All Forum Posts by: Scott Allaire

I'm from Sudbury, this is just my opinion and if I was I was in your situation.

1. Seems like good way to get into BRRRR but could by traditional but you can't use a line of credit as a downpayment. They don't want the funds for a down to be borrowed.

2. Seems like others are saying yes, to me I'm not sure I'd ask an accountant but I know you can deduct from a line of credits interest as long as it's used only for rentals or business... Example if you start using your line of credit for personal stuff they'll only deduct a percentage of that line of credit.

3. Heard transparent property management is charging 8% but idk how good any of them are. Maybe partnering and getting people in place who knows who's good or get someone to be your boots on the ground.

I think everyone answered everything pretty well and for number 6. As most people say "good time to invest is today, the best time to invest was yesterday" 

I didn't set much of a team at first. Called a mortgage agent, got pre-approved, went through a couple of agents before finding a good one. After that, I asked the agent and mortgage agent to refer me to the inspector, lawyer and whatever else I needed

I still plan to invest in Sudbury. At the moment I am tapped out on funds so I'm trying to get myself situated my next investment. I owner occupied my duplex and bought right before everyone jumped in (15 June 2020). As of right now if I was to move out and rent out the entire building is be looking at about 26.5% ROI

21000 for down, closing and renos

Mortgage, tax utilities about 1380

PM, Capx, repairs, vacancy - 700

income I'd estimate 2650

Yeah, it's a mining town but keep I mind it's the biggest city of the north... So people who get sick get shipped to our hospital and a lot of government work as well. A few colleges and whatever is happening with the university

@Theresa Harris for sure that's something to keep into account for the current state of things. And thanks Andy would need to keep them in mind when I plan on buying other properties.

I live here but don't invest in the larger multifamily but I do want to get there someday. Vacancies are low but I still account for 5%. On older buildings i'd run with higher repairs and CapX. I have a duplex that I run about 5% vacancy, 15%repairs& capx, and see my building small I was quoted 10% PM. I'm new tho and maybe running my numbers high but I rather be conservative with it as it being my first.

If you're trying to BRRRR using bank financing it's going to be harder. You can't just refinance out of a bank loan without paying penalties or at least waiting until your terms done. I've wanted to brrrr something as well in the future but if your numbers end up working out and it's a solid investment pull the trigger

There isn't a minimum compared to the US where they use fha they need to stay for one year or whatever. In Ontario, there's no limit or minimum for owner-occupied. I asked my lawyer when I closed on my property because I was curious about house hacking another property and she told me you can do it right away but I think I would be frowned upon if you owner-occupied like 5 building withing one month lol. I closed on my property in July of 2020

I'm in Sudbury and once I move out of my house hack which I put 5% down I'll be cash flowing.

I'm in Sudbury and yeah I've found the larger multi-family to be better cashflow than the duplexes and triplexes. The vacancy rate around here last time I check was around 2%... A lot more demand for rentals than there is supply.