All Forum Posts by: Rob Dowsett

Thanks @Matthew Nore, I will look into a flat roof person and the CRCA.

I am not sure where I should be posting this, so I put it here.  Sorry if it is not in the best category. We had some roof work done about 4 years back, putting a peaked roof over a flat roof (flat roof leaked, we had it repaired, it leaked more...lawsuit, blah, blah, blah...ended with peaking the roof). We are experiencing cracking, and what looks like possible water damage inside the house on the upper floor ceiling. There are no pipes in the area, and the space between the peaked roof and flat roof is completely dry. I am looking for someone in the London area to come and look at the situation and determine what the issue is. Do you have any recommendations as to who I should contact to figure out what is going on before we start ripping the house apart?

Thanks,

Rob

@Thomas Lorini, my response is pretty much exactly the same as @Jacob Perez. Partners are vetted up front, I am the managing partner, and a JV agreement is done up by a lawyer knowlegeable in real estate investing and JV's. I like the sounds of Jacob's JV partners. Ideally, I want partners to front money and not want anything to do with the actual property.

@Robert Sun, I noticed the respondents to your post have all been in the US.  I don't have an answer for you, but I do know many resources found in the US are not available, or as extensive up here.  If you find the answer to the question, and it works in Canada, let me know.

Thanks,

Rob

@Ryan Kirk, @Kendra P. is correct, you can design the partnership anyway you want, as long as both parties agree. If you are looking for some selling points for yourself with your JV partner, I read a book by Don Campbell (Real Estate Investment Network) called Real Estate Joint Ventures. It is a good book for learning about the process of JV's (and it is Canadian).  It seems you are well underway, so the section I would direct you to is called "Workshop 6: Choose the Right JV Partner".  This section actually has a list of what each party typically brings to the table.  The list for the Real Estate Expert is almost 3 pages long.  So it may be worth picking up a copy (btw, I have no vested interest in the REIN, although I have read several of Campbell's books).  Even if you don't pick up a copy, you can be sure that you bring much more to the table than most people realize.  I am sure if you take 10 minutes, think about EVERTYTHING you do to put a deal together, and write it down, you would come up with a pretty extensive list that would help any partner to see your value (if they need one over and above the returns mentioned by Kendra earlier.

@Patrick Kwan, I have property in London ON.  I use HJM Insurance out of Guelph.  They understand the RE business.  I have been very happy with their service, and we get good coverage.  Let me know if you want more information.

Rob DowsetT

@Danielle Fattizzi,  I appreciate the input, and those look like great sites for US research.  Unfortunately, I cannot seem to find any Canadian information.  I do invest in a Canadian university town, and it is great for student housing.

@Darren Budahn, no.  They are unknown to me, for the most part.  Thanks, I will do a credit and background check.  I had thought about credit, but not background.

I am currently working through my first 2 Joint Ventures. I am at a point with the first, where all the direction and literature I have is telling me to do due diligence on/with my co-venturer. What exactly am I looking for? Should I be requesting credit scores, or is JV due diligence something different? What due diligence do you do on/with your coventurers, when going through the JV process?

Thanks,

Rob

@Abhi Golhar, thanks for that. It is actually MFR, and I assume the same would apply. I work with 2-5 plexes.

thanks,