All Forum Posts by: Chris Baxter

@David Majaess Welcome to BP!  Have you reached out to a local PM yet?  They will be your best resource for helping estimate expenses specific to your area.  

Search: CMHC Calgary Rental Market Report

https://www03.cmhc-schl.gc.ca/hmip-pimh/en/TableMapChart/Table?TableId=2.1.31.3&GeographyId=0140&GeographyTypeId=3&DisplayAs=Table&GeograghyName=Calgary

You need to live somewhere.... if you can afford a property with rental potential (i.e. option 1), you can get started in home ownership and have your tenant hep you build equity with principal pay down.   Mortgage rates are as low as they'll ever be, and as homeowners, you should be able to qualify for 5% down. Work with a local mortgage broker, not a bank.

@Sneha Maun welcome to BP!

I'd recommend that you try to commute from Chilliwack to Vancouver before including it in your plans.  You are asking for 4h per day of traffic hell.  I know that some people do it, but what a colossal waste of time and energy. 

Have you considered Mission?  It's the end of the line for the West Coast Express (commuter rail to downtown Vancouver). Your husband could then commute in relative comfort and use the commute time on the train for podcasts, reading, relaxing.

The biggest knock on BC for investing is that rent control makes cash flow a challenge.  If I were in your shoes, I would look for a house near transit access that has the potential for a legal rental suite.  You can use this extra income to invest in markets where properties cash flow (hint... it's not going to be in an area where a $500k condo rents for $1500 per month)

Good luck!

It's pretty hard to purposely waste water @Ryan Kenneth.  I'd recommend having your PM do an inspection to rule out leaks that can potentially cause damage to your property. Also, most tenants don't report things like a continuously running toilet, so that;s a likely culprit.

@Sheldon Peart  landlords will tell you the system is stacked in favour of the tenant.  Tenants will tell you that the system marginalizes them and that it favours the landlord. Government systems tend to protect the 'little guy', but since there is no other option for dispute resolution in BC, it is what it is.  My advice for the process would be to present facts, not emotions. Can you defend your claim of "combative and threatening"? 

@Michael Mehta welcome to BP! I'll chime in on a few topics:

1) The LOC will impact your ability to get a mortgage, especially if it is unsecured (which it appears to be).

2) yes

3) I always use a PM, even if I were to buy locally.  I would recommend handing off the day to day to someone else

4) depends on how you fund the first property

5) USA...

6) My biggest concern is appetite to put more rent controls in place and/or tying rent to the unit, not to the tenant, but these concerns are provincially legislated (not federally).

@Stephanie Blouin what issues are you concerned about? What role(s) will the overseas partner have? 

Have a read through this book, so that you understand the various nuances of incorporating and so that you can ask your lawyer the right questions

https://www.amazon.ca/Accounti...

Legal, Tax, and Accounting Strategies for the Canadian Real Estate Investor.... its a great resource