Anyone successfully doing BRRR methods in Calgary AB, Canada in the last couple years? It would be amazing if you have examples of what you did. What area, what the purchase price was, how much it appraised for, before and after pictures.
I am! I have 2 in Calgary one in Killarney and one in Glenbrook, the Glenbrook house is legally suited and have had it for 3 years. Just about to refinance it!
That is amazing. I'm more of a NW/NE kind of person. I got one in Coventry Hills and Huntington. Congrats on getting this far so far @Jessica Friesen
@Angus Ho Hey Angus. How'd those BRRRR's workout for you? I'm really curious to know the numbers. I'm currently looking into trying to do a BRRRR out in Calgary (my business partner is from there). Currently looking at forest lawn and ogden.
Hey there Jessica, first of all good for you owning 2 properties and going into a refinance, I hope it worked out well! I was wondering what made you decide to hold the property for 3 years before refinancing?
I recently spoke with a mortgage broker who specializes in REI in the Calgary area. He mentioned that as of late, banks/lenders typically wait almost a year before considering a Refi. Has anyone found this to be the case?
Depends on the lender.
lots of lenders won't do rental refis at all anymore, some will only do up to 65-75% LTV.
it is worth shopping around to see which lender will let you maximize the rental income to debt service the application.
CMLS has a great program to help eliminate the other rentals from debt servicing.
@Connor Kelly I don't quite have any numbers for you. I saw this house in Huntington Hills for $320,000. Will need 50k+ worth of work and I was hoping to Refi at $420. My suggestion is to find houses in Ogden. That area has much better renters