Orillia Success story WOW!

[JasonEtheridge]

Hello fellow REIN members! I just wanted to share with you 2 short successes I ve had, thanks to what REIN has taught me.In my short investing career, some of the best advice you can follow is get great property management.I was lucky enough to find that in Orillia with Tom and Michelle Thorn at Ethical Property Management. Any of you who went on the bus tour probably drove by that run down triplex near the water with a for sale by owner sign on it. It was hideous.The house had a huge sag in it and no one wanted to touch it....I was interested and my property managers went thru it with me and a local contractor....we realized it wasn`t that bad.I was nervous about buying it...but they assured me all would work out....so I bought it.They handled the renos, and Carrie at EPM had the units rented before all the work was done!I ll share some numbers, I bought it for 70k, put 40k into it with legals and carrying. I had the property appraised for 170k. I was able to pull out all my initial investment $$ in the refinance. The place now cash flows nicely giving me an excellent ROI.All this took place in the last 2 months! [/size] With their help I did the same thing on a single family home...again, place was reno d and rented before it was completed. I bought the house for 80k, have about 27k into it with legals and carrying and had it appraised at 150k. Once again, I was able to pull out all my initial investment $$ in the refinance. It also cash flows nicely. ght:100%">It s been an amazing experience, and the key is to stick to the system, and find good people to work with. I wanted to share it to show people there are some amazing deals out there and give a big thanks to Tom and Michelle at EPM. Good luck to all!

 

[gregg]

Jason,
Congratulations, I started out exactly the same way. Purchased my first property for $84,000. put in $20,000. it appraised for $180,000. three months later, refinanced and moved on to the next. Now I own 20 buildings in 18 months so imagine where you can be in a short period of time. You have a great start now allow the momentum to carry you to your Belize. Don`t forget the REIN team is there to help with just about any problems you may encounter. You are never really alone in this plus the imagination and resources of all the REIN members on this forum. Visit often...

Gregg

QUOTE (JasonEtheridge @ Apr 21 2009, 09:10 AM) Hello fellow REIN members! I just wanted to share with you 2 short successes I ve had, thanks to what REIN has taught me.In my short investing career, some of the best advice you can follow is get great property management.I was lucky enough to find that in Orillia with Tom and Michelle Thorn at Ethical Property Management. Any of you who went on the bus tour probably drove by that run down triplex near the water with a for sale by owner sign on it. It was hideous.The house had a huge sag in it and no one wanted to touch it....I was interested and my property managers went thru it with me and a local contractor....we realized it wasn`t that bad.I was nervous about buying it...but they assured me all would work out....so I bought it.They handled the renos, and Carrie at EPM had the units rented before all the work was done!I ll share some numbers, I bought it for 70k, put 40k into it with legals and carrying. I had the property appraised for 170k. I was able to pull out all my initial investment $$ in the refinance. The place now cash flows nicely giving me an excellent ROI.All this took place in the last 2 months! [/size] ial-->With their help I did the same thing on a single family home...again, place was reno d and rented before it was completed. I bought the house for 80k, have about 27k into it with legals and carrying and had it appraised at 150k. Once again, I was able to pull out all my initial investment $$ in the refinance. It also cash flows nicely.[/size] It s been an amazing experience, and the key is to stick to the system, and find good people to work with. I wanted to share it to show people there are some amazing deals out there and give a big thanks to Tom and Michelle at EPM. Good luck to all!

 

[Caninvestor]

What is the process to getting a property appraised ( personal and investment)

 

[JasonEtheridge]

QUOTE (Caninvestor @ Apr 21 2009, 02:23 PM) What is the process to getting a property appraised ( personal and investment)


You have to find a local appraiser and them to come to the porperty. There are a few listed on this site.
I would ask friends,mortgage brokers, or agents you know for some leads.

 

[jkcomm]

Hi Jason & Gregg,

Very inspiring stories indeed!

With banks tightening their purse strings, were there any hurdles with respect to refinancing with the number of properties? 110% rule applied?

James

 

[BrianPulis]

Hey Jason great to hear about your success in Orillia. I also invest in Orillia and Michelle, Tom and the entire team at EPM have been doing an excellent job managing my protfolio there since 2007.

 

[JasonEtheridge]

QUOTE (jkcomm @ Apr 22 2009, 04:22 PM) Hi Jason & Gregg,

Very inspiring stories indeed!

With banks tightening their purse strings, were there any hurdles with respect to refinancing with the number of properties? 110% rule applied?

James


HI James,
Nothing out of the ordinary. I had to do a 75% ltv...or use cmhc. There was enough equity to do 75%. If you have good credit and good income, banks have no problem lending from what I ve experienced as of late...same goes for other investors I know.
Just make sure you know what the property will appraise at before you buy and reno..and have a VERY good idea as to what your reno s will cost... I guess all the stuff rein teaches.