All Forum Posts by: Ronaldo Reyes

I am a complete newbie and would like to seek some feedback on a Turnkey Real Estate Company called Platinum Properties Group? I've seen them on the back cover of CREW Magazine and was just wondering if anyone here has dealt with them before?

Thanks in advance for your inputs!

Have a great weekend everyone!

Cheers,

Ronnie

I have never actually dealt with them, but I have heard of them. I know very little. I suggest looking into them in terms of how they operate. Are they really a Turnkey provider, or do they just sell homes off of the MLS for commission? Ideally, a Turnkey company should own, renovate, and manage the property all in house!

Try looking at:

The Best Types of Markets for Profitable Turnkey Properties

and

What to Ask When Working With a Turnkey Provider

Hi Tom,

Thanks for the response and the links! Will look into these! Great questions to ask them too!

Cheers!

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Hello everyone,

Just thought of bumping this up, wanted to hear any feedback or experience with this Turnkey Company called Platinum Properties Group? I initially spoke with them on the phone. Currently they are working on a project in London, Ontario, mostly condos though. Prices in that area look relatively affordable compared to where I 'm at, but then again I have no idea why that area is priced like that. Any information/comments on the matter is greatly appreciated! Thanks in advance!

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Thanks for the response Marco!

Haha what can I tell you, prices are still insane here at BC specifically within the Vancouver area (at least for me at my level)! Trying to get a pulse on the "a-couple-of-hours-drive-from-where-you-live" properties, but it seems with only the MLS here in my case as the source, it will be quite a while and a challenge for newbies like myself to get even get started. But I'm sure it's out there!

Thanks again and have a great weekend Marco!

Continued success to you as well!

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Happy Friday BiggerPockets Members!

Thanks in advance for your inputs!

Have a great weekend everyone!

Cheers,

Ronnie

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Originally posted by @Tanya Braun:

Hi Ronaldo,

I am from Vancouver and know how tough it is to get started in this area! It is extremely hard to find cash flowing properties and multiplexes are out of the question for regular working families.

My suggestion would be to start with something for your family to live in for a few years and to build equity. Something that allows rentals and is close to transit so when you do have more equity you can pull it out, buy something else and rent your first place out. Grow your portfolio slowly. In my experience the key is to get into the market. You have to buy into a good building though.

Another option for living in is cooperative housing. It is such a great alternative for families! Many people are not familiar with what it is or think it is low income housing but it isn't. It is affordable housing for anyone. In fact now most require you to have a minimum income. It can take quite a while to get into but there are hundreds of co ops in the lower mainland. We lived in one in False Creek. It was a two bedroom condo and our rent was $1000 a month. Another family who lived there moved into a co operative town house complex in Richmond when we were there. They're everywhere. You could have a bigger place for your growing family and buy an investment property.

We are actually considering moving back to a co op and renting out our townhouse because our experience was so good there and it's such an affordable option.

Good luck to you and your soon to be family of 4!

Thanks for this @Tanya Braun! I honestly did not know about this kind of program and I did find some of them here in Richmond! I will look into this further to widen our options! Thanks so much for the lead/info!

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Originally posted by @Chris Walters:

Ronaldo Reyes Tristan Kovero property hacking is the way to go! I don't know if you guys have a big market of duplexes or triplexes, but i would go that route. To me it makes no sense of renting one place and leasing another. Reside in the property and ren out the 2nd unit. That way, the tenant is helping you pay mortgage.

Thanks for the response @Chris Walters! I'm really trying to get a chance to get an ideal property like that and will have to really look harder! From listening to Brandon Turner's REI Origins, I'm really hoping we can get that kind of break here in BC, Canada too!

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Originally posted by @Ali Boone:

Well I'm always in favor of buying investment properties over primary houses, but you'll have a hard time finding cash flow in Canada with rentals. So unless you are willing to buy in the US or can find some cash flow somewhere, it's hard to say.

If it helps with things to consider, check out-

https://www.biggerpockets.com/renewsblog/2014/01/1...

Hope that helps!

Thanks for the awesome article Ali! This really bring me back to reality! It can tend to more of an emotional decision rather than an investment when you look at properties then you look at your family who will be living in it! This is a wake up call I needed and not to mention, to do more homework on our options and on myself! Thanks again Ali!

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Originally posted by @Account Closed:

@ Greg S. I completely understand your view of a personal home being a liability rather than an asset although I am in a similar position to Ronaldo and I just can't help but think paying off my own mortgage would be better than paying off someone else's. The difference is that I would definitely be paying more and so have less cash available to save and put to work.

Thanks for your input Account Closed! I do remember in one of the seminars I've attended there was something being mentioned that living in a house that is not cash flowing is in the (0). But renting like what I am doing right now, is in the (-). That sure is what is going on in my mind right now, at least as previously mentioned, building equity in a primary home can also be a forced savings plan that at least you can utilize instead of just payign off somebody's mortgage. Of course, Renting is temporary but with the prices here, it would a looooong time to come up with a decent Downpayment. Not really thought about looking for a Conventional or Private Lender too. There's also the buying in areas of BC option I got in touch with a number of Mortgage Brokers and they all said the same number I can afford, which just puts me in the 1-2 Bedroom/ 1 Bathroom bracket in areas like Surrey, Langley and up to Abbotsford. I guess what I can do and focus right now is to make sure my own "financials" are in order so when a "deal" does turn up I will be in a better position to capitalize on it. I just don't know how other newbies were able to do it/get started here in BC...

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Originally posted by @Account Closed:

@Ronaldo Reyes

I am in the same market and at the same crossroads. Myself and gf are trying to figure out if we should buy a live in investment (rent out a room), or continue renting and buy a rental in a more favorable market. In order to come up with a solution I made a spreadsheet (and upgraded) based on a screenshot of a spreadsheet I saw here.

The below screenshot is off a potential live-in situation in the market we are looking at. The spreadsheet works through all the expenses and spits out a summary in orange basically outlining where we would stand in 1 and 3 years along with the outlay required. The rent reflects us renting out a single room, so the cashflow would show negative. After 3 years we expect to be ahead a whopping $1084, however we have saved on a years rental and included our bills.

In the second scenario we stay renting but buy an investment property. As you notice the expenses and financing assumptions change as we now have PM fees and 20% down. from this example after 3 years we would be in the hole for -$13268 and a larger cash outlay, not ideal. In this comparison it would make sense to go with the first option.

Now these are just two of many comparisons I have done, but it certainly is the best way to start figuring out different scenarios, which will ultimately give you a more accurate framework to make decisions, like; at which threshold does a rental make more sense than a home and vice-versa.

Happy to answer any questions if you have any.

Thanks so much for taking the time for this Tristan! These are numbers I would not have thought about myself. End of the day, we don't know what we don't know and it is really up to us to equip ourselves with knowledge (and a downpayment!) and make the numbers work if they make sense. Thanks again and I wish all of us luck in finding those "deals" here in BC! Cheers!

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Hi Greg S., thanks for the input! That is exactly what I was thinking, that I might be into it emotionally/subjectively now rather than objectively. I like that perspective of it as "a lifestyle decision, not an investment" piece.

Yes, I might just be "settling" for a Condo because that is the only thing in our price range right now and mistaking it for a great/considerable source of cashflow in the process. Might be convenience vs. common sense.

Will Townhouses/Townhomes be in the same issues when it comes to Cashflow?

Thanks again Greg for your time and awesome feedback!

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All Forum Posts by: Ronaldo Reyes

Ronaldo Reyes has started 2 posts and replied 13 times.

Post: Quick question on Platinum Properties Group...

Post: Quick question on Platinum Properties Group...

Post: Quick question on Platinum Properties Group...

Post: Quick question on Platinum Properties Group...

Post: Newbie looking into buying: 1st Home or 1st Rental Property?

Post: Newbie looking into buying: 1st Home or 1st Rental Property?

Post: Newbie looking into buying: 1st Home or 1st Rental Property?

Post: Newbie looking into buying: 1st Home or 1st Rental Property?

Post: Newbie looking into buying: 1st Home or 1st Rental Property?

Post: Newbie looking into buying: 1st Home or 1st Rental Property?