Wealth-Coaching

It came to my attention the other day that apparently theirs a real estate investing myth floating around out there.

The myth is this.

"Canadian laws are so much different from American laws that your real estate programs simply wouldn’t work up here."

Hey everyones entitled to their own false assumptions, limiting beliefs and lousey excuses to keep them from really starting their own real estate investing business.

So instead of ranting and raving at the sender of this Myth I thought it would be cool to send it into the boys at  MythBusters. But since their isn’t something they can set on fire, blow up or drop off a cliff I realized they probably weren’t interested in pursuing this one.

So I brought in my own Canadian Myth Busters. André and Angelieke from Vineland, ONT.

They are students of our real estate investing mentoring program and on October 30, 2005 they reported on their progress. You tell me what you think.

We found a triplex, 115 K**** in Port Colborne, asking price $49,800.

It was described as in need of finishing of the upper 3-bedroom apartment.

At the showing we saw that the whole upstairs was almost empty with bare- see through walls. We asked a contractor to look at it and he estimated we needed 60,000 to fix it up and make the place a four-plex.

We offered 35,000 on June 15. After some offers back we got 41,000 accepted on June 21.  We got a 1st mortgage for 30,000 approximately from the National Bank and a second from a private lender. In total 100 % financing.  In the time we closed one of the tenants moved out and we still have to find somebody else.  We have payments of 253.44 per month for the first mortgage and $175 for the second.  Rents are $500 including bills and $560 including bills (this is the vacant one) so the cash flow at the moment is not too high but there is potential for the future.

Then we found 2 small houses; 201 and 201 A M*****.  (It is a) Power of sale. Both vacant. One is a 3-bedroom and a 2-bedroom. The 3-bedroom is nice and ready for occupancy, the 2-bedroom is small and needs some work or we can rent it out cheap to somebody who doesn’t care too much about that.  The asking price was 70,000. We started offering 35,000 and after some negotiating back and forth we got them for 45,000.  We financed these privately through Barry Mills again for 100 %.  We can rent them out for $580 and $380 probably. (We still have to find renters but I think we have two interested)

In between we’ve got a few other offers on a triplex in Fort Erie and a house in K**** accepted but we rejected them later after further inspection.

We are waiting for a third mortgage on 300 K***, Welland, and then this one will close too. This is a 21 plex (small apartments, it is a former hotel) with a bar and a restaurant on the main floor (was a nightclub). We offered $230,000. This was the asking price. Barry M had the whole financing almost in place for us before we even knew about this.  We have to fill a few more rooms and the two downstairs bar and restaurant but then there will be a very good cash flow here.

Barry is also working on a commercial building what will be renovated into a 21plex for us in downtown St. Catherine’s.  And there is another building we are interested in St. Catherine’s what will be an 8-plex.

In the mean time our Niagara-on-the-Lake property is getting really nice with new roof, windows, bathroom, kitchen etc. We’ve got the renovation money through Barry as an extra loan on our business building (which is still not sold!) .

Greetings,

André and Angelieke V.
Vineland, ONT

I don’t know about you but it seems to me they did a great job at busting up that myth. As you can see our dynamic real estate investing techniques, strategies and tactics work both in the USA and Canada and other places too!

If you have a question about our program and how it would work for you in your area, please feel free to contact us!