- Joined
- Aug 30, 2007
- Messages
- 60
Houses are starting to fly off the market in GP so when we got an offer accepted on a place over the weekend we thought we were pretty lucky. No problem, we've got 5% to put down. We'll just get a CMHC insured 95% LTV mortgage like the last 2 we bought and still own. However after talking to our mortgage broker he said the #'s just aren't going to work with the new gov't rules.
So now we've got a house under contract until Friday, Feb 15 (Condition Day). I can't let it go without a fight. After all the times I've heard Don Campbell and friends talk about raising all the capital we need to do all the deals we want, I have trouble letting go when we are short only a measly little $35,000. That's nothing. There's got to be tons of people out there looking to invest that kind of pocket change, right!. If the market in GP takes off like it is poised to we could be refinancing within a year or so to pay out the difference. Plus if sales pick up in Fairview we could cash out our other properties too.
If we can't get the deal done ourselves, I have considered taking on a JV or assigning the deal to someone else for a fee.
We need a JV partner to come up with ~$35,000 to add to our $15,000 if we want to move in. Otherwise we will need to keep our $15,000 and JV the full 20% of purchase plus improvements. This house is a prime candidate for a fix and flip and would also be ideal for a buy and hold.
Flip: $20,000 of renos would likely increase the value by $30,000 or more in today's hot market.
Hold: The house is already set up for a basement suite, plus there is tons of parking and a huge garage.
We really still want to move to GP maybe this just isn't the house for us to move to. Right now my husband is commuting which cuts 3 hours out of his family time. With 4 small children at home who barely get to see him before bed, that is a big deal. In an ideal world we will be able to swing this purchase, along with renos, and move into it ourselves. But being as it is an estate sale there's no realistic way to ask for vendor financing. So I think with a JV partner we could really make this place rock. There are so many quality renters in GP right now to choose from and at very good rents.
Any ideas REIN people? How can I get this deal done? How can I get our names off title of our existing rentals so we can close the new one?
Thanks for your advice,
Trina Burgess
So now we've got a house under contract until Friday, Feb 15 (Condition Day). I can't let it go without a fight. After all the times I've heard Don Campbell and friends talk about raising all the capital we need to do all the deals we want, I have trouble letting go when we are short only a measly little $35,000. That's nothing. There's got to be tons of people out there looking to invest that kind of pocket change, right!. If the market in GP takes off like it is poised to we could be refinancing within a year or so to pay out the difference. Plus if sales pick up in Fairview we could cash out our other properties too.
If we can't get the deal done ourselves, I have considered taking on a JV or assigning the deal to someone else for a fee.
We need a JV partner to come up with ~$35,000 to add to our $15,000 if we want to move in. Otherwise we will need to keep our $15,000 and JV the full 20% of purchase plus improvements. This house is a prime candidate for a fix and flip and would also be ideal for a buy and hold.
Flip: $20,000 of renos would likely increase the value by $30,000 or more in today's hot market.
Hold: The house is already set up for a basement suite, plus there is tons of parking and a huge garage.
We really still want to move to GP maybe this just isn't the house for us to move to. Right now my husband is commuting which cuts 3 hours out of his family time. With 4 small children at home who barely get to see him before bed, that is a big deal. In an ideal world we will be able to swing this purchase, along with renos, and move into it ourselves. But being as it is an estate sale there's no realistic way to ask for vendor financing. So I think with a JV partner we could really make this place rock. There are so many quality renters in GP right now to choose from and at very good rents.
Any ideas REIN people? How can I get this deal done? How can I get our names off title of our existing rentals so we can close the new one?
Thanks for your advice,
Trina Burgess