All Forum Posts by: Filipe Matos

@Darrell Lee, I set the goal of $1 M Gross Profit just for BP partnerships and I set it gross because I have no control on the cost/expenses of whoever my JV partner is.

Example:

In the biggest wholesale deal I did in 2014, I did that with a BP member and he found a deal in Lockport IL. I found a buyer. Together our gross profit (after paying the closing costs) is $59,000. My share is $26K and his share is $33K. I know my overhead but I don't know his overhead or marketing expenses he spent to find that awesome deal.

The money I make outside of BP partnerships is not included in that $1M goal. My overhead is minimal and I pay my acquisition and sales people on commission (but only if they sell or acquire properties themselves - in the Lockport deal, I was the one I found the buyer so I didn't pay any of my sales people commissions). The only overhead I have is office, internet, and a Virtual Assistant in India.

So when I achieve the goal of $1M gross profit from BP JVs - my net profit is...good enough (and WAY higher than your $40K net). :-)

What new manufacturing jobs???????????????

What is your price range??????????

Have you ever been here???????????/

Do you want to come visit???????????

Why do people always talk about downtown?  You will never have the access to those properties.  There are area's that are good for flips.  I would flip in the city and buy and hold in the burbs.

 Well said William, I am still investing in Ontario Canada, even in crazy Toronto market even after considering moving to US markets.  I have been looking at US market too and fellow investors in US tell me I cannot get the higher returns I sometimes get in Canada because of financing. Buying with 5 to 20% down, allows me to achieve the same returns as in US with higher down payment or all cash.

When I think there is no more opportunities in Ontario, then another one arises.

Like you said, you must be much more aggressive and be more active with renovations, etc.... I put offers almost every two weeks,  bought 1 in Toronto and 2 in hamilton in the last 3 months.

Good luck with your flips in US, for sure lots of flip opportunities there.

I am doing flips in hamilton now, so far so good.

Hi Itsik & Claudetet,

Welcome to BP you are in the right place if you want to learn about real estate, I would highly recommend the podcasts and http://www.biggerpockets.com/renewsblog/2014/05/25...

I am originally from St. Catharines, Ontario and I am going to begin to do some flips there within the next year.  If you are interested in doing some joint ventures closer to home then PM me.

It is not only the States that have good deals, Canada does as well although you need to be more agressive to find them.

@Roy N.  --- property was a former student rental, turned family rental, turned disaster, so tenants evicted, owners retired and moved on, and I moved in at a good price!

Property came clear of tenants, and the two units will be rented as separate  3 bedroom units. I carry utlities, and for $450 they get it all - so very similar to your area!

Just furnished all of the common areas today, and am leaving rooms unfurnished unless requested .. ill try and post some before & after pics soon!

So Marc,

How was it working for Russ Whitney in Canada?

35% cash on cash is almost impossible to achieve, you would need to get 1,400 in net monthly rent on a 250k property. Maybe possible without property management.

50k per unit? Only in Windsor, Hamilton downtown close to the factories, and small towns. You are risking here to have great cash flow but no much appreciation.

I have heard of investors selling everything because they had too much trouble with trouble tenants eating their cash flow and almost losing money because of lack of appreciation. 

I have heard Marc once, I kinda liked it, so I find strange he would preach such numbers in Canada in today's days.... 

Numbers are changing year by year... Maybe he didn't update his numbers in the last 3 years?

Teacher out of touch with the market? Or maybe I am missing something.

I hope I am wrong.

I cringe when I hear Canadian investors paying US based gurus to guide them in Canada , same when I see nowadays lots of us listening people that have no properties, or only a couple properties that barely cash flow.

Filipe

Be aware that These numbers may not apply much to today's days,

35% cash on cash is almost impossible to achieve, you would need to get 1,400 in net monthly rent on a 250k property. Maybe possible without property management.