All Forum Posts by: Zorya Belanger

Red Deer is a decent place to be. But like anywhere, the neighbourhood and street matters too, so make sure it's in a good area of Red Deer.

Insurance seems really low. Get a quote, as that could eat up a lot more of the cash flow. 

Utilities - is that just for common area heat? Are rest of utilities separately metered? 

Are the tenants going to cut grass / shovel snow, or will you need to hire someone?

When you say no reno's has it been fully renovated recently? If not, you will need to budget for upgrades / capital expenditures later. So either have a reserve fund up front, or make sure you put money away - not sure if 5% per month will be enough. Really depends on condition.

No PM fee? Typically that's 10% rent, so -$370.

Doesn't look like very good cash flow.

Ok maybe that’s not the right word, but a mortgage broker can look at your financials and tell you how much you can afford / max loan you can expect to get.

Also, make sure you are pre-qualified with a mortgage broker before putting offers out there.

I would just do one at a time as well. Pick the best property and put in an offer. In residential, the condition removal period (ie. time for you to get your inspection and financing approved) is about 7-10 days. During this time you either remove conditions and buy it or you move on. That's not a long time to have something tied up. Do you really need to make multiple offers in the same week?

Hi @Cloud Huang 

I agree with @Huong Luu. When I look at your situation... good income but limited on time, and you want to avoid buyer speculation tax... sounds like a turn-key portfolio, where you are not the one on title would work well. You may qualify as an accredited investor, which opens the doors to many great opportunities. Many people are active real estate investors because they want to achieve the accredited investor status, and then they are able to sit back & enjoy life while passively investing and doing private lending. Sounds like you may be there already! 

If you get clear on your ultimate goal, then it's easier for everyone to help you. Appreciation, mortgage paydown, cashflow, etc. is typically not the goal. What do you hope that those things will do for you in your life?

@Roisin Lennon Google Mogul Mastermind, they have branches in Vancouver & Edmonton, and monthly networking events.

Hi @Himanshu Modi Welcome to BP's. There are a few Calgary RE investors on here. I agree, you want something with at least 2 doors. I have not met anyone who successfully does long-distance BRRRRs with no "boots on the ground" partner. That's going to be tricky to do but not impossible. You'd want an experienced trustworthy general contractor and ideally someone who is also a real estate investor. I can recommend someone in Edmonton but I dont have one in Calgary.

Hi @Alex Gallis I tend to agree with the "don't wait too long to buy" advice. However, you don't want to buy just anything. For most people/markets the best property to buy is something with 2-4 units. You can take advantage of being able to put down less than 20% because you live in one of the units. It's best to buy something with multiple exit strategies, and by that I mean something that you could fix up and sell, but also something that you could fix up and hold. So something that would make sense to keep as a rental property, when you move on to your next place. Wealth is created in long term buy & hold. Fixing & flipping is more like a job within the real estate industry.

@Ryan Kenneth Yeah 20-30/per is high. We're with RBC and they have very reasonable rates. 

@Don Spafford I'm interested to know more as well, as I don't hear about Idaho very often. What are your top 3 reasons for investing in Idaho Falls? Do you own any multifamily buildings?