Hi I am 18 years old have been building credit for the last year or so and I have been saving for a down payment on rental property and saving for any other associated costs. I'm looking to purchase a rental property. The BRRR method in my market is it possible? Any investors in Alberta? I could really use some good advice.
HI Zaher, Alberta is a great market right now depending on which side of the fence you are on and what strategy you do. If you can BRRRR, force appreciation, refi, get a HELOC, repeat and hold on for a few years for the market to improve that would be ideal. If you can't refi or get a heloc or get your money back out to reinvest, then AB is not the best place now. Here is why, you can take your money and invest in another city and get better rental income and appreciation. You don't know how long the slump will be in AB. It could be 2 yrs, 5 yrs, or longer. While in that time, your money will work better for you in another area.
I lived in Edmonton with investments. However I am not buying more in Edmonton due to the above reason. RTO and VTB in AB is a good strategy to consider for AB.