All Forum Posts by: Philippe Busque

Deal fell apart. Turns out the foundation was fine but the roof was leaking and the current owner wasnt willing to compensate for it. He said he'd do the work himself or something and will sell next year.

Whatever, I'll be waiting next year with a lower offer.

Edit: I just reread my last post, jeez it's been 3 months already, I was hopeful he'd do the repaira but he hasnt... roof still leaking... yea good luck pal lol

Your situation is complex, but keep in mind buy and hold corporations pay 50% taxes in quebec, personal is the way to go. If you were flipping or buying buildings with no cashflow it'd be different.

Deal is in standby. Foundation is great but it turns out roof is leaking even thought it was done in 2011, pulled my offer and talked to the owners who said he'd do the work and will call me again, he's also going to deal with other annoying stuff (re-do all 4 electrical panels, insulate windows, insulate the roof too).

If he really does all of this and does it great my next offer will have no conditions and we will go forward. Good luck guys!

I bought a duplex with 30k (13k down) and no "taxable" income but I had an amazing credit score 780+. Most banks didn't even want to consider me.

Get a credit history, it's very important..

Edit: I finally qualified because my dad backed me up, alone I would not have been able to.

Whats your rent/purchase ratio?

If you pay 200k for an apartment but only rent it 1k/m you will hate life. Whats the st-jerome market like? I recommend going to your ocal monthly investor meeting/networking event. Usually the club d'investisseur immobilier du québec runs the biggest one.

heads up for rollz

I played full time for 1 year, I wasn't good enough to pull good money and was miserable (fish on a heater 100%) so moved on, my hourly plummeted when I went full time, glad I tried thought. Good luck man, poker > RE is a great move, do not hesitate to partner up with someone with residency/income, 50% of something is better than 100% of nothing.

You will lose motivation to grind eventually especially if you buy right and get decent income from RE fast, so better be ready to adapt your financial life. ;)

I know a quebecois who invested in florida in the past years but is focusing locally right now.

Im meeting him (in a group setting) monday the 26th, I can ask around for his contact info.

Can you go into more details about your land. It's a power plant oil companies must have access to to operate? I wonder if this is a thing where I live.

Sounds fair, I didnt want to put it under contract but it's by far the best way to go about this. Thanks for the hindsight. I'll offer his asking price on the condition that an engineer looks at it and that he does the recommended work on his dime. I'll keep this thread updated even if the deal falls apart, good luck guys!

Hello guys, I am under deep negotiation with the owner of a quad right now. I could actually pay his asking price if it wasnt of one issue I have no clue how dangerous could be. To get into context, this quad isn't on the market, but the owner did try to sell it before, previous "buyers" backed off after inspection.

Originally it was built the 1890, the interior of the building is actually very clean (I was very surprised), the issue is with the foundation. Here these old foundation are around 3feet wide of rocks and other materials I don't know the name of in english :P . It's also around 3 feet tall, with the snow around I coudln't get a good look at is beside the front of the property. There is a massive crack that runs all the way the rock is, water is not getting in because it evacuates very well and there's a little roof over it. These old foundation always have cracks but this one is biggg and I'm wondering if this could be the reason the old buyers backed off. It's also somewhar diagonale which I heard is a very bad sign.

Can anything be done to fix such a issue? Or will it come back 3 years after patching it? I'm afraid I won't be able to sell the building for retail value if it can't or isn't worth the effort to fix.