All Forum Posts by: Sas Sel

Hey @Jorge Vazquez interesting points, yeah I'd love to take you up on your offer re cashflowing zipcodes. 

Fantastic thank you!

Super helpful thank you, very interested in TX especially. I agree, landlord friendly and low/no tax like FL would be great. Out of the list you provided which would be best besides TX and which cities?

Hi Investors!

I'm feeling a bit stuck and hoping I could benefit from your expertise and/or experience in this field, first some background:

1. I'm a Canadian (living in Toronto) and want to quit my 9 to 5.

2. I bought Condo 1 (1 bed) in Clearwater, Florida for $65k (USD) cash in 2016. Netting around $650/month. Condo is likely worth about $150k now.

3. I took out a HELOC on Condo 1 to buy Condo 2 (1 bed) in Seminole, Florida outright for $55k (USD) in 2017. Netting around $630/month. Condo is likely worth about $150k now, HELOC is paid off, owned free and clear.

4. I bought Condo 3 in the same building for $120k in 2020, it's now worth $150k, owned free and clear. Nets $650/month.

I would continue buying in Florida but am getting very concerned with the hurricanes so would like to invest in another state that has something, somewhat close to the 1% rule or can net me around $600+/month. The things I really like about Florida, specifically the Tampa/Pinellas region: honest contractors, honest renters, low taxes, low HOA fees.

I'm interested in a duplex/triplex or another condo as my next purchase but have no idea where else to look. I like Texas but hear the property taxes are way too high. Are there any hidden gem cities and areas within those cities that can get me similar numbers to the above? My budget would be around <$300k. 

@Tyler Stiller thanks Tyler, was it in London, ON? If so, do you have any agent recommendations?

Hey folks! Hope you all are well and keeping safe

I'm based in Toronto and looking to do my first BRRRR in Canada (I have a few buy and hold properties in FL that are doing well but would like to try BRRRR).

I've done a lot of studying and seen YouTube videos but would honestly love to talk to a real live human who has done this. 

Some of my questions include: 

What's a good market (open to anywhere in Canada) where you can still get a good 'deal' for under $200k? (I've heard of Sarnia, Windsor and Calgary?) 

The 'refinancing' part is still unclear to me- many of the real estate folks on BP and on YouTube are unclear about how they get their ARV but seem quite certain when throwing out numbers. Doesn't this significantly depend on the market value of the area, the rent that you actually get from a renter (and not projected) and what the lender will give you in respect to a refinance? For example one real estate person from London stated that if you buy a place for $120k and put in $30k worth of renos and it would be worth $150k, but that's assuming that every dollar of reno spent equals value to the home, is this how it works lol? They then say that by getting a renter in that renovated property, it all of a sudden added $50k worth of value to the home and then you can refinance at the value of $200k since the home is now worth $200k. I'm unclear as to how that $50k added value was arrived at. They did say that in Canada the lenders will give you 80% LTV which I do understand.

Also, when refinancing, apparently you can get a cash out refinance but doesn't the mortgage now increase due to the higher value, does the renters rate not have to cover the higher amount and then some? 

If you are a realtor or investor that has done BRRRR's successfully in Canada would love to hear from you . Thank you!

Thanks @Caleb Brown . Sounds good so I will continue to save up and see if I can continue to buy in cash, but your KC (Kansas City I'm guessing?) example intrigues me, do you have any info in terms of areas that are good in terms of SFHs there? Also if you know of any good non-traditional lenders like credit unions or whatever else as long as they're safe, I'm all ears. Thanks so much. 

@cj.m 

Thank you. Yes I have a property management company that I swear by if not I wouldn't do it. I also have the time to manage repairs/emails remotely and coordinate that way, just need to figure out what the next move is here to either buy a 3rd or wait to save up more.

Hi investors! 

I'm feeling a bit stuck and hoping I could benefit from your expertise and/or experience in this field, first some background: 

1. I'm a Canadian (living in Toronto) with a baby on the way and want to quit my 9 to 5. 

2. I bought Condo 1 (SFH) in Clearwater, Florida for $65k (USD) cash in 2016. Netting around $650/month. Condo is likely worth about $95k now.

3. I took out a HELOC on Condo 1 to buy Condo 2 (SFH) in Seminole, Florida outright for $55k (USD) in 2017. Netting around $630/month. Condo is likely worth about $80k now. 

4. HELOC is now paid off but is a whopping 6.94% interest rate with TD Bank USA, which is why I wanted to pay it off asap and not use it to buy a 3rd. 

5. I approached TD USA about a mortgage to get another property in Florida however anything decent now is worth about $100k (please correct me if I'm wrong and if you have a specific example of where and doesn't require renos/work) and they require 25% down but will only approve me for a $45k mortgage, Interest rate 3.75% ARM, due to my debt to income ratio caused by my mortgage in Canada, despite having excellent credit and now two fully paid off condos. 

6. I have $50,000 CAD/$37,500 (USD) to invest and still feel that the U.S. has a better ROI (correct me if I'm wrong?)

I'm not sure where to go or what other lenders could be approached that may approve a higher mortgage (TD is typically very conservative) I'm open and grateful for all ideas and considerations for the best ROI and cashflow.

Thank you!