All Forum Posts by: Simon Lloyd

Hi @Adrian Lee . While you might get some kind-hearted soul to take you up on a mentorship with this method, a better approach might be to find an experienced real estate investor in your area and offer some of your time (or your own expertise) in exchange for his/her knowledge. Perhaps offer to do some small tasks like scouting deals on the MLS, stuffing envelopes, checking up on / cleaning rental properties or doing some filing/data entry. There are always small things that investors want to do but don't have time to do--think of what that might be (or ask them) and offer to do it for free. Of course it's not really free because while you're there you'll be asking lots of questions and discovering how they operate--that's the mentoring part!

There's a pretty popular real estate investors club in your neck of the woods, you should definitely attend one of the meetings to connect with some successful investors. Google Durham REI and you'll see it.

@Lisa Mauritis be careful if you and/or your boyfriend are planning to renovate these properties yourself...actually, unless one of you has US citizenship or some other status, just don't do it!  Tax implications aside, by working and making (non-passive) income in the United States you would also fall under the jurisdiction of US immigration officials, which is probably not a good place to be. As a Canadian technically you can't so much as cut the grass of your US income property because it's considered work that could be done by an American--never mind acting as a contractor and rehabbing complete properties!

If you already spend 6 months of the year in Florida then you likely have some kind of status or system in place, but this is just a heads-up to other forum readers. 

Welcome to BP @Ana MacMillan !  There's a plethora of information here including lots about creative financing strategies, as you are alluding to. Of course having cash in hand makes things easier while flipping but there are definitely other ways to go about it too. I just completed my first flip here in central Ontario so if I can answer any questions please let me know. The guy in the post just above here @Dave Vogt is light years ahead of me with flipping and is also always willing to help, as are knowledgeable locals like @Account Closed  and basically any of the Canadians here on BP. 

Now just imagine where you would be today had you found BP and such a great REI community 21 years ago when you first started thinking about investing! Ok, impossible I know but just think....

Wow, so sorry to hear that @Roy N. .  Mother Nature certainly hasn't been kind this year...just a few weeks ago a severe tornado hit just a couple miles from my flip property (which was fully complete at the time, awaiting closing. That would've been depressing!). Looks like Arthur has done nearly as much damage in your neck of the woods. Scary. 

Best of luck with the cleanup. Our thoughts from Ontario are with you. 

@Account Closed also don't forget to check out the BP podcasts, they're a definite must! 

Welcome to BP @Account Closed !!  So glad to see you taking part in the forums. I visited our nation's capital recently, it's a fantastic town!  Very hospitable people. ;)

I don't know if I agree or not that SFR is the best place to start investing...then again, I strongly suggest starting with whatever you're most comfortable with, so if that's SFR then go for it! My only concern is if you have a vacancy in a single family and it's your only property, you have 100% vacancy ie. no rent coming in that month (or two or three depending on the rental market), whereas with multifamily that risk is mitigated across all units.

My first rental was a triplex and I was always very happy with it. It didn't break the bank when I had a tenant leave suddenly (which only happened once), nor did I feel I had to rush into taking the first tenant that came along since nearly all the monthly expenses were covered by the other two units. It's never fun paying out of pocket to carry your investment property!  

I'm sure whatever you decide you'll be successful at!  As long as you get to know the market well and make sure the numbers work. 

The next time I'm in Ottawa let's do a BP meetup!!

Welcome to BP @Juan Rodriguez !!  

If you're looking to wholesale here in Ontario, I hate to be the bearer of bad news but right now you'll have a very, very tough row to hoe. The inventory in most larger towns/cities in Ontario is low which means that sellers have no motivation to sell below market value. Even properties that require repair are going for higher values. I just completed a flip and I'm looking for another project but even that is a tough task---to find a property with enough margin that would allow for an extra set of fingers in the cookie jar would be an extremely rare find!  And to do it with any consistency where you're actually able to scale it as a business would be darn near impossible, I'd say.  

I think a good strategy here in Ontario is either small flip projects that have just enough margin to make a few bucks (check out REOs or powers of sale as they're called in Ontario for some of the better deals), or long term buy & holds, or if you want to get more creative, 'long-term flips' where you buy a property slightly under market value, fix it up, refinance then rent it out.  

Hope that helps!

@Walter Ichikawa-Doyle Here is a link to an interesting podcast discussing the real estate market in Japan...I had intended to share this link earlier because I thought BP'ers might be interested, now with your post it seems especially appropriate! The gist of it is basically that homes in Japan are torn down every 15 years or so as no one wants to own a previously lived-in home; property is viewed mostly as an appliance for shelter, not an asset. I thought at the time "man that does NOT sound like a good country to invest in real estate!" but maybe you have a different viewpoint? It's a fascinating listen regardless:

Freakonomics podcast: Why Are Japanese Homes Disposable?.

http://feedproxy.google.com/~r/freakonomicsradio/~3/DmP0w_W4fqY/

Hope this link is kosher here in the forums.

Originally posted by @Roy N.

Since you have identified Omaha as your target market, if you have not already so done, you might want to find an experienced, local partner {other than Warren}. Finding the right partner will give you in depth knowledge of the local market, boots on the ground, and assistance with financing.

Haha! @Roy N. you don't think Warren is hanging out on BP looking for JV opportunities??

There's not by chance a den or an underutilized room in your property is there? Maybe the renter pool in London is looking for 3bdr units...add a closet or wardrobe to the den and advertise it as a 3-bedroom! Then send my commission check to P.O. Box....... :)