All Forum Posts by: Myles Chaulk

hey everyone I have a question.. So my wife's grandmother owns a house in Toronto with 0 mortgage on the property. She is well into her 80s and when her day finally comes she will be leaving the house to her two sons. My father in law does not have the greatest retirement set up for himself. What i want to know is , is it possible to use seller financing to purchase the home from him and have my wife and I pay him a monthly income while adding that house to my portfolio. Then in the future could I refinance and use the equity in that home to fund other deals? I truly am looking to make a win win scenario for everyone. My father in law has a secured retirement and I add a duplex in Toronto to my portfolio.

I greatly would appreciate any and all advice on this

Myles

0 Votes

Hey Dom

I am looking to buy and hold single family homes , duplex or triplex. I'm living in Toronto Ontario Canada . I'm looking for projects that require rehabs that I can add value to . Specifically with hvac problems and bathroom issues.

thanks
Myles

Quote from @Dom Battezzato:

Hey Myles,

Welcome to RE! What type of real estate are you looking to get int

0 Votes

Hey Dwayne

thanks so much for your advice!!!

Quote from @Dwayne Poster:

I have a good friend here in BC who owns an HVAC company and they are very busy. I'm an Electrician and do my own work. I would say get a Realtor lined up for MLS feeds. Find neighborhoods in transition and track sales to get a handle on pricing. Confidence in pricing gives you motivation to evaluate and act on opportunities as they come up.

0 Votes

Hey @Nick Vazquez

Thanks so much for your input. At this point I'm very very new. With that being said believe a buy and hold will be best for at least my first few properties. Once I have a solid foundation then I could look more into flipping but my personal goal is to have 50 properties by the time I'm 50. ( I'm 34 now and I have 1 property). Thank you so much for your reply and advice. I look forward to connecting with you.

thanks
myles

Quote from @Nick Vazquez:

Hi @Myles Chaulk,

Welcome to BP! Are you looking to do long term buy and holds or are you looking more to flip homes? You can find deals that need some renos everywhere, whether you cold call, send out letters, network with other investors/realtors/wholesalers or even just look on the MLS.

Looking on the MLS is obviously the easiest way to find some properties that need some work but you will also have the most competition. Things are slowing down a lot right now though and there is a lot of opportunity to swoop in and buy a home for much less than it would have been 3 months ago, without a ton of competition.

Please reach out to me if you'd like help with any on-market properties. I also have a seller who is going to be selling their property this year in Toronto and it's going to need some work (with the potential to be converted into a triplex).

Hope that helps!

0 Votes

Thanks so much!!! I will be sure to use as much as i can from this site

Quote from @Justin Windham:

@Myles Chaulk

It’s nice to have you on Bigger Pockets!

Make sure you check out all that this site has to offer.

There are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro

1 Vote

Hey there bigger pockets!

I have just finished the books the brrr strategy and rental property investing and in the book it says to make a post on here to get started so here I am leaping into the unknown.

a little about me

I live in Toronto, Ontario, Canada. I was a chef until 2019 forced me to look at other options. I have since changed careers and now I'm presently working in commercial hvac. I have my gas license with a specialty in ductwork and airflow. I hope to use my skills in hvac to rehab potential properties to increase there value. Presently I own one condo with a tenant and I am hoping to find projects that need rehabs specifically bathrooms, kitchens & hvac. I would greatly appreciate any advice you may have on how/ where to find deals like this. Looking forward to interacting with the BP community.

thanks in advance

Myles Chaulk

1 Vote

All Forum Posts by: Myles Chaulk

Myles Chaulk has started 2 posts and replied 6 times.

Post: turning seller financing into my father in laws retirement

Post: New to real estate investing. Looking for advice

Post: New to real estate investing. Looking for advice

Post: New to real estate investing. Looking for advice

Post: New to real estate investing. Looking for advice

Post: New to real estate investing. Looking for advice