Investing in Calgary (Alberta, Canada)
Hi everyone,
Greetings from Calgary!
I guess I just want to share one of my current experiences to sell my rental property here in Calgary.
I have been trying to sell my half duplex for the past few years but the market price keep decreasing where my mortgage owed = market price (currently almost no equity in there). I've met several homeowners who are at the same position as mine with 0 or negative equity on their properties.
For myself, I've considered/ tried following:
- conventional way using realtor - even though seller's realtor willing to take less commission, no guarantee that buyer's realtor is willing to do it as well.
- agreement for sale/ rent to own - fail because tenant buyer defaulted.
- no fee/ low fee realtor brokerage (commfree, 1% realty etc.) - actually they charge more than what it shows in the ad.
- direct marketing through kijiji, facebook, reach out to my real estate investor friends for direct sale or another rent to own - this is what I am doing now.
- 1% fee realtor website (bodecanada) - this is pretty new and I start to put my property there
- rent out to tenants - this is what I am doing now
My property is half duplex with illegal walk out basement suite so I rent out upstairs for $1200 and basement for $700. Tenant pays all utility. I am blessed with great tenants but I still want to sell at market price ($335K-ish) because I lost my job and I am planning to leave the country to find job elsewhere.
Since oil and gas jobs were hit hard and so many people lost their job, I am wondering if investors in Calgary are still actively looking to buy/ sell or just wait until the Covid-19 pass? Do you have any other creative ways to buy/ sell? Or perhaps you have a suggestion for my situation?
Thank you in advance! :)