All Forum Posts by: Tom Feret

In talking to a few wholesalers at meetups, last I heard the number was at 82% on average.

Knock on all the neighbors doors.

Data mine the owner/address in Google to see what comes up.

Pay for a tracer online to try and track the owner down.

Just some suggestions I've seen recommended.

Hey @Jordan George, as a Torontonian working in the US (currently in Dallas) for the last couple of years I'll echo all the major points already made above.

Lending standards and qualifications are tighter back home than in the US so you won't find near the number of financially distressed sellers in Canada (generally speaking) but anyone could be laid off/have a health scare/divorce at any time of course. Being here as long as I have, the socioeconomic difference in neighbourhoods/cities/regions is also notably different in the US compared to what I've experienced anywhere in Canada. I chuckle these days when I have friends mention a Canadian "ghetto".

The barrier to entry (housing prices) would be the biggest factor in my opinion and therefore you'd need significantly greater capital to get started compared to the US.

I had done some personal research in the past regarding investing in the US as a Canadian and you could do it from both ends:

• Canadian using a Canadian bank to finance a US property (think retirees buying places in FL or AZ
• Canadian using a Canadian based bank that now has a foothold in the US (ie, TD, RBC, even Scotia)
• Canadian using a US bank to qualify for a property - clearly more work and have to talk to the right places.

I won't get into my opinions of the housing market back in Canada in general, but opportunities will present themselves at all times...I just think you'll spend a lot more time and energy having to pursue it and garner a significant amount of capital to get started.

All the major points have been touched on above: interest rates, lending criteria, cycles, jobs/economy, etc.

I'll expand on two other points that I feel have affected the current state of the market (in)directly:

1) Expected returns - those following paper asset returns have heard of the anticipated 6% nominal return over the next couple of years based on current factors (not to mention the ever present and eventual stock market correction(s)). Therefore people, whether individual or institutional, will always gravitate to where higher returns are expected/anticipated. Since the recession there is no shortage of people and examples (point #2 below) of the kinds of returns RE has provided and it's not surprising that everyone wants to get involved.

2) Proliferation of information - I may be just me, but I definitely think the availability and dissemination of "free" information regarding RE investing - websites, forums, podcasts, (e)books, etc. - has grown significantly over the years (thanks interwebz!) and has naturally influenced more people to get involved. I have a lot more friends/colleagues who have suddenly shown interest RE investing in just the last couple of years then ever before. 

To go with the point #2, I think there is also more RE "experts" out there in general since it seems like just about everyone who had managed to get involved in RE post-2007/8 will claim to have experienced positive returns. Of course that was the best time to get into RE. Buying at the bottom of the stock market and riding out the recovery doesn't necessarily make you a professional stock picker either ;)

Economic cycles are well...cyclical. Always interesting to see in the future how everyone involved in RE will come out of it after the next downturn/correction/recession.

@Rigo Medina are you looking specifically in your area?

If so, the general consensus is that 4-plexes are not as predominant as tri or duplexes in this area. Doesn't mean they're not out there but the inventory might be less overall compared to the other two (duplexes in particular).

From one fellow Canadian-now-Dallas-resident to another, welcome @Kyle Adam!

Which part of Canada are you from? I'm Toronto based and although the market in DFW has been running hot for some time now, the rent to value opportunities still exist with some due diligence.

All the major points have been hit on in the previous posts and taking action on any number of them would be the next source of your progress.

@Erick Harbert primarily to see what strategies investors have had success with in the area. I've spoken to a few colleagues who had completed some live-in flips/typical flips in the past and was curious if that was still predominantly what was most prevalent. On the surface it doesn't appear to support a buy and hold environment or at least not at the current market values I'm coming across.

Thanks @Charlie Fitzgerald for the reply. That's what my thinking was: either have a creative solution that one of the tenants would be willing to accept, or anticipate as OO.

@Chris Mason, I was under the impression that refinancing out of an FHA loan requires a longer 'seasoning' period that 6 months? Is there specific criteria to meet in order to do so (other than having the down payment available)? Does it depend on the individual loan and underwriting?

Congratulations @Sam Bagwell and on working on some of the more creative aspects of real estate as well.

What would you say has been your greatest lever/advantage being a real estate attorney/agent?

Looking to connect with some active East Dallas investors. Would love to discuss strategies, general market trends, network and hear your thoughts and success in the area(s) listed:

Casa Linda, Casa View (75228)

Linwood, Eastwood, Lochwood (75218)

Highland Meadows (75238)

Thanks in advance and looking forward to discussing some real estate!