All Forum Posts by: Brandon Hall

Thanks for the feedback @Rob Beland

I was definitely going to be running a credit check, but your information on 2 years of tax returns would definitely make me feel more comfortable if they turned out positive. I wasn't really sure if I could ask for that much information. 

I would make sure you have a close look at the condo fees, a lot of these older condo's in Calgary that are $200,000 have huge maintenance fees.

Let's just say you renovate it and made it look like the Brand New Condo's that are going for $300,000.  Your potential buyer will still need to pay the higher maintenance fee than the new condo's.

So if I was a potential buyer and I had the choice of buying a new condo for $300,000 with a $300/month maintenance fee, or a older nicely renovated condo for $250,000 with a $500/month maintenance fee, I'd go with the new condo as your monthly payment would be similar.  

Plus the rest of the building won't be renovated which is something else that may deter a potential buyer. 

Hello Everyone,

I currently have one of my rentals available and I have a gentleman interested in renting it. 

He owns his own company and it sounds like the company is pretty new although he claims to have a large contract with one of the bigger contractors.  Because of this he won't be able to give me a normal record of employment with salary on it. 

He also just divorced his wife and is looking to rent a place in the city (closer to work). So he won't have proper landlord references.. What kind of information should I be asking, so I can ensure I screen him the best I can. 

Hello Everyone,

I know there are a lot of very smart people here and could use your help on putting myself in the best situation. 

I'm looking at purchasing my 3rd income property in Calgary, Alberta, Canada. However this time I'd like to go in on it with 2 other people. 

The plan is to purchase a property and renovate it. Downpayment (20% and reno costs) All of this would be split 3 ways. Once reno's are completed we will rent the house out.  

Everyone involved knows that they cannot opt out or receive any return until the 5th year (when mortgage needs to be renewed) This will all be written in a contract. 

• At the 5 year point our options are that we all renew the mortgage for another 5 years
• If one person wants out the other two people can buy them out using the built up equity and new mortgage
• Or sell the house and everyone takes their portion of the build up equity and cash 

I already have the two people picked for this that I have worked with for years. All three of us bring certain skills that will make this excel. I was just wondering what the best way to do this is. 

Is it best for:

• Everyone to sign onto the mortgage and we have a separate contract in place drafted by a lawyer breaking out all the details out. 
• Or do we start a company under all 3 of our names and sign the mortgage under the company? I understand this helps with liability, but not sure how this would effect taxes and capital gains? There will also be a separate contract drafted by a lawyer for this too. 

Thanks Everyone. Definitely lot's to think about. @Chad U. I have sent you a PM. I'd definitely be interested in hearing more. 

Hello @Vala Shahabi ,

Thanks for the reply, the Cap rate is only 1-2% but housing prices for a single family home are up 10.24 per cent from a year ago

Hello Everyone, I've been snooping around the boards for sometime and finally thought I would introduce myself as I'm interested in investing in the USA Real Estate market. 

A little about me:  I work in the Oil and Gas Industry up in Northern Alberta, Canada. I work as a project coordinator on large projects of $100+ million.

In the last year I have purchased two houses 5 minutes out of Downtown Calgary. One house I bought and rented out immediately, the other I lived in and renovated the basement into a suite before I rented it out. Now I'm looking for a third.

I have begun to realize that the market is way to expensive to get quality cash flow properties. I have two houses (4 units total) that are generating a good monthly return but I know I can get a lot more bang for my buck going south.

For example the average MLS sale price this month in Calgary is $482,113.

I also understand that it's next to impossible to get a mortgage as a Canadian in the states so I'd be looking to purchase properties with cash. I also have a few investors that would be interested if the right deal came up and I was not able to finance it on my own.

I'm really just starting my research as to where I would like to invest and I'm interested to hear of any other areas you might suggest.