All Forum Posts by: Account Closed

@Paul Timmins

Thanks for all the links!

@Roy N.

Totally agree on all your points. I appreciated the training giving me, as a brand new investor, some guidelines on analysing the property. He did say that you have to use the numbers together, and that you do these numbers to get an idea of if you should look deeper at the property. I'm going to start small with single family/duplex, then move up as I learn how to really do business.

Thanks for the more realistic numbers. I will make a note of them.

Count me in! I'm looking forward to meeting you.

Hi @Dominika M

The trainer gave lots of ways to analyse a property, and you can use them all together to get a good picture of if the property will cash flow.

For example, GRM (gross rent multiplier) = purchase price / yearly gross rent. If the grm is 7 or lower, it will probably cash flow. If it's higher, you shouldn't give it a second look. Profit per unit per month should be $75 or more. Cash on cash return (annual income / money down) should be 35% or more and cost per unit (for 1-2 bed units) should be $50,000 or lower.

He doesn't recommend using the 1% rule because you'll need a higher down payment to make it cash flow.

Hope that helps.

ps - sorry I forgot to mention, there was an upsell in the last 10 minutes for his one-on-one coaching. But there was no opportunity to use a credit card for any pressured purchases.

Hey everyone thanks for the advice. I left my credit card at home but it turns out I didn't need to. There wasn't even an opportunity to use it at the training! It was a very positive experience.

I posted a review in the guru section. Hope I can link to it here.

http://www.biggerpockets.com/forums/79-real-estate-guru-book-course-reviews-and-discussions/topics/108940-marc-mousseau

Hi all

I joined bigger pockets recently, just before I went on a weekend course with Marc (Canadian RE guru). I saw videos of his previous "training" classes with companies, where students had to spend a fortune on the higher level courses. But he's launched his own training company now and the training session was jam packed with useful information. He also emailed out some of his slides, spreadsheets and documents with us so we have the details to hand.

I thoroughly learned all the math to buy a good deal: maximum allowable purchase price, cost per unit, gross rent multiplier, net operating income, cap rate, debt service rule of thumb (.007), profit per unit, cash on cash return, coverage ratio and expenses rule of thumb percentages.

I learned questions to ask a broker, the order to do things (check math before offering, confirming expenses before viewing property), how to use hard money lenders, negotiating with vendors and dealing with their objections, using vendor take back strategies, what to do in due diligence (everything), a list of clauses with how they benefit the purchaser and how to negotiate with them, how to stack the clauses, strategies for becoming a RE entrepreneur, ideas for creative financing, how to do no money down deals, how to make offers, what types of exit strategies affect the negotiations and more.

I haven't spent much time on this site yet so this is probably covered along with lots more. But for an absolute beginner who's never purchased a property, I feel confident I've learned enough to begin with a positive cash flow.

I'm just writing this review so other Canadians know Marc's not a crook or scam when it comes to training. I well received my money's worth ($400 for 2 intense days) and am very glad I went ahead with it. Hope that helps!

Tabatha

Hi @Dominika M

Nice to meet you! I am in no hurry to buy a property. It has to be right and I think my slowness has frustrated a few realtors at open houses I attended. I'm going to work through the initial ebook from bigger pockets and get a plan in place. Would love to compare notes maybe in the new year!

@Gary McGowan

Good to know, I will definitely check that book out. I'll probably buy my first one or two properties close by while I learn the ropes. Then I'm ok with anywhere in Canada. I hear Saskatchewan is hot... figuratively.

Thanks everyone. I always leave the extra $$ at home, and this guy's offering a 100% refund for unsatisfied students. It's not a really huge purchase anyway.

That said, I've been reading up on the scam gurus and this particular teacher used to do the RDPD upselling classes in Canada. He has promised there is one upsell (his personal coaching) but the 2 days will be info only. *hope*

I'm going in with a list of things I know I need to learn about.

Hi everyone!

I just joined bigger pockets and will be in a local weekend seminar at end of this month for a hefty dose of REI education.

I moved to Mississauga, ON recently and am ready to start buying properties. My goal is to have rental properties for a regular income stream, hopefully enough to retire on. I have 2 young children so REI will have to be very part time for now, but the sooner I get started the better. By the time they're in school I want to have enough knowledge and experience to invest in larger properties across Canada.

Like I said in my profile, the only home I've ever owned was a sailboat. Before we had kids, we loved life aboard. Hopefully by the time they grow up we'll be able to retire back onto one!

I look forward to meeting you, reading the intro book and doing my homework.... along with taking that first scary step of making an offer.

Tabatha