All Forum Posts by: Robin Valadares

Likewise @Hai Loc and @Shawn Rea. I'm always searching around the Niagara-St Kits-Welland area for single family and small multi-family homes. 

Congratulations @Terry Nguyen. Great to see a local investor succeeding! Thank you for providing us with that breakdown! Just to confirm, is the unit fully converted yet (and these numbers are actual), or are these figures projected?

@Tim Neufeld, welcome to the BP community! I applaud you for taking the initiative to get started in real estate investing at a very young age! I have some experience investing the St Catharines area and would be willing to meet with you and @Eric Mory and any other local investors to discuss our respective ideas and to answer questions.  I am currently searching the Niagara region for a multi-family rental at the moment myself!

@Thomas S., You make an excellent point about projecting future interest rate increases. I hope to answer your question below.

I've used 10% as my projection for long term repair estimates. My mortgage term is 5 year closed fixed at 3.01%, 30 year amortization. I believe my current rent yet is right around market average for the size and location of the property. My wife and I have a few scenarios for future uses for the property, with one being a sale and re-investment. We are actively reducing the debt load on the HELOC with the cashflow generated, so we are in line in reducing that cost to help service future increased mortgage interest rates.

@Karthik Bonthu I closed on the property in Jan 2017. I used the BP tenant screening guide and kijiji to screen/find my current tenants. My area that I invested in was north St Catharines and close to the QEW. I am currently looking to purchase near downtown St Catharines, close to projected Metrolink expansion 

@Eric Mory I have sent you a private message with my contact's information. Hopefully he is able to help you!

That's correct @Joel Arndt, I purchased it close to 5 years ago, it allowed me to slowly gain more and more cashflow on a monthly basis. In this current market, I find it very challenging to forecast monthly cashflow with pre-purchase formula in that area. I'm expanding my search to the perimeters of Hamilton and out to St. Catharines.

@Eric Mory, I'll gladly share. The property rent is $1600 + utilities. I do not charge anything extra for parking (included in the rent).  I currently manage the property, fortunately with the excellent tenants that I have (likely due to the rigorous tenant screen I was able to conduct with the help of the BP guide), I do not receive many calls or complaints/issues.

The repairs and maintenance that was required for 2018 was a replacement of an Old AC unit for a new one  ($2300) and repairs to the water heater ($80) . I called around the area for a reputable HVAC company to complete the replacement. As for the water heater, my colleague is a licensed HVAC operate and was able to fix it for me. 

@Aaron K. and @Hai Loc, the property is located in Ontario, Canada. It is actually rented as one unit to one family with children, so they make good use of the space. This model generates positive cash flow on a monthly basis. However there were a few months this past year that needed repairs that rendered negative months, but overall it yields positive. 

@Joel Arndt Yes I am, I still believe I am a little under market rent.  The home is rented for a little over $1900 + utilities. I am fortunate that it covers all it's expenses and is cashflow positive month over month.