All Forum Posts by: Scott Galloway

Some investors will use the BRRRR strategy where I'm from. Everywhere I read they mention things like appraisals coming in low, people not refinancing for what they hoped for, unexpected construction costs, it taking to long to get renters in, renovations taking to long, and I'm sure I'm missing a few common other ones.

What nobody ever mentions is mortgage rates going through the roof. I don’t understand how that isn’t the main concern. I’m a total newb, never done anything like that. I’m just curious as to how that’s never mentioned. Anyone who knows what there doing around Edmonton where I’m from is adding secondary suites during the renovation. These cashflow very well (upwards of $500 from what I’ve seen). But what would these people do if we ever saw the mortgage rates go up to say over 8-10%. That would be a pretty ugly situation for anyone with multiple house unless you had some DEEP pockets. Can someone please explain to me how this isn’t the main concern for most people?

@Jason D. Lewis

Where are you finding 17% $on$

@Hugues-martin Kalonji did you ever end up buying anything?

 Thanks, that's good to know.

@Theresa Harris
Yes he is a very nice man! I like to refer to him as Ned Flanders. 

@Cody Hill 
Yea that's smart to do that, I would do the same, and I guess it would depend on the house whether I want a manger or not. That helps. I'm a little bit handy but don't have much experience other then some plumbing. I do know a ton of great cheap trades guys tho who work full time and could always use the extra work. So that could help save some money. 

I was thinking the same, It was driving me nutz not being able to focus in on something. There is just to many different things a guy can do. I guess that's a good problem to have. Since the last post I have gone to a mogul masterminds meeting and an Edmonton Real Estate Mastermind meet up, I also met up with two guys who flip and add secondary suites. I think right now I'm going to focus on selling this house I'm living in that's brand new that I hate.. long story.. a condo that doesn't cash flow well that I have in sherwood park and build a nice modern looking house with a single bedroom legal suite below. Ifff the wife will allow it lol. I think she will if we design it properly. Right now were looking at having super homes building it for us. My buddy sells homes for them, hes also a property manger to. We could potentially just hire the contractors ourselves but I'm not sure how much I'd actually be saving. I'm going to have to look into that. My buddy said definitley do the yard myself (deck, fence, sod, ) You think you'd want to take a look at what I'm doing when it gets drawn up and give me your opinion on if its a good deal or not or if you think there is anything else worth trying to do myself to save money on. 

How have you gone about finding these deals? Have you done any wholesailing? It seems like it'd be easy enough to do if you knew investors who wanted houses and could find the deals? I don't know much about it but I'm very interested. 

All in for $325 and renting for that amount is crazy. 

Thats nutz you were able to refinance and get your down payment back. That is pretty much exactly what I want to do. I could also build another one if i wanted to, that'd be one option. I just want to get this going first then figure out what I want for a rental property. I've been hearing really good things about turning duplexs into 4 plexs. 

We should get together and chat about this stuff some time if you want. 


@Ash Badry
I was wondering if you were adding secondary suites I think. I heard everything else won't make any money right now. What exactly is a real wholesaler? I don't know much about it I want to start reading about it here right away. 

I am leaning towards doing as little as possible now. I've been talking to a guy with 19 doors and that's what he's been doing and its been working for him. So if you can get away with doing that welllll that seems like a no brainer. 

I completely agree with you and finding more deals and raising money would be a hell of a lot funner. I love looking at anything relating to this stuff.  

I will pm you some time soon here, thanks.

 That's perfect. We were thinking Lake Country! Do you know much about short term rentals there? I was thinking it would be cool to have a place there we could rent out and eventually live in maybe. I just get worried about it getting shut down though.

@Kris Mcfarlane

Do you invest in BC now? I’m interested in something I could buy, maybe reno, hold on to and use as a short term vacation rental.

The wife and I were interested in okanagan becuaae it’s beautiful there and she has family there. I have just started looking at what could be most profitable in that area.

@Cody Hill

What do you think of the numbers I came up with? Out to lunch? I honestly have no clue. It’d be interesting to see if it’s costing you as much as it’s costing @Ash Badry who is using a lot of contractors.

Are you doing a lot of the work yourself Cody?

I know for me wed do as much as we can ourselves and sub the rest. Me and a lot of my friends have worked in the trades for years so we’ve met a lot of people who are really good but work full time for 4K a mth, don’t get offered overtime and could use/want the extra $ doing this kinda stuff..

@Theresa Harris

Prob not, the loan is from my dad.