Investor · Calgary AB, Canada · Member since 2018 · 8 posts · 0 votes
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!
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!
Real Estate Agent · Abbotsford, BC · Member since 2017 · 78 posts · 9 votes
5y
@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?
New to Real Estate · Calgary, AB · Member since 2020 · 2 posts · 1 vote
5y
@Angus Ho
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?
Investor · Calgary AB, Canada · Member since 2018 · 8 posts · 0 votes
5y
@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
Bought a side by side duplex with illegally suited basement units. Legalizing both and adding improvements to 3/4 units. Purchase price 475,000. Hoping to get a refinance at 575,000. With just under 30,000 in renovations in total...
Specialist · Edmonton, AB · Member since 2020 · 17 posts · 7 votes
5y
@Patrick Bobczynski
Most lenders still allow the refi at any point however there is always a minimum for a refinance on rentals that you can't go over 80% LTV. And typically they are looking for 65-75% LTV even. However there isn't typically a timeline in the contract, you will just have to pay a penalty. You may start to see the odd lender putting terms in the contract that you have to wait at least 6 months to refi… this would be for the one purpose of eliminating the new blend and extend strategy to eliminate the IRD penalty for breaking a mortgage term.
Definitely worth working with an investment minded broker to ensure you are getting a mortgage that allows you to refi at a reasonable LTV, without timelines, and more. Definitely more important stuff than just a rate.
@Gary Mangat numbers look awesome on your deal, congrats! Which area is your side by side duplex? 30K all in for reno's is really good, I'm guessing you're doing most of the work yourself?