Montreal QC · Member since 2019 · 7 posts · 0 votes
Hi guys,
It looks like quebec forum is very inactive. Is anyone out there doing deals in quebec these days? how is the cashflow working for you? I want start doing "buy and hold" in the greater montreal area. What are your thoughts?
Rental Property Investor · Québec, QC · Member since 2015 · 28 posts · 22 votes
7y
I'm in Quebec city, I would say that for cashflow you can be anywhere at 50$/door would be normal. These days in montreal the market is getting crazy with overbid on small plex, I would go on an approach of building with 6+ units, easier to finance too with our reality. If you have a lot of equity you even can finance at 15% down for 6plex
Québec City · Member since 2019 · 9 posts · 2 votes
7y
Hi guys ! As Lineker says, looks like this forum is almost dead ... I'm from Québec City as well and starting to invest in buy and hold mode ! Presently waiting to here from 2 offers I did this week. One 6 doors and another 4 doors. What is going on on your side ?
I'm also from Quebec City. I'm totally new in the world of real estate. I'm also interested in buy and hold. I'm learning (reading) and hope make my first buy in 2019.
So I'll be happy to share and talk with all of you!
Montreal QC · Member since 2019 · 7 posts · 0 votes
7y
Hi Audrey,
I'm just starting. I have been looking for deals and getting information from real state. I think I'm starting to learn how to spot a deal. Lately every property I ask for information from the realtor they tell me the property already has an offer accepted. I'm also trying to figure out how to get money for a downpayment since I don't have enough on cash. But yes, this forum is dead :(
Rental Property Investor · Québec, QC · Member since 2015 · 28 posts · 22 votes
7y
Lately I've been using CMHC to get minimum funding on my investments. Sometime, you can also negociate a cash return for renovation to actually finance your cashdown if the cashflow is good. I'm a buy and hold investor also. For the activity of the forum, investors in Quebec actually talk english for most of them, I never actually spoke to an investor that doesn't. This site is not well known from most people, maybe because a lot of fiscality rules doesn't apply to us as we are in Canada AND in Quebec (the place where people hate you if you make money). I currently have 49 doors spreaded in 9 buildings from duplexes to 12plex. 43 of them bought last year with a total investment of about 80k, maybe less I lost the count as I still wait for some "Transfer taxes"
it's fun to know we have some people here from Québec! I'm from Quebec city and kind of new in the real estate world. I'm here for learning and hoping to buy my first rental in 2019. How and when did you make your first buy? Were you alone or with a partner?
Montreal QC · Member since 2019 · 7 posts · 0 votes
7y
Wow Kevin, that is amazing 43 units in 1 year! Are you investing fulltime? I thought you could only get CMHC insurance for the house you will live on it? Am I wrong?
What is your opinion about investing in small town? I'm located in the greater montreal and I find hard to find cashflowing deals around here. Maybe my analysis is wrong -.-
Rental Property Investor · Québec, QC · Member since 2015 · 28 posts · 22 votes
7y
Guillaume, first buy in 2011 with a triplex, waited too long to buy a 4plex in 2015, added a unit in the basement for too much money (100k) but refi in 2018 to get all my money back. Started all alone, and added my girlfriend in the equation even if she doesn't bring any money in cashdown, she take care of the kids while I was finding deals, and the notary write on the buying contraxt that I put the money down.
Lineker, No not full time yet but it's my goal. I'm still a Home inspector full time working almost 70-80 hours a week but I lost the count between real estate and inspections sometimes. I'm just never on netflix :P CMHC allows you to buy with:
5% down for house or Duplex if you live in it (or "live" in it)
10% down for 3-4 plex if you live in it also (but I'm not sure of this one you might don't need to live in it)
15% down for 5+ plex as investments
It's not free, it costed me about 45k for a close to 900k loan this year. But if it's the difference between buying or not, it's worth it. For Montreal, prices are going completely crazy right now, hard to cashflow so yes you can buy in a small town if you know it. I bought a duplex in Beaupré this year, an hour drive from home but I have it under a maintenance guy taking care of it. Little bit of speculation but it cashflows a small 150$/month
Wow thanks for your story Kevin :). Impressive! I know who I'll call if I need a home inspector one day!
Last question, if I can, what made you do your first buy?? I'm learning and reading about real estate, I want to buy in 2019 and I still wondering what will make me do my first buy (good numbers analysis, close from home,...)
Québec City · Member since 2019 · 9 posts · 2 votes
7y
@Guillaume Racine : Nice to meet you ! I'm doing my first right now. It is a four units in Québec City. I'm doing it alone for now but we'll see what happens for the second one !
@Kevin Labonte : I totally agree with you !!! A lot of things to learn even though rules may not be the same for us .... But the ''thinking'' remains the same. In which area of the city are you investing ?
Rental Property Investor · Québec, QC · Member since 2015 · 28 posts · 22 votes
7y
@Guillaume Racine I was made a flip with my first house without knowing what I was doing. On resale, I has enough money for the cashdown on my new house, but wanted to leverage the other part, a friend of mine told me about real estate, loved the idea of gaining close to 2% a year on 350k instead of 5% on 50k....as simple as that
@Audrey Théberge I'm a little bit all over the place for now, from Beaupré to Levis. I will probably get rid of my Beaupré Duplex at some point, to keep the ones in Limoilou to Ste-Foy. Interesting fact, my smallest buildings are taking me most of my time.
Rental Property Investor · Québec, QC · Member since 2015 · 28 posts · 22 votes
7y
@Audrey Théberge I'll be doing 2 coaching program this year to get better in my calculations and knowledge, should be starting prospecting this summer, mutliplex only, but sometimes things goes fast. We want to wait after relocation season (which they don't have anywhere else than in Quebec, everyone moves on 1st July here) and to know our buildings and clients.
This summer, 4 hours after we decided to take a break from buying I recieved a call for a good deal, 3 hours later we were signing a contract to buy an already accepted offer on a 9 unit! #4hourbreak :P
Montreal QC · Member since 2019 · 7 posts · 0 votes
7y
Great stuff guys. @Kevin Labonte thanks for sharing so much. What do you think about Saint-Hyacinthe? Is a 50min drive from my house. It has a train station, university.
Kevin, do you take your loans directly from a bank or through a mortgage broker?
Rental Property Investor · Québec, QC · Member since 2015 · 28 posts · 22 votes
7y
@Lineker Tomazeli I'm not an expert of this specific area, if you want to know more about this area, contact Jean-Philippe Claude with Club d'investisseurs Immobiliers du Quebec, he's in that area, I don't know about banks but for me it looks like a primary market.
For loans, now I'm with Desjardins Commercial (CFE), everyone need to stop thinking about saving 0.3% on your rates, these guys talk the same language as we do, find solutions and REAL solutions, open big line of credits if you fit in their numbers like being new company....
For my buildings in personnal name, I use a broker, Andre Marcoux at Multi-prêts.
I'm interested in Quebec Multi family but the rental lease laws look so bad for investors, specifically the process to increase rent and the eviction process looks like a long process. How do you all deal with this?