All Forum Posts by: Greg Eaton

Hi @Chris Nordsveen,

$100,000 per door is typical in Cranbook, although there are certainly deals below that point as well. If you are looking for single family houses, decent 3 bdrm houses can be picked up for $200,000 and would rent for $1500-$1600. I am looking at a 2-3 bdrm house on a double lot foreclosure tomorrow for $135,000 MLS#2409840.

I currently I have a 4-plex, a 3-plex, a student house and a single family house.  I used to own a 6-plex as well, but found it more lucrative to stay at 4 units or less.  I love the thought of scaling up to larger buildings and mobile home parks, but for now I am focusing on what I know works.

How are things looking in Calgary these days?  Are vacancy rates increasing?  I would like to get back into the Calgary market at some point in the future, but I suspect things will get worse before they get better out there.

Hi guys,  I'm in Cranbrook BC and own 4 properties here (soon to  be 5).  I moved from Calgary about 10 years ago partly because of the real estate investment potential (partly lifestyle).  He have a diverse economy (forestry, mining, transportation, tourism, regional hospital, college, 20,000 people) and cap rates between 5-10% or higher.  CMHC puts our vacancy rates around 2%, with a 0% vacancy on 3+ bdrm units.  Might be a good way to diversify away from the Oil dictated markets while still only being a few hours away in the mountains.

@Roy N.

We could probably start a whole new post on Canadian real estate books, because there are a bunch of good ones out there.

Its funny that you say that about Don Campbell and his "rein team", I totally agree that he has become too big and diluted his product too much.  I don't read or listen to what they have to say for the most part any longer.  But his original book is still a great book for the introductory investor.  The rein free forum is pretty active and mostly Canadian.

Reminds me of Robert Kiyosaki, I think the guy is arrogant and I've heard bad things about his seminars.  But Rich Dad, Poor Dad is still an awesome book.

@Andrew Jones

By the way Andrew, as good as books are, have you tried listening to any real estate podcasts?  The two I listen to are biggerpockets podcast and the real estate guys radio, put them on your phone and listen to them when your driving, doing dishes or whatever.  They are free (I get mine from itunes) and convenient.

@Andrew Jones

Hey Andrew, hope your course works out for you, sounds like some of them can be money grabs for the promoters, but some of them are great.  There's lots of good ways to make money in real estate, but you have to look at your skills and personal situation to find the strategy that suits you.

You're not too young to buy a rental.  Lots of people on BP have done it.  I bought my first rental when I was 24, and never looked back.  If your going away for university, maybe look at buying a house to live in and then rent out the other rooms to students?  Maybe your parents or family will help you with the down payment.  You would only need 5% down for that.

Books that I recommend:

1) More than Cash Flow by Julie Broad

2) Real Estate Investing in Canada by Don Campbell

More than cash flow is a must read for any Canadian real estate investor (or would-be investor) in my opinion.  Both are very good books though.

@Andrew Jones

Sorry for the slow reply, anyone listening?

The fastest and cheapest way to get some education is to go pick up some real estate investing books, if they're Canadian even better!  Then buy a house or two.

I was in that spot a bunch of years ago, after reading most of the rei books I could find I starting taking courses at UBC and ended up getting a diploma in urban land economics with a specialty in property development.  The courses are about $700 a piece and are great way to get university level real estate expertise.

Its not for everyone, but its high quality stuff that ads serious cred to your real estate resume.  You can also become an appraiser, which is very handy in real life.

Hi Robert,

I'm a big fan of old homes also (I own 2 historic properties built in 1901 and 1943), they have a greater potential to be money pits, but they often have a greater potential upside also.  I would stay away from restorations and try to find historic homes that can be modernized on the inside.

pros:

-play a role in your cities history and future

-overlooked historic homes can have huge profit potential for flips or holding

-usually in desirable and central locations

Cons:

-historic red tape and building restrictions

-higher average maintenance costs

-renovations/restorations can get very expensive

Get a good inspection and then go for it!

Hi all,

Its great to be here finally.

I have been listening to the podcasts for the past few months (while I renovate houses), and when I heard that Julie Broad was signed on here, I had to join ASAP.  If you haven't read her book, do it.  She doesn't pull any punches about the "real" real estate game.

I live in Cranbrook BC Canada.  In the heart of the Kootenay mountains.  Population 20,000, diverse economy, blue collar retirement area, tons of cash flow deals, 1.8% vacancy rate and dropping (CMHC Apr 2015).

I am 36 years old, have a wife and a baby girl, bought my first rental 12 years ago. We Currently own a 3-plex, 4-plex, student house (6 rooms) and our primary residence. I have a buy and hold mentality and love the BRRRR strategy. Have a diploma in Urban Land Economics from UBC specializing in property development, and I am slowly working at a business degree in real estate from TRU.

I look forward to connecting with like minded people and learning from all the great minds that are here.

Greg