All Forum Posts by: Jim Johnson

When a town is declining or high vacancy it's not a great place to invest.  You want a population increasing so the rents will keep going up and you don't have a vacancy problem. 

Hi and welcome To investing in Canada! The Calgary market is down because of the oil and covid-19 and may not be at the bottom till the fall but thats just my guess. So you have some time to read about investing in single and multi family houses. Then you need to find out what the rental prices are for houses in different areas of Calgary or surrounding areas. Then figure out how much it costs to keep that house with repairs vacancy and mortgage payments to see if there is a return on investment. Check out houses in a area where you feel safe for security and feel safe investing that amount of money. Best of luck and have fun investing like millions of people before you who have done the same thing.   Jim Johnson Gimli mb

What I've done is a little crazy but I offered the tenant cash to get out like 300 and only if they are out by a date. They can call me when there ready to move and I come over with cash.

What I've done is a little crazy but I offered the tenant cash to get out like 300 and only if they are out by a date. They can call me when there move and I come over with cash.

I invest there ,I have a bounch of high end houses for executives and also middle income duplexes and triplexes. I sold off all apts, but overall it's is slow and steady investing in Winnipeg. I personally do my owen  management so I can't recommend anyone. Jim Johnson

No I don't deprecate any of my houses or apt buildings. I prefer to pay the taxes now while I still had a off site job and have extra cash flow.  My Dad was a C.A. And we discussed it may times threw out the years but it would have been nice to get a difference between the 2 ways if I would have been ahead to deprecate everything. But now I'm retired and selling off a house every 2-3 years I appreciate the extra cash I get out !

I have properties in Chicago and a lot in Manitoba . The next province over from Manitoba is Ontario and a condo in Toronto can cost in the 500,000 range and in Manitoba a 2300 sq. ft house in a high end neighborhood can cost 500,000 to 600,000.   It is also a 18 hour drive . We need more sub divisions in the heading Canadians 

Borrowing money from a bank is never a problem as long as you can pay it back. I started off with my first house doing it the same way as you and I ended up ok. The ARV appraisal came in lower than we expected ( bank appraisal) but we ended up renting it out for a positive cash flow then sold it 8 years later for a nice chunk of cash.

In Canada most Banks will require some previous credit history to lend out a mortgage. Having saying that a bank or credit union may still lend you the money.

I've also heard that but not sure if it is true. But shopping around trying to get a little better relate isn't always worth it. I've had banks who were the lowest rate, 6 months later were the highest. Try and find a bank or credit union that your happy with and seems to work with you instead of against you and go with your gut feeling .       Good luck Jim Johnson