All Forum Posts by: Mazen Al Ashkar

Hello BP,

Just foreclosed on a property in Daville, VA. Looking forward to connecting with investors or wholesalers interested in picking up a property in Danville. Very motivated seller :)

Cheers

Mazin

lol @Scott Carson you misunderstood, the warning was for Zach and i was recommending he takes your course. The mention was for "Totally agreed". 

Cheers

Totally agreed with @Scott 

@Scott Carson....be careful who you buy from, and if you're new to this, be careful what you buy. Maybe you should consider taking a course before you purchase anything.

Thank you for all the feedback!

Perfect. Sorry I should have clarified. This is exactly the option I wanted to provide. I'll check it out.

Thank you Roy and Anna

Hello, 

What is your favorite method of payment online for rent as a landlord? I was looking into rentpayment.com or yapstone.com for my units in Montreal but they only seem to work in the US. 

@Olivier LePage @Guillaume D. any thoughts? 

Thanks

Mazin

@Account Closed Very helpful! Thanks. I just sent a note to Doug and i'm also speaking with some Canadian banks that would lend on US property!

@John Warren Thanks for the reply; Yes, i usually order a BPO and also, i ask 2 RE agents for CMAs. Good point though. 

Yes, i need a property manager, so it will be great if you have someone active in Evansville, IN. 

Also, let me know if you have any ideas on financing. Main issue i'm having is finding a lender who gives money to Canadians. 

Cheers

Mazin

Hello All,

I'm trying to set up a deal in Evansville, IN,3 bd, 2 ba, 1,138 sq. ft. currently has a tenant paying on time 1000 a month. House needs no rehab, new hardwood floors and roof was done in 2013. 

This house belongs to a very good friend of mine, he recently moved out of state and would like to sell it, cash out the equity (has 50k remaining on mortgage) and put 30k as a downpayment on a new house to purchase where he's currently living. 

His main motivation is the 30k, he did mention he wants a 100k which after my research proved that it's the ARV. He thinks he can sell it for 112 or 120 based on comparables that are a bit far from his street. I'm an out-of-country investor (Canadian) and i only invest in non-performing mortgage notes, so buy and hold is kinda new for me. Any advice on how to set this up is appreciated.

I know he cares about the 30k downpayment. 

He doesn't mind if we come up with an approach where he ends up creating a note (Assuming he has the downpayment somehow)

He has a good job and not really pressed on time to sell so he's expecting list price with little negotiation room 

He said he will reach out to his lender at the bank to introduce us and see if she can lend to canadians. 

I'm going to brainstorm on this by myself but thought i would write this here first to pick your brains!

Appreciate the help

Cheers

 Hi @Harpreet Walia, 

Not sure this would help but i'll just tell you my opinion, since i currently have the situation you will have in the future (Canadian but invest in US). 

I generally NEVER make any decision based on how much taxes i will end up paying. To be completely honest, this is the last thing i think about, as there are many ways (with a good accountant) to end up reducing the tax bill. However, in my opinion, this should not be the basis of your decision. 

There are a couple of things that come to mind:

- Are these properties cash flowing today? 

- Are you happy with property managers? i.e. you don't have to personally supervise their work and won't need to be on the ground? 

If the answer is yes, i'm really not sure i can recommend that you ever sell them. If anything, (Depending on how long you've had them), i would try to refinance and get some equity out to invest somewhere else, which will not trigger capital gains. 

Hope this helps

Cheers