Our Biggest Mistake

[housingrental]

Hi - Was this your place near Amos and Erb? If so can you email me with the info on what you were able to structure?


QUOTE (cmerino @ Mar 19 2010, 04:49 PM) Great story Joey....we had a similar situation, and we worked it out through a Rent-to-own option. We found a good potential buyer (young, professional, recent graduate, new in the job, wanted to stay in the area), had some savings to put down, willing to pay above rent price in order to accumulate extra downpayment and interested in buying as soon as possible, etc. So now cash flow is positive, don`t need to have my property for sale competing with 50 other investors, and we know how much it will sell for. It is great to be part of a network that gives ideas and options so we can better define our investing strategies!

 

[David Chien]

QUOTE (cmerino @ Mar 19 2010, 02:49 PM) Great story Joey....we had a similar situation, and we worked it out through a Rent-to-own option. We found a good potential buyer (young, professional, recent graduate, new in the job, wanted to stay in the area), had some savings to put down, willing to pay above rent price in order to accumulate extra downpayment and interested in buying as soon as possible, etc. So now cash flow is positive, don`t need to have my property for sale competing with 50 other investors, and we know how much it will sell for. It is great to be part of a network that gives ideas and options so we can better define our investing strategies!

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Hi there:
I have one unit in similar situation in Burnaby,BC. Would like to know how you structure your deal and where did you advertise to get your R-T-O tenant-buyer. Thanks in advance

 

[JoeRagona]

QUOTE (cmerino @ Mar 19 2010, 05:49 PM) Great story Joey....we had a similar situation, and we worked it out through a Rent-to-own option. We found a good potential buyer (young, professional, recent graduate, new in the job, wanted to stay in the area), had some savings to put down, willing to pay above rent price in order to accumulate extra downpayment and interested in buying as soon as possible, etc. So now cash flow is positive, don`t need to have my property for sale competing with 50 other investors, and we know how much it will sell for. It is great to be part of a network that gives ideas and options so we can better define our investing strategies!


It`s true, the RTO option is a great way to convert these `mistakes`. I did in fact have three different strategies.

One was to furnish the unit and charge the rent I needed to cash-flow it. The other was the RTO and the last which ended up happening was take a fantastic tenant at market rent and do some creative financing.

It is VERY important to have B & C plans in place IMO.

 

[cmerino]

I have to apologize. I was not able to check my mail for a few days....

Adam, no this RTO is downtown Toronto. The place at Amos and Erb (Waterloo) we sold in a private deal.

Randy, we are not that familiar with the Vancouver market to know exactly where to advertise a RTO, but we did advertise in Kijiji. We found the tenant through some friends though (we realized that networking pays every penny you spend....far more than newspapers!!).

Joey, way to go! We always try to have plan A, B, C, ..... and even more, be flexible enough to consider combinations of plan A & C. We should always be informed about the market, educated on different options, have the proper networking so we know who to ask, and have the heart to share with others.....this is what REIN is all about!!

See you tonight!

CArlos

 

[Holenchuk]

Well done....Thanks for the share....