All Forum Posts by: Zorya Belanger

Hi @Moe Habib If you are looking to self-manage from a distance (completely doable) then yes, a good handyman, plumber, painter are essential. Recommendations/referrals from other clients is the best source, so you can ask for recommendations in various investor facebook groups, and I can send you a few options. Companies like Fixit Service Pros can match you with pre-screened contractors as well.

Alternatively, you can hire a landlord-assistance company, which is similar to a full service property manager, but you are more involved in decisions, and you handle the money. They have their own connections to handymen, and all the other trades, so you don't have to find them yourself. 

All depends on how you want to run your business and what you want to spend your time doing.

Hi @Kyle Madden I'm curious too where you're at as well. Even though you have enough to buy a bigger building, I would start out by buying residential 1-4 units when just starting out. Which markets are you considering?

@Ari Dehbone I tend to think that if a market is not as hot as Vancouver, it is actually lower risk. Id be very cautious about buying in the hot markets that have seen big price increases lately. 15-30% annual price increases are not sustainable. Alberta was "hot" in 2007 and 2014 - now everyone who bought during those years regrets how much they paid, as the market took a drop soon after. Of course Vancouver's cycles are not the same as Alberta, but wherever you are investing in Canada, I recommend reading Secrets of the Canadian Real Estate Cycle by Don Campbell - learning this stuff gave me confidence in choosing a market and buying.

@Manjot Singh I recommend reading The Secrets of the Canadian Real Estate Cycle. There are lots of examples of markets cycles and you can see that it’s predictable in that there is a cycle (boom, recession, recovery) but the length of each stage  is unpredictable. 

I don't think anyone can predict the future... maybe a psychic medium? ;)

There are many facebook groups as well, like the Fearless Real Estate Investors. There are investors from all over Canada, but many from Alberta & Calgary.

Also I learned from Hilliard's presentation that we shouldn't group Canada & US together. US had their correction in 2008, and while Canadians felt it, it didn't have the same impact. He said Canada is still due for a correction. Also keep in mind that there really is no such thing as a Canadian real estate market - it's so different region to region, and even neighbourhood to neighbourhood.

@Manjot Singh I recommend reading about it from someone who has studied it quite a lot! Hilliard MacBeth’s latest book “When the Bubble Bursts: Surviving the Canadian Real Estate Crash”, second edition came out in 2018. You can find it on Amazon. He describes the Canadian housing bubble, the reasons why a serious correction is inevitable and provides strategies to help Canadians survive the coming disruption. Hillard was a guest speaker at a real estate networking event I attended, and advises many high net worth individuals on their investments.

The pandemic has definitely shaken things up, and has impacted the RE market. From the government printing money and lowering interest rates, then adding stress test, to pent up demand and increased savings (for some), it's going to take a while to stabilize again!

Welcome @Abhishek Arora I would add that you don't need to incorporate to start investing in real estate in Canada. Sometimes it makes sense, and sometimes it doesn't. It depends on your situation and goals. I would talk to an investor-focused accountant to help you make a plan and get set up correctly from the beginning.

Generally no. Better to have one and show long term consistent use. What they want to see is that you are using it but consistently paying it off every month and never maxing it out. I've heard that it's best to only use about 60% of the limit. So if you have $3000 credit limit, don't use put more than $2000 each month. I pay for everything with credit card, and then completely pay it off each month. If you have other monthly payments, like phone, always pay your bills on time. That will help with building credit.

@Izayah Cortez Estick-Pulido Hey, Izayah. Here in Edmonton, there is definitely wholesaling being done. However, to wholesale and sell a purchase contract to someone else, you need to find a private unlisted property for a great price. You can't really wholesale a property that is listed with a realtor. Is this RE salesperson a realtor? Sometimes realtor have off-market "pocket-listings", in which case it would not be common to try to wholesale that. 

Either way, first step is to confirm if it's actually a great deal.

Keep learning and connecting, and saving up some of your own money. Good luck!