All Forum Posts by: Ryan Martin

Thank you @Kyle Spearin !! Definitely a learning process every month

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Petawawa.

Purchase price: $240,000
Cash invested: $23,000

Small multi-family with a down stairs apartment (granny suite)

What made you interested in investing in this type of deal?

Loved the lower apartment, and knew that it was going to hold value but most importantly that it would rent right away.

How did you find this deal and how did you negotiate it?

Found deal through a website called Remax. And negotiated price after walkthrough and inspection.

How did you finance this deal?

Down payment through personal funds, and mortgage through credit union.

Lessons learned? Challenges?

Lesson learned that I need to know more of what rent goes for (asking prices) and that there are larger costs that go into the sale or purchase of a house

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with an agent who helped me through the entire process and really got me understanding everything.

@Chris Baxter I am planning a BRRRR so im not all that worried because its not like im trying to get it back on the market. I wasn't sure what the state of people working was. Its good to know that the people who make the deals go through are still out their working. thank you!!

@Spiro Klonizakis my specific concern is that the stores (such as Home Depot, Lowes, Rona) wouldn't be open or giving business due to all of this. It is good to know that if contractors are still working that I must assume the materials they need to complete jobs are still avaliable! thank you!!

Are either of you seeing this right now as a buying opportunity? Or due you believe that is still yet to come?. I think that if this stays this way people will be willing to accept much lower asking prices or at least be willing to negotiate more (due to their low income and other financial burdens). Any other outside the box opportunities that this will cause? 

Again, thank you very much for your thoughts :)

Good morning all,

The title of this post is pretty self explanatory, however my question lies a bit deeper than that. With a pandemic, are you able to still find Contractors, Lawyers, and Real Estate Agents in your area to continue work? 

I am doing everything else possible (running analysis, calling property managers, reading, and general research) to close on my second property. I personally have no problem doing Real Estate deals during all of this, however, if I can't get the property into a rehab, or even close on it, am I just left waiting? 

Thank you.

I've had 100% of my rent paid. With the rental that I currently run I rent to government workers (military). They are still on regular salary work and are receiving normal, pay cheques.

Good morning!

so I have currently been looking in the Guelph area, due to some friends I have that go to Guelph U. Great city to want to buy in.The only thing is that when looking on MLS sites, you're not going to find a lot of listings (or great ones) due to a lot of people wanting into this market. Simple fix is to really be motivated, find a neighbourhood you like, get out and either door knock, send flyers and keep calling. This is an amazing place to want to get in at. I am mostly in Brantford area which is not all that far away. good luck and stay in close contact for any questions.

Its funny because I just inquired about a VTB (seller finance) and the first thing that the Real Estate agent said was "The owner is in no position to hold financing" which okay if that's true so be it; however, there should be follow up. There is no reason that a term or arrangement can't be met. I do feel as if a lot of these agents don't understand how it works and are very uncomfortable with it when it is really quite simple. 

The problem with what you just said is that you're worrying to time the market which is something that within the past two podcasts that bigger pockets real estate has put out, isn't worth it. 

If the deal is good its good. If it works out it works out. It could tank, but seeing that as a better buying opportunity doesn't work because as everyone knows you can't time the market. 

I hope this helped out! I am also an investor in Ontario and will hopefully be closing on a cash flowing BRRRR soon.

I strongly believe that at this point you really do have the answer to your own question. You have the reserves if something were to go "wrong". the property will cashflow (provided you have tenants) and during this economy, cash flowing properties are going to be the only thing that keep you going.you still have your career meaning you still have income flowing in open your end. I feel like you know exactly what to do. 

@Melanie Dupuis I spend a lot of time in Petawawa near you, but yes the southern Ontario is where I tend to do most of my research for my real estate however I do it up in the greater Ottawa area too