All Forum Posts by: Christopher H.

@Danny Deatherage

Doesn't sound like it would make a lot of sense to sell your primary right now. Consider a HELOC as suggested to unlock some equity, if available.

If we take a look at the fundamentals right now It's possible that prices come down more.  In this case your cash will go a bit further and hopefully then be enough to do a deal  that fits your criteria.  

Alternatively, no one said you have to do the deal alone!  Can always look to partner on an investment with another party you trust so you dont get stretched thin.

Good luck!

There is going to be many good properties on for a very fair price over the foreseeable future, imo.  If this property isn't giving you a decent return then it might be time to consider alternatives.

Vincent does a great job running this event.  Will be there.  

@Jeffrey Kay

Why would you buy it if it is cash flow negative?  Keep in mind that it will require time, effort, risk, and maybe even a bit of stress.  

It is up to you to decide what makes sense for you, but just buying something for the sake of buying something to the tune of half a million dollars doesn't make a lot of sense.   

If it were me I would be patient and look for a deal.  

@Jason Dasanjh

There is lenders who will do past 4.  Tyler is right also there is lenders who will calculate ratios using a different offset for rental income.  There is also lenders with more flexible ratios then others.

One thing to note here though is it could be other debt outside of the rental property pushing you over the ratios... Revolving credit(i.e. cedit cards, loc, etc) can add up very quickly because of how its calculated.  

@Zorya Belanger Thats about inline from what I have heard from a couple of people lol.  A lot of the jobs/renters come from the surrounding oilfields.

I had a client reach out to me yesterday to ask if I could help him move a rental property out there or if he should list it.  So I figured I would see if anyone on BP had anything interesting to tell me. 

It's a decent property actually. SFH Clean and decent sized. 3 bed up vacant($1800), 1 bed legal down rented @ $1000 util included.

It can work in BC, but I could see the lower mainland being very difficult.  

There is many places in BC that it is being done successfully right now. Don't need to go far to do RTO's.

Any investors that can educate me on Fox Creek, Alberta? It's a smaller town so I am curious if anyone on BP has knowledge of the local market in that area.  I know the basics such as population etc.  More interested in vacancies, growth, types of renters, how quickly properties sell, job market, what the town is like and anything else you think is relevant to a rental investment.  

Hoping we have some Edmonton or Grande Prairie area investors that are familiar.  

One of the major things a person has to consider when investing in the Caribbean is liquidity.  I can only speak of the Dominican Republic on this topic.  The liquidity is brutal and what might be considered a 'hot market' down there is nothing like what you see here in Canada or the US.  

Of course if you are going into it with a long time horizon that is great and you might think it may not matter, but you have to factor it in.  What if you run into medical or financial trouble?  What if you pass away and your estate is left with this property(s) to deal with?  You might have an expectation of 30-90 DOM to sell a property in the US meanwhile you are realistically looking at 6-18+ months in DR.  I suspect other islands are similar.  This does not mean something can't or won't sell quickly.  

That's not even to mention situations like this pandemic or the 08 financial crisis.  

With that said, fortune favors the bold, and if you ever wanted a deal on property in the DR now is a great time to go shopping.  Lots of desperate owners down there right now.  

Just for the record I am not against owning property in the Caribbean.  This is just one of the main things I see overlooked in every conversation about investing down there.  Personally, I have been considering adding a property on the north coast of DR as its a fire sale down there right now.

I have never considered Puerto Rico.  It sounds interesting I will have to do some DD on it.  

Stay away from Condos right now imo. Don't need to do anything special. Just look at SFH suitable on the west side(decent parts) that are dated. If you can find any plexes that cashflow even better.

Saskatoon has been behind.  %6 last year and it is going to see at least that again this year and it wouldn't surprise me if it was %8+.  Inventory is low so expect to see your appreciation pickup in May and run into October.  

Sask has an anti-change culture.  This makes for a very predictable market in the short term.  

Just my opinion