All Forum Posts by: Philippe Laurin

Hi!

Managing my properties is starting to use a bit too much of my time, so I'd like to find someone who is interested in learning the ropes of property management in exchange for real estate investment mentorship. Hourly compensation could be done as well. Just to be clear, I'm not looking for an employee, I see it more as some form of evolving professional relation where we help each other.
If you live in Montreal (Quebec), are fully bilingual (French + English) and are motivated, please feel free to reach out so we can see if we can make this a win-win.

Hi @Chris Shea, no I didn't find a better solution yet :/

Qualifying for mortgages will indeed be more difficult if you don't have a steady job. The best way to get around this hurdle is to have a partnership with someone who does have the job security (and funds) while you handle the dirty work.

I wholesale some of the deals I find (Montreal area). Do you have any specific questions? Feel free to PM me.

@Shiv Dutta, it's possible to have a LOC from different banks, but they'll each look at the financial situation and borrowing capacity of the company and its owners. This means that once you have a company LOC, you would need to disclose this when applying for a LOC at another bank, AFAIK.

@Shiv Dutta: Correct, this means incorporated. For example, you create Company XYZ Inc. Once the company is created, you go a bank and ask for a company credit line. Because the company is new, they will ask for personal financial information, and if all is good then you have a credit line you can use. 

Additionally, if you open a company you can usually get a company credit line from a bank fairly easily in the 30k-60k range, sometimes more, depending if you have a good job and good credit score.

Being very close to the sidewalk/street can complicate things if you need to work on the building's foundations, if you need to change the water lines, etc.

If it's a good deal, just factor this in and adjust the repair costs if needed after the inspection.

Agreed with @Rodrigo Parada, it's possible to find cashflowing properties in the GMA, we bought a few in the past year. You have to be very selective.

If you want to have an idea on the rents for an area, zipplex.ca is a great tool.

@Maxime Laroche, in Shawinigan's case I heard that it can be hard to collect all rents, and tenants don't take care of the properties, which translates with higher maintenance cost.

I heard good things about Sherbrooke, it seems like the student market can be lucrative.

I'm no expert in these 2 markets, I suggest talking with people who have more hands on experience with those markets.