profits in our purchase price. 

I plan to have the work done in 6 months or less and interest from my lender is 9.5%