All Forum Posts by: Michael Hopkins

Hi @David Cam. I'm also a newbie and currently working on scenario #2. Bought a MF 2 years ago and now refinancing to use as downpayment on rental #2. That should give me enough to buy another in the 450-500K range. This time I'm really waying my options to buy another turn key MF or really search to find that coveted under valued house/MF to force the appreciation, then refi again to use that to buy another. Just trying to work the numbers on multiple scenarios to make sure I'm making the right choice. Good luck! 

Made some revisions. LTV after rehab now 65.8%. Although I couldn't find where to input that I'm using a HELOC on another property to pay for the rehab, then payback after refinance. So that will cost me some interest payment's. Also, not sure if my totals are going to take into consideration what numbers will be after refi.

Anyways.  These numbers seem good to me.  So much more detailed than my first duplex purchase!  Back then I was just like "yeah, seems like a good deal, lets do it".  Not trying to overthink everything now, just want to make sure numbers are totally on my side.  Makes me nervous adding a rehab onto my second rental purchase. 

IS the BP calculator easier to use and more in depth? I've ran out of my free calculations. Time to pull the trigger and pay to upgrade my BP account I guess. Still working on figuring what numbers are best in Canada for CAP rate and COC. Again, just want to be 100% I trust the numbers I'm running. Hoping one day I'll make through my calculations as easy as @Brandon Turner makes it look!

@Renee Moomey Thanks for the advice.  Wasn't too familiar with that clause before now.  Thanks for bring to my intention!  Something to ponder before next purchase, especially when seller is holding offers for a week.

Thanks, Chris. Let me go back and check my data entered later tonight.  Snow and landscaping I was going to put on the tenant. 

Maintenance I forgot to enter. 3%?

Yes, forgot about the rent freeze next year. 🤬

Are you truly getting 90% LTV at 3%?. Not sure where the data to get that has been mixed up? Again, let me input the data again tonight when I'm back home and see.

Appreciate the feedback!

Hi Everyone! Was hoping for some feedback on a possible purchase of a SF. Basement is unfinished (😊) So turning into a Multi Family. I've ran the numbers a few times but would love some feedback. I guess this might be a BRRRR? I've used Dealcheck and the BP calculator. I'll share some details from Delacheck below.

Listed for $349,900. Might be multiple offers so I ran the scenario at $370,000.

$1700 - 3 bedroom up - New floors, paint, knock down 1 wall, add washer dryer, modify front entrance for common foyer between units

$1400 - Basement unfinished - turn into a 2 bedroom unit, kitchen, bathroom  - 40'x20'

Widen driveway

Split hydro into two meters

Fix upper then rent (2 months) then work on lower (4 months)

Refinance after 8-12 months. Hope to recuperate rehab costs of $60,000. Using a HELOC to pay for rehab.

It will have some decent monthly cashflow, just not sure about some of the other numbers. COC & CAP rate?

Really apologize if this posts ends up messy and confusing, just looking for some insight on where I'm going wrong or where I can improve.

Thanks! :)

I was holding off a rent increase for one tenant because the other tenants in the building were such a problem this year. I was going to increase it after the problem tenants left end of this month. I assume if I give them the N1 now, the rent increase can still take place for January 1?

Great idea. I was thinking after Thanksgiving but not committed to it. Maybe let the idea float around for a bit and we can get more people involved. (Although a zoom with too many people is hard!)

Hey @Cameron Chambers.  I'm down for sure.  Just started a similar thread today!  Was thinking something in October. Maybe week after Thanksgiving?  

Ah oh. I'm not a paid member either. Let's see what happens! 🤞

I don't think I'm alone in wanting a meetup with fellow GTA members! 

Just gauging from the interest in another Canada thread, I think we need to have a GTA meetup!  I'm new to the BP site so I apologize if I'm missing one that's already running. (I couldn't seem to find one) 

One big hurdle that's really affecting us all these days is the Covid situation. +300 numbers today for Ontario with 112 in Toronto and 71 for Peel alone. So that makes getting together harder and more stressful. I'm sure I'm not the only one with a family and older relatives in that high risk category.  

I was going to suggest a meetup for late October to give people enough time to plan. Let's tentatively schedule something for then, and fingers crossed the Covid situation doesn't escalate us back into a stage 2 scenario. We can always look at virtual as an option as well. (Although I'm sure everyone is growing tired of talking over one another via zoom these days)

Who is interested? Let's see the amount of people looking to meetup then we can secure a location that suits us or take it online and see what happens.

Either way I'm super excited to meet others, learn more and hopefully contribute as well to us all getting more involved in the REI life!

Of course any thoughts, ideas or suggestions from everyone are welcome.