Calgary, Alberta · Member since 2016 · 17 posts · 4 votes
Hey, I was wondering if anyone knows of any investor meetups in Calgary, AB Canada. I'm looking to connect with some people who have done a few deals and get a bit of guidance on how to start out.
Realtor · Calgary, Alberta · Member since 2020 · 19 posts · 14 votes
5y
@Andrew Dutcher the sellers don't need to have paid off the mortgage. In an AFS you agree to a price and contractually agree to purchase, but you don't close (and, in Alberta, title doesn't transfer) for X number of years down the road. In the meantime, you (the buyer) assume all the carrying costs and full responsibility for the property. As part of the agreement, there are checks and balances to make sure you make your payments to the seller and that seller in turn continues to pay the mortgage and property taxes. You leave the seller's mortgage in place. You are free to rent the property out, renovate, assign the contract, etc. It's easier to set these deals up when you are dealing directly with the seller, but it's not that hard to find off-market properties if you are willing to put in a little legwork and make some phone calls. I found the duplex deal on kijiji, I think - it's under contract for another two years and because I've totally taken it over, I was able to arrange to renovate and add secondary suites on the lower level. AFS is a type of seller financing, which makes it different to something like a lease with an option to buy structure where it's still a landlord-tenant type of arrangement rather than a buyer with alternative financing. (**Note for others reading this: this is how it works in Alberta - the exact mechanism and terms used vary from province to province and state to state)
Rental Property Investor · Calgary · Member since 2018 · 82 posts · 19 votes
7y
Hi All,
Does a meet-up make sense for everyone ? I realize the value of face to face networking but we likely live in separate quadrants of the city with different schedules and family obligations. Given these constraints, I am thinking that we shoot to get a brain trust of people together first and have some online dialogue rolling, so when we meet were more than a bunch of strangers in a room ha.
Let me know exactly what your after and I'll start compiling a list and open up a google doc to share. If possible, be specific on what answers or resources you need.
Does a meet-up make sense for everyone ? I realize the value of face to face networking but we likely live in separate quadrants of the city with different schedules and family obligations. Given these constraints, I am thinking that we shoot to get a brain trust of people together first and have some online dialogue rolling, so when we meet were more than a bunch of strangers in a room ha.
Let me know exactly what your after and I'll start compiling a list and open up a google doc to share. If possible, be specific on what answers or resources you need.
You are right about getting know each other here on BP but sometimes it just works better face to face (like interviews). Its just my opinion but I am open to network here before we do a meetup.
Realtor · Calgary, Alberta · Member since 2018 · 291 posts · 132 votes
7y
I think that if this was a regular meetup, let's say once a month it might be easier for people to make it once in a while. There is a francophone meetup in Calgary every Thursday downtown and even though everyone lives in different areas of the city and even outside and has different schedules and obligations there is always people that make it, not always the same people or numbers but the meetup lives on and people know it's there if they happen to have free time. I'm thinking something like this might make it easier as I don't think we would ever be able to find a single date and location that works out with everyone.
Rental Property Investor · Naples, Campania · Member since 2019 · 18 posts · 9 votes
7y
Hey all!
I've actually already reached out to Cody, but I will be seeking events and opportunities in Calgary. I am attending an event tomorrow called "How to Choose the Right Investment Property for You" from 7:00-8:30pm. If you want to join, send me a PM and I'll fire off the address! I imagine it will be a good time to connect with like-minded individuals and meet some potential mentors.
Rental Property Investor · Calgary, Alberta · Member since 2019 · 1 post · 0 votes
6y
Hi there, I noticed this discussion thread have been going for awhile. I like to know if there is still an active meetup groups in Calgary. If so, I would like to meet some of you for network opportunities and get some knowledge.
Real Estate Investor · Calgary, Alberta · Member since 2014 · 16 posts · 1 vote
6y
Hi everyone,
Greetings from Calgary!
I have been trying to sell my rental property here in Calgary and 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 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. Although I don’t have enough
equity/ extra money for full commission, I am willing to give $5K max
for finder's fee.
So, I am wondering if any of you can give me some suggestions of other things that I have to try? :)
Rookie investor in Calgary here. Currently looking at a Duplex with two titles and it looks like I am juuuuuust short of the second mortgage. Looking to bounce ideas off anybody with experience in scrapping together financing.
If you are close to qualifying, look at extending the amortization to 30 years, or paying out a few small debts to get the ratios to work for qualifying.
There are a few lenders that will grant extended qualifying ratios if you are putting 20% or more down. (the lender is key to getting the exceptions and the property)
I am pre-approved for the first mortgage for up to $350k, which is great, and will easily secure side A, but my partner has only been approved for $270k, and asking price on side B is $319k. We are confident we can talk them down by about 10-15%, but it will still make things tight. Ideally we are putting about 12% down on side A, and 10% down on side B.
I’m new to investing here in Calgary, and I’ve been working on getting my first deal set up and trying to figure out financing myself. I have been working with Nathalie Deacon with Scotiabank in Scotiabank Home Financing Solutions, and she has bee great so far in coming up with solutions to financing issues and is a real estate investor herself. I don’t have an answer for you but maybe she will, and I could get her info if you were interested.
Have you looked at a B lender for financing or just working with the major banks? If you work with a mortgage broker, they may be able to find you some options.
I do currently work with a mortgage broker. He’s come highly recommended to me by a few people. I happen to get the feeling he’s not as investment focused as some might be, so his creative financing solutions might be lacking a bit.
I do currently work with a mortgage broker. He’s come highly recommended to me by a few people. I happen to get the feeling he’s not as investment focused as some might be, so his creative financing solutions might be lacking a bit.
May I suggest talking to a few more brokers who might be investment focused? It might talking to a few before finding the right one who can help you achieve your goal.
I am making steps towards getting my first property here in Calgary and am stuck on not having enough money for a down payment. I could just wait and save up my money, but I kinda want to get things started and see what is possible with OPM. What strategies have you found to be helpful with investing in Calgary when you don’t have enough money for a down payment?
I’m thinking about trying to use a hard money lender to buy the property, then BRRRRing the property, and having a bank refinance the loan asap. Not sure if this would work, but I’m trying to get creative to buy my first property
Rental Property Investor · Calgary, AB · Member since 2020 · 8 posts · 0 votes
6y
Using hard money and brrrr sounds good if your calculations works , my two concerns are the requirements of the HMLs , and also the current gloomy calgary economy compounded by the pandemic. There are more New Builds more than buyers currently.
Investor · Calgary, AB · Member since 2020 · 35 posts · 18 votes
6y
Hey Andrew, I like the idea of BRRRR, especially if you have any kind of renovations experience or can partner with someone who does. You may also want to consider doing an Agreement For Sale because this would allow you to conceivably do a very low down payment when getting into the AFS, and because of the principle pay down over the AFS term (normally 1-3 years), you would be able to do a much lower down payment when the AFS term ends and it's time to get a traditional mortgage, plus it would allow you to get into a home that you have the right to own while saving up.
Thanks for sharing your concerns, I share those same concerns. I agree things are not looking good for Alberta and Calgary in particular, and this concerns me, but I am hopeful that the rental market will stay strong and people will be looking for rehabbed units for a reasonable price. What would be reasonable and unreasonable requirements for a HML in this market?
Thanks! That is a really interesting idea that I haven’t considered and don’t know anything about. Is there a way I could find out more about this strategy or pick your brain more about this?