All Forum Posts by: Ash Badry

Welcome to the community @Nathan Flim. You might want to investigate buying a house with a legal basement suite. Since the suite is legal lenders should allow you to use the rental income to increase your max loan qualifying amount. I recommend you find a good rental savvy mortgage broker to help you rather than going directly to the banks.

We personally invest in houses with legal suites in Edmonton because we find that they produce the best overall ROI in our market. As Jett mentioned you could seek out other markets and that would actually be better for you if you plan to be a hands-off investor, but if you like to be more hands-on and close to your investments then continue to investigate your local options.

Welcome @Russell Kieftenbeld, be sure to set up some keyword alerts so that you're notified when someone is talking about a topic you're interested in. 

 To answer it simply, we refinance for leverage. We buy the properties with hard money (the next one will be with cheaper RSP funds), we rehab with private money, we refinance with big bank money (to pay back the hard & private money) and then we actually add a RSP second mortgage to pay back any remaining private money. It's a bit of a process but it allows us to be 100% owners of fully renovated properties (we add legal basement suites by the way) with none of our own money. 

A great REI meeting is Edmonton REIA on meetup and if you're willing to invest a little more money then consider REIN. 

@Aaron ChoiI forgot to mention one thing, probably the most important step you can take is to start attending local real estate investing meetings. Meet other active investors, learn the market, and start to get a feel for what sort of deals are out there. Once you have a feel for things start writing offers, educating yourself is all good and well but it's too easy to fall into the trap of thinking you just need to learn this next strategy before you buy that first property. Ask me how I know

Hey @Aaron Choi, I'm up in Edmonton and do the BRRR (Buy, Rehab, Refinance & Rent) strategy. Let me know if there's anything I can help you out with, could always use a spreadsheet whiz on the team ;)

@Jett Rao is spot on by saying that in order for people to help you they need more info about what specifically you're interested in doing. In a general sense I would suggest listening to the podcasts and making notes on anything that piques your interest then going back to the forums and search those topics. Happy investing!

Welcome to BP @Troy Coroles! Sounds like you're well on your way. What type of investing are you interested in? Whatever it is you're certain to find any information you need either in the articles or by reaching out to others. 

Be sure to set up Key Word alerts to keep you abreast of any topic you're interested in.

 @Cal Ewing After we complete our rehab with the legal suite we refinance the property with a standard bank mortgage at 80% LTV. About half of the 20% down comes from the forced appreciation of the rehab and the other half comes from the second mortgage. So after our project is complete we're leverage at about 90% LTV and we own it 100% with none of our own money. The increased rent from the legal suite & updated main floor allows us to still have a healthy cashflow even with the extra leverage.

@Chris Hose I used to be a REIN member but have since cancelled my membership; my soon to be wife is still an online REIN member. I regularly attend the Edmonton REIA on meetup, and we host Cashflow games about twice a month. Our group is called Edmonton Cashflow Meetup and it's obviously hosted through Meetup. I'm not familiar with any REI groups focused on student rentals, Edmonton as a whole is a bit short on REI groups in my opinion.

With regards to the Edmonton market things have pretty much flat lined in the $300k-$400k price range which is what we buy. Our model is the BRRR (buy, rehab, refinance & rent) with legal basement suites but we add a RSP second mortgage on the back end.

@Yetunde Ijams wholesaling certainly is 'allowed' here in Alberta, I have a friend here in Edmonton that has wholesaled a number or single family homes over the last few years and I know some others that have done it as well. 

Not sure if you just want to wholesale a property here and there or make a full blown business out of it, either way the only limitation is the action you're willing to take. 

@Richard Huynh

Welcome to the community! Be sure to set up some keyword alerts to help keep you on top of topics you're interested in. That is precisely how I found this thread.

Feel free to reach out if you ever have a question about the Edmonton market.