All Forum Posts by: Meagan Peters

@Nicholas L. Thank you for the reply, and I know...I really would like to go into it all on my own but all of the banks/mortgage specialists I've spoken to thus far have said I need to have proof of income to qualify. I've looked at doing a VTB but my realtor said that this strategy likely wouldn't work with the owners of the properties I'm looking at.

To answer your questions:

1. The few properties I'm looking at are duplexes very close to the University in Moncton and I would rent to students. I'm looking to get in at a price point around the 200k mark and rents would be 650/room conservatively (x6 rooms = 3900 income). The properties would need some work but nothing too serious (flooring, paint, kitchen/bathroom facelifts, etc. so around 30-40k of work) and the ARV would be closer to 300k - I'd like to refinance and do the BRRR strategy if possible.

2. Canada has something similar, but what I've been told is they only use around 70% of the income . Also since I'm planning to use the owner occupied loan to put 5% down, they'll only use one of the unit's income. 

Do you have any suggestions of what you'd do in my situation?

Hello everyone, I'm about to purchase my first rental property (a duplex in Moncton, New Brunswick). I have enough capital for the down payment, closing costs, rehab,... and will be doing the renovations/management myself. The issue I have come across is that I cannot get approved for a mortgage at this time; since graduating university last spring, I've been freelancing (Graphic Design) and although I'm currently interviewing for full-time, salaried jobs, I'd like to buy now, as I've found several properties that I know would be great deals.

My question is: How can I approach/present this opportunity to a possible co-signer and how should the JV be structured? (i.e what would they get out of the deal?)

Since I'll be providing all the money and doing all the work, what would be a fair split? Should I offer them some cashflow? Part equity in the property?...

Any tips/advice would be extremely helpful. Thanks in advance! 

Hello everyone! I am a rookie investor currently living in Ontario, Canada and I was recently made aware of the medium-term rental strategy through a Bigger Pockets Podcast. 

It seems like a very lucrative strategy and I was wondering if anyone has any experience with medium-term rentals in Canada. I assume that the majority of tenants would likely be travel nurses so it seems logical that a market with a large hospital would be ideal...I just feel like there are a lot of cities that have decent sized hospitals so I'd love to hear opinions on what markets could be most profitable. 

I've been interested in markets out east (Nova Scotia, New Brunswick) or possibly somewhere in Alberta, as the purchase prices seem to be much more attainable for a newbie, but again I'd love to get some insight form more experienced investors!

Thank you in advance :)

Okay @Nicholas Coulter, that’s good advice! It’s just that I’m living with her so that’s why I thought it might be extra awkward but I agree it’s best to be honest :)

@Nicholas Coulter thanks for the advice! The person I’m renting too (the best candidate if everyone who applied) asked me what I’m paying for the total rent… what should I tell her? I don’t necessarily want to lie so it looks like she’s paying half, but at the same time if I tell her the real number it would also be weird. What would you do?

Thank you @Trenton Miller and @Roy Cleeves, I appreciate the advice!

Hey everyone, I recently moved into a two-bedroom condo in Guelph, Ontario and I am renting out the second bedroom.

I am renting the condo (I don’t own it) for $2000/month but I will be getting $1250/month (from my roommate. I was wondering how to set up a lease for this type of situation or if anyone had a template for rent hacking that they might be able to share.

Also, should I tell my roommate that they are paying more than half of what I’m paying to the landlord? It’s fair rent to comparable units in this area so it’s not like I’m taking advantage, I’m just trying to limit my personal expenses. I want to be as transparent as possible, but I feel like it might be really awkward and possibly lead to arguments down the line which I want to avoid since we’ll be living together.

Thank you for any advice you have on how to format a lease for rent hacking and how much information to disclose to them.

Thanks @Scott Wolf, @Steven Foster Wilson, @Ryan Howell, this is all really good advice! I think I can see much more clearly what my next action steps will be to put myself on the right path. I really appreciate everyone's help!!

 Okay got it! I will do a 9-5 and do RE in the other time that I have. I appreciate the advice, I really wasn't sure (that's why I made the post), but what you're saying makes a lot of sense. Thanks!

@Bruce WoodruffThanks, that makes sense but I forgot to mention that I plan on using OPM for the purchase. I realized that prices in the GTA are relatively high and, even if I did have much more cash, it makes much more sense to try and do a JV, use hard/private money, seller financing, etc. I included my savings in the post more to reference the fact that I don't "need" to work to pay for my living expenses (in case I wanted to possibly shadow another investor or something where I would not be receiving a lot of income).

I will definitely be trying to get an off market deal, as you suggested. That is one of the reasons I was considering working only part-time, so I could allocate more time to biking around neighbourhoods and stuff.