All Forum Posts by: Paul H.

For Investing Competent Brokerages: Try Chad Robinson or Sue Hameed or Chris Habets Recommendation.  Casse Desjardins is also a good brick and mortar bank that's good with investment properties.

Speaking with Chad or Sue about what you want to do before purchasing a property will be extremely beneficial, because they will align you with a product that matches your strategy/needs/goals.

Best of luck!

@Matt Clark thank you for taking the time to reply.  

Much Appreciated!

Investment Info:

Large multi-family (5+ units) note investment investment.

Cash invested: $100,000

Phase 0: Secured a Mortgage from Power of Sale, Property has Build by Right for 6 story Multifamily.
Phase 1: 12 months post initial investment, money will be flipped into the Syndication process for the new development. Expectation 6-9 Stories with land assemblies to increase the foot print.

What made you interested in investing in this type of deal?

Passive in nature - strong sponsors in the deal with a real track record.

How did you find this deal and how did you negotiate it?

Through relationships with members of my local real estate meet up.

How did you finance this deal?

HELOC w/ low interest rate. Refinanced my home and wrapped the HELOC into the new balance of the mortgage, saving 1.5% interest. (Thanks COVID19)

How did you add value to the deal?

When I firsts tarted learning about REI. I was bird dogging potential development deals that I stumbled upon while contacting agents all over Ontario. I used a template in Davids Greens Book on Long Distance Investing. That template attracted a lot of attention and made me look more experienced then I was at the time. So i reached out to experienced people in my local REI meetup.

What was the outcome?

Still in development. So far adjacent land properties are interested in joining the development to increase the foot print. More to follow on in the fall.

Lessons learned? Challenges?

If you think it's a deal and you don't know what to do with it, reach out and let someone look at it. Even if it's a dud... you build a relationship with that other team.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Eastern Ontario is where I base most of my investing. If people need help in those areas... please reach out.

Good Day BP!

I am running the numbers on a new build 3-story 12 Unit Multi-Family with an elevator and would like to know the impact on the financials it will have.

What can I expect a new elevator to cost in maintenance, how often are they inspected etc?  

Any advice and feed back would be extremely welcome.

@Jennifer Gligoric, thank you very much.  I made a backup before I grant access and will use your advice as I do my D.D.

Thank you,

As the title of the post, what kind of permissions do I give a VA in QBO?

When I hired a CPA to do the books last year, I just added her as an accountant (From Toronto) and really had no worries. 

I hired a VA on UpWork (from Pakistan) do I give them the same rights? What are my risks? Or is there a safer way to do it?

The work I'll have the VA do, is split the buildings up in the portfolio, run the income / expenses for each building, track the income from the property manager for each building etc.

Thanks BP family.

@Stephen Fryer I'm in Ottawa as well and I am curious about the starting steps to get positioned to buy in the US. Could you point me towards any resources that I could learn from?

Hi Devin,

18 years in here.  I can help!  Connect with me and let's chat.  I love to help guide others.

Paul Hanchard

@Samuel Ksiazkieicz What did you find out?  I'm on the same search path right now.

Good Day BP,

I am currently looking for advice/ideas on how to prepare for what the world is going to be for the next couple months. My questions below are the thoughts I'm trying to figure out at this time:

What have you been doing to either protect or expand your portfolio during this moment of uncertainty?

What are your considerations for buying new property at this time vs keeping an acceptable reserve fund to weather the storm and not miss opportunities due to fear?

How have you been using your time during the last week to work on your business?  (I have been reading books, cleaning up spreadsheets and preparing for tax season, enjoying my family) Is there more I could be doing?

Do you have any resources to recommend for example Courses / Books / Mentor Programs / Zoom groups? I have been looking at the REIN website, but the cost is holding me back at the moment.

Any suggestions / guidance would be  extremely helpful.