All Forum Posts by: Tyler Sellars

Hey everyone,

my name is Tyler

and I've recently become financially independent through real estate

I did this in 10 months at 25 years old.

I'd like to teach more people my age

,but I'm having a hard time finding out how through BP events? 

Anyone able to help?

Hey Mark, Tony and others. I have over a 1MM invested in Moncton and I ended up building my own property management company out of frustration being an out of province investor. The costs of most property managers feed on the fact you're away therefore they can charge/upsell you on anything. 

We charge a flat rate of 200/building up to 6 units. 

Id be happy to discuss if you're interested. 

Also Ricky Coté is by far the best investors friendly Realtor in the city. 

cheers

@Spencer Cornelia thanks for the reply. Would you be so kind to explain to me the concept of balloon loans? I've quickly given a read on the subject, but figured you might be able to clear understanding better.

Last week I was happy to receive an accepted offer on a triplex in the city I live/work.

Yet, this morning I received grim news that even my last option for financing - a local credit union - wouldn't be able to finance the deal due to my recent acquisition spree. 

Therefore, I'm left with the Rent to Own option. Assuming I can get the seller to say yes to this, how would you structure the deal. 

I'm thinking it'll take about 4-6 more months before the banks will accept me on this deal. Ideally I'd like to be responsible for all the costs of the building and renovations required moving forward, yet also liable for the cash flow that comes in from the other units

My idea is: 
Remodel 1 unit (the one I'm going to live in), Slight cosmetic touch ups to another unit, and completely build out the third and bare bones unit. 

Would love to hear your thoughts of how to structure this scenario given that it's a multi-unit with need for renovations. 

Joe, I've really appreciated your insight, would love to hear what you are thinking here. Don't invest in a rental property at all?

I see you're an investor yourself, so clearly you know the space. Not sure what angle you're trying to go at here saying that we shouldn't invest in any of the deals due to the risk of not having a mortgage by the end of the 5 years. 

 You say you wouldn't do either of my options. Mind explaining that viewpoint a little more? 

 Okay I see, so if mortgage rates did end up going to similar rate as it was in the 70's per se, the larger amount owed would be much more than the $9,400 gain I received today for example. 

So in your mind, you'd rather play it safe for the long term, than to gain 9,400 for another investment property in 6 months or so. 

 Renegotiate a deal with the same bank or bring it elsewhere. The answer seems pretty common to me, I'm not sure I'm understanding it exactly. 

Lower interest:

Higher Interest: