All Forum Posts by: Troy Robin

Hello Everyone!

I have been involved in the BP community for just over a year now. I recently seen a post from another community member explaining how she hasn’t had any luck in reaching a home inspector and also a property management team. 

I am happy to help anyone looking to invest in the Timmins area. 

A little about myself. I grew up with two parents who were hardworking tradespeople. I learned many good values and lessons of what hard work can help you achieve. 

I joined the military out of highschool and pursued an educational path that was not my passion. Until I read Business of The 21st Century by Robert Kiosaki in late summer of 2019. Then I found a new way to live life outside of the rat race. I found REI.

I was fortunate to have grown up renovating and building houses with my Dad. This provided me with a basic foundation for investing.

Since that day in 2019, I have been working towards my goals of becoming a full time investor, quoting my regular job and achieving financial freedom. If I can step back from the rat race, my wife and I have talked about children, not something I wanted working 40+ hours a week.

If you think I can provide value to you and your business, let’s connect!

With a smile,

Troy



 
 

Hi @Chintan Patil I can help you! :) I am a Timmins local and I am familiar with the Timmins market. I know an inspector and can discuss property management with you! :) 

In my community, we have an area that has nice housing around a particular area that was developed with semi-detached housing. This area been flooded a number of times, Property values in this 2-3 block radius are lower than others. My thought is to buy one side, rehab it, then try to buy the other side and do the same thing. The interesting part comes from rehabing the exterior with new siding, windows and roof. Some have separate siding and half done shingles, because separate owners live on each side. We all know how the different siding and roofing happens...Has anyone tried this strategy before? Is it worth my while to give it a go? 

Another issue is that this area has been plagued by flooding. Water comp is expensive but eventually, the issue should be rectified by the city, I would assume...This is where I am thinking I would cash in...We can talk insurance claims and risk involved with flooding, but my thought it to create a mini student rental market in a nice suburb of my community. 

Thoughts? Lessons learned? Suggestions?

@Brandon Ribeiro I want to follow this thread because up until recently I was in the same boat. Inam slowly getting back to full-time hours but my previous plan is now set back. Hang in their my fellow rookie, I always say, how bad do you want it? That question always brings me back to my why.

@Henry Lazerow Do Class A and B etc... properties vary from market to market? What if capital is an issue to even start with your first property? Raising capital and structuring a deal without any money down seems out of reach for new investors. You don’t know, what you don’t know, until you know it type of situation.

For me, I have analyzed dozens of deals in my local market, networked with other investors(small and medium), the medium investor tried to offload properties to me. I have made 5 offers, some just barely winning by a higher over asking price.

I managed to connect with a local property owner, multi-family property 11-12 units. The owner lives in the property and has owned it for 24 years. The property has been very well taken care of. If I wanted to take this property from the current owner, I would require creative strategies as a rookie investor. She threw the number of 1.2million at me and advised she would let me know when she was ready to sell.

Now, my question is...how do I go about getting this property? Should I? Is the price to large for a rookie? Do I try to build the relationship further and see if I can convince her to do a vendor take back? Do I get all the numbers, prepare an analysis, and if its a good deal, bring it to hard money lenders? I know all of these strategies but I have never done one. Do I stay away and focus on a flip or purchasing a duplex or four/rei plex and house hack?

Thoughts anyone?

@Abel Curiel & @Scott Mac Thank you for your response. I appreciate your experience and knowledge. 

I am a new investor. I have some general questions I want to ask. How long have you been doing real estate law? What are the different types of deals and work you've done in the past? What are you fees and prices? Are you available on short notice? 

Essentially: 

What questions should I ask a lawyer I am considering hiring? 

What should I be looking for and what should I be avoiding?

Thanks everyone for the feedback. I've decided to pass on this property. At this time, I would need a private lender for the renovation costs, as I wouldn't be able to secure the money from the bank to cover this one. Unfortunately, the opportunity is their but this particular location and property is not in line with what I want in my portfolio. 

I am learning! Many good points mentioned in this thread. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Typically, we have not locally felt the bumps of a recession in our community. Of course we feel it other ways but typically gold mining booms during a recession, so it's hard to argue that investing in a gold mining community may be safe with talk of a recession around the corner. 

I am wondering if anyone has any experience with this?

Should I be patient or jump in to the market? 

Should I be reaching out to investors?

Any information is helpful.

Thanks,

Troy