Investor · Perth Andover, New Brunswick · Member since 2016 · 3 posts · 0 votes
I'm currently in New Brunswick Canada. I have 7 years experience building new homes and renovating old homes in the Toronto area before returning to New Brunswick.
I have a day job but am taking up a path of real estate investing for the long term on the side.
The model I'm working under is Buy/Rehab/Rent/Refinance/Repeat.
I currently have a house under purchase contract/owner financed and have been repairing it. It still needs some rehab but I'm short on working capitol. My end goal for the property is to have a 2 unit rental. There is a lot of opportunity here for this type of investment.
I would be interested in meeting people in my area to partner up with or finance my endeavors.
Any BP link related to what I'm doing would be appreciated.
Currently watching all the podcasts I'm glad I found this site.
Investor · Windsor, Nova Scotia · Member since 2015 · 128 posts · 34 votes
9y
@Roy N. - I was just in Freddy - I can't believe I didn't let you know.....wasn't thinking! Hope all is well. I would agree @Avery Pemberton-Smith - be leery of the 'awesome' deals you see.....especially in St. John - there is high vacancy there and some people I know have had some issues with every facet of investing there.....that being said, i'm sure there are awesome deals too. I'm from Nova Scotia - and find that there are some excellent deals here as welll.....as Roy said, Hfx is the only highly appreciating area, but there are some excellent cash-flow areas for sure.
Investor · Perth Andover, New Brunswick · Member since 2016 · 3 posts · 0 votes
10y
I actually sent Roy N. a message introducing myself he is in Fredericton not far from me.
Aside from being a moderator he has over 5k posts several of which I read. I came across him while searching the forums on topics of interest such as FreedomMentor and BRRRR which I'm already doing without knowing it's name.
I have seen the different calculators but thank you for the tip anyway I appreciate your time Paul.
I saw your message ... and I will get back to you ... slammed with client stuff at the moment ... and we had a break-in at one of our properties last night. I should surface on the weekend.
Prince George, British Colombia · Member since 2016 · 15 posts · 1 vote
9y
Hi everyone! How are things in New Brunswick? I've been studying the best regions in Canada for rental properties, and New Brunswick seems to have the most potential. Many properties there are renting for 3% of there purchase price! I would love to start investing somewhere like Fredricton, Moncton, or Saint John. Though there's one problem... I live way over in Prince George, British Colombia. I think it would be safest if I had a partner with boots on the ground so to speak rather than relying completely on a management company to oversee my investment.
[Moderator: Edited post to remove most portion constituting deal making].
Thank you,
Avery Pemberton-Smith
Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
9y
Avery,
I edited your above post to remove the bit that danced over the line of what should be in a regular, versus the Marketplace forum.
You must be doing your math differently than I as I'm not finding any properties in Fredericton or Moncton whose monthly rent is anywhere near 3% of purchase.
In Saint John, you will encounter a few properties which, on the surface, may appear close to such a yield, but most, if not all, of them will be in areas you would be best served to avoid or the amount of renovation needed nears, or exceeds, the purchase price (we looked at a couple of these lately).
Another thing you need to keep in mind, in contrast to the left coast, appreciation in most areas of the Maritimes (Halifax being the exception) will be modest to flat - investing in multi-unit residential properties down here is a cash-flow play.
Prince George, British Colombia · Member since 2016 · 15 posts · 1 vote
9y
Thanks Roy. Yeah I was looking at Saint John for the most part, seeing as it's one of the only areas that went down in price this year, though I do see properties hitting 2% in Fredricton and Moncton. You'd be hard pressed to find a property at 1.5% of the purchase price over here in BC. I didn't realize those 3 percenters were only in the less desirable areas of Saint John; another reason I shouldn't invest alone in an area where I don't know every street and corner.
If the properties are being bought below the cost to rebuild won't the values eventually go up? It would be an added bonus, however appreciation isn't what I'm looking for, I'm definitely in this for the cash flow.
If I could buy a place with three fair size units for around 100k with 20% down the mortgage payment would be fairly low, and if the building has good cash flow I could afford to go accelerated bi-weekly and increase my mortgage payments by 15-20 percent. After a few years the loan pay down would build up some solid equity. As long as the area doesn't depreciate. What are your thoughts?
Better shoot me a PM and we'll review how you are doing your analysis ... I've managed to land one property in Fredericton in the past two years which could be construed as hitting 2% based upon purchase price if you do not look at the 30K in renovations I am about to put into it.
But, I have been known to be very conservative with my underwriting.
There are some properties on our watch list in all three Cities you mention and in Nova Scotia, when you send me a PM, I can put you in-touch with some folks.
Investor · Windsor, Nova Scotia · Member since 2015 · 128 posts · 34 votes
9y
@Roy N. - I was just in Freddy - I can't believe I didn't let you know.....wasn't thinking! Hope all is well. I would agree @Avery Pemberton-Smith - be leery of the 'awesome' deals you see.....especially in St. John - there is high vacancy there and some people I know have had some issues with every facet of investing there.....that being said, i'm sure there are awesome deals too. I'm from Nova Scotia - and find that there are some excellent deals here as welll.....as Roy said, Hfx is the only highly appreciating area, but there are some excellent cash-flow areas for sure.
Slave Lake , Alberta · Member since 2017 · 4 posts · 0 votes
9y
Hi guys, from new Brunswick currently living in Slave Lake, Alberta. Looking to get into multi family either turn key or small Reno in new Brunswick. Most my concentration has been on moncton and surrounding area. If anyone is interested in connecting shoot me a message.
I'm currently in New Brunswick Canada. I have 7 years experience building new homes and renovating old homes in the Toronto area before returning to New Brunswick.
I have a day job but am taking up a path of real estate investing for the long term on the side.
The model I'm working under is Buy/Rehab/Rent/Refinance/Repeat.
I currently have a house under purchase contract/owner financed and have been repairing it. It still needs some rehab but I'm short on working capitol. My end goal for the property is to have a 2 unit rental. There is a lot of opportunity here for this type of investment.
I would be interested in meeting people in my area to partner up with or finance my endeavors.
Any BP link related to what I'm doing would be appreciated.
Currently watching all the podcasts I'm glad I found this site.
Investor · Ottawa, Ontario · Member since 2017 · 35 posts · 16 votes
7y
I realize this thread is a couple years old, but wondering if any of you are still investing in the NB market. Has the market improved over the past couple years at all? Is there still good deals to be had? I am an investor living in Ontario, but had been living in Nova Scotia for several years before moving back to ON. Ive always kept my eye on the maritime market, and have just now decided to pull the trigger and get serious about investing in Eastern Canada.
The price on multi families in NB seem much more affordable than what is available here in Ontario. Wondering what the vacancy rates are and average rental incomes would be in the major cities. Fredericton, Moncton, St. John.
Are there many good and reliable property managers in these areas that you would feel comfortable using while living so far away from your properties?
Investor · Fredericton, New Brunswick · Member since 2015 · 16 posts · 3 votes
7y
Hi Michala,
I've been investing in student properties in Fredericton for a few years now and hope to continue with more properties in the future. Feel free to PM me and perhaps I could answer any specifics or weigh in on certain areas or properties in Fredericton.
Rental Property Investor · Moncton, NB · Member since 2018 · 1 post · 0 votes
7y
Hi Michala
I've been looking and analyzing deals in the Moncton area for the last 9mth. From my observations of what is available on the market, the asking prices are either over-inflated (speculate emotional attachment) or simply not worth the investment (ei. older property, too much reno) for it to be a viable income property post renovations.
Talking to some local agents, the vacancy is also very low making it harder for property sales to happen. I've heard it to be as low as 1-3% on avg, for decent well kept properties. The only way I could see a good deal happen is private deals direct by owner. As far as multi-family properties, I'd say it's a sellers market right now, the Moncton economy in general is doing well.
Would be interested to hear what others have to say about their findings in the last year in this area!
Let me know if you get any luck! Happy shopping :)
Hi, I am interested in purchasing my first investment property in Saint John, NB year. If anyone has knowledge about the market in the Saint John area, please contact me. Thanks in advance!
I've been investing in student properties in Fredericton for a few years now and hope to continue with more properties in the future. Feel free to PM me and perhaps I could answer any specifics or weigh in on certain areas or properties in Fredericton.
Saint John, New Brunswick · Member since 2016 · 7 posts · 1 vote
7y
Hey all,
My names Fred I am from Saint John, New Brunswick. I'm a university graduate who works a 9-5 job currently.I'm looking for some insight on how to successfully finance a deal for approx 19 units between 3 properties in the uptown core. This is a great opportunity as the buildings are being sold in a package deal for $150,000. Now the catch is the buildings are vacant and would need some rehab. However, its key to note that 2 of the 3 buildings don't need that much to get up and running. I have contractors in my network who could get the job done for a decent price. However, the bank looks at financing 6+ units mortgages at a income producing standpoint. Therefore, it essentially impossible to get a bank to finance this deal as they are vacant and not income producing.....Yet. I have been told to evaluate the private lender route. Would love some input or feedback on what you would do in this situation. Also, if you are from the area and interested in multi family rentals would love to discuss the market,opportunities etc..
Woodstock, NB / Canada · Member since 2019 · 7 posts · 4 votes
7y
@Kenneth Broniszewski
Hey Kenneth
My nam is Devon Bergsma. I work and live in Woodstock New Brunswick. I know it has been sometime since you posted your introduction but I still wanted to reach out to you to see how you are making out?
I ask because we are just thinking of the BRRRR Strategy and wanted to know if you / or anyone / has had luck in our area..
My names Fred I am from Saint John, New Brunswick. I'm a university graduate who works a 9-5 job currently.I'm looking for some insight on how to successfully finance a deal for approx 19 units between 3 properties in the uptown core. This is a great opportunity as the buildings are being sold in a package deal for $150,000. Now the catch is the buildings are vacant and would need some rehab. However, its key to note that 2 of the 3 buildings don't need that much to get up and running. I have contractors in my network who could get the job done for a decent price. However, the bank looks at financing 6+ units mortgages at a income producing standpoint. Therefore, it essentially impossible to get a bank to finance this deal as they are vacant and not income producing.....Yet. I have been told to evaluate the private lender route. Would love some input or feedback on what you would do in this situation. Also, if you are from the area and interested in multi family rentals would love to discuss the market,opportunities etc..
Rental Property Investor · Member since 2020 · 32 posts · 35 votes
6y
@Tarik Tokar hey, I’m new to rental investing but would be interested in any and all discussions. I’m about to move back to SJ and am interested in beginning to invest. I’ve noted there are many multi units selling uptown the last few months.