All Forum Posts by: Aaron Choi

Hi Jonathan, Great question, it's one I am sure I will have one day. I'm good for now as I am in a Condo! Questions I would have are as follows: -What is the latest date they can hand over the property (possession date)?, this will affect your planning of your accommodations. I've known people who had been put in difficult situations due to having to sell their home, then to find the property is not ready to move in and then you have to rent and incur additional expenses in the interim. -Are you buying presale? Or in a townhouse/condo? Buying presale you should expect that the timelines they are proposing are highly dependent on reaching their presales objective. Buying townhouse/condos and evening SFH's the builder can make changes to design, support structures, that would affect you without having to consult you further. -Without being highly specific, I would review the contract carefully. Provisions I would look for are changes/upgrades and how those are addressed and if they are rolled into your mortgage. Other facts would help others in providing advice: -Is this a Personal Residence OR Rental Property? -Is it an Infill OR Build in new neighbourhood? -Aaron

Hi Dan,

I have used the Bigger Pockets guide to tenant screening flowchart. It is very good and well laid out. In terms of application, there are many generic applications available, I would suggest you take a look at a few and just make sure the one you pick contains the essential pieces of information you need (for credit check, income verification, and other references, etc.). Finally, I have used LawDepot's templates for lease drafting, tenant notices (late rent, eviction...), and other forms/templates.

Congrats on your first step. It is a very exciting time. Let me know if you have any questions.

I would look at one thing: Is it wiithin your budget? What the target market?

I highly doubt it is fake/manufactured stone based on the age of your house. I find it quite unique and could be give the house some character if paired nicely with a neutral or earthy colored siding.

Ripping it out will cost a decent chunk of change$, you won't know what you will find underneath. 

Hi Fellow REI's, (Calgary, Edmonton specific)

I have come across several opportunities for JVs in the past several weeks. Recognizing the limits of what I know, I wanted to reach out to ask who you've used or currently use who has been highly competent in the area of:

• Legal Counsel (Attorney)
• Taxes and Setup (Accountant)
• for both of these specialists, is there something you always look for or ask besides that they are a REI themselves?

Thanks for all your input in advance!

Aaron C.

Hi Jaymes,

Have you approached one of the major banks or a mortgage broker to get pre-approval? I ask because based on your occupation, I think you may get approved for more than you think. Now I am not saying that we should all go to our limit, but leverage is important to RE investors. Can't say I'm an expert at all, but I do not think you will be able to find condo's in Calgary under...250K, unless the numbers you cited are assuming you have a down of 50% or 50/50 loan to value.

Hi @Jesse Cornforth,

I own a condo as well and I am looking to get into SFH's and Multifamilies. In terms of condos, I believe they are a harder space to compete in. IMO, they have lots of things out of your control, condo fees as you mentioned, and for me it is the commodity nature of condo units. If I own a condo unit, it is likely the unit below or above me is for rent as well and thus I am competing with them for tenants and the main differentiation is rent. This scenarios is particularly true with the current Calgary market I am in and its raising vacancy rates. As Ram mentioned, condo property values also fluctuate much more then SFH's and this must be factored into your investment plan.

It is because of this that I am focusing my efforts on SFH's and multifamilies.

Cheers,

Aaron C.

@Account Closed - I agree with Jett and Cal. In the absence of any opportunities and for a complete hand off approach. Tangerine is offering 2.4% return for 6 months if you open an account now. No hassle no risk guaranteed return. Let me know if you go that route!

@Samuel Sedore - Thanks!

Let me know if I can be of assistance!

@Jeff Rao - I am interested in Buy and Holds for the time being, Fix&Flips later when I have good quality contractors or GC to work with. In terms of applying knowledge, I am going to be writing personalized notes for properties I am interested in when I see them!

@Lydia S. - Thanks for the tip. I will keep my eyes and ears open and starting looking. To stay focused I am trying to gain more knowledge about the market and how to apply REI principles to the Alberta market.

@Ram Srinivasan - will check and get back to you!

@Ndy Onyido - I don't want to be disconnected from the RE market I am investing in. I see it as a big risk given my inexperience. The U.S. is very appealing but there are also other tax implications that I know about and do not want to deal with. Thanks though.

@Ash Badry I am along the same lines and my model is: Buy , Rehab  (add value), and Rent. Why do you Refinance?  If you have meetups or something of the like I'd be very interested! We can meet up for coffee and let's see how I can be of assistance as well.

My focus is on: Buy, Add Value/Rehab, and Rent. Once I get a few quality Contractors or GC then I will be open to Fix and Flips. I am looking to apply this model to SFH's and MFH (2-4 units). Where what I can see, there isn't too much, a starting investor like me can buy.

In terms of joining local meetups , I have already checked out and subscribed to meetups in Edmonton for REI. I really appreciate the tips! I can definitely feel paralyzed by analysis somethings. How do you know?

Hi All,

It's a pleasure to join all of you in your financial goals, and potentially passions and careers. I am a young Engineer (recent grad) with some knowledge in financial investing looking to get into real estate. I am looking to learn more about assessing deals, findings deals and the intricacies of setting up a real estate portfolio (owning personally or under a corporation) in Canada. I am aware of the difference in scenarios between the US and Canada and would appreciate tips on how to use all of the tips from the podcasts and forums on BiggerPockets and apply them to the 250-300K starting price of homes in Calgary and Edmonton, AB.

I am consistent in my learning efforts and would like to exchange my savy-ness in MS Excel and spreadsheets automation to help you in return for any applicable knowledge you may want to share.

Thanks!

Aaron Choi