All Forum Posts by: Zorya Belanger

Hi @Account Closed  You are on the right path! That is awesome that you've discovered real estate and read rich dad early on.

I'm born and raised in Edmonton, and I also went to the UofA (2004-2009) and lived with my parents. It's a great way to save money (if you are working). Unlike you, I didn't learn about or understand real estate investing until 5 years after graduating from University. Wish I knew what I know now before buying my first condo!!

House-hacking is a good strategy, but we need to take a few steps back. Like Kris H said, figure out how you will buy that first property and do necessary steps to get there. Are you going to work and save up and qualify on your own? Will your parent's be your first JV partners and help with downpayment or qualification. Maybe you live with your parents for a couple years, and then buy something near University and live there for 3rd and 4th years. Things are probably way different now with covid, but I remember alot of students started out living in residence for 1 or 2 years, and then once they made new friends and got tired of res, they'd all move out and rent a house together... you could be the guy that says, "hey! I have a house, come live with me!" and then they pay you rent :)

I agree with what Kris H said - definately start with reading those books. Books have tons of info in a sequential order, and its easier to make sense of and put into practice then random podcasts on various topics.

You also mentioned BRRR - so many people on BP want to do that, is that because BP podcast talks about it a lot? Either way, chances are the house you buy will need some renos, so at some point you could do some upgrades to increase value and refinance or sell. I'm thinking best time to do that may be after you finish University and you and your friends have finished living and partying there.

What faculty are you going into?

Hi @Nick Pastore

In regards to Joel's answer, the information is not as insurmountable online in Canada as it is in the USA. I'd say its pretty tough to find a deal on MLS, because the good deals never make it to the MLS! They are bought and sold privately or with a realtor but without ever being listed. So, networking is key, just like @Jordan Perry said. Connect with investor focused realtors with pocket listings, connect with wholesalers, connect with other investors doing flips. 

Hi @Jason Park

Sounds like you kinda know what you want to do but are making sure you aren't missing out on something. You're not - there are deals everywhere and I believe you are better off doing BRRR somewhere where you can actually visit easily, not on the other side of the country. I'd go with that initial idea of doing BRRR close to home and starting with SFH. Like Melanie said, its not so much about the location, its about picking a decent market and finding what works in that market. I invest in Alberta, and that's a lot to do with the fact that I live here, and can go see the property I'm buying easily, and its easier to be more in tune with the market where you live, and that helps make decisions. I feel that's really beneficial for a BRRR strategy. It's a harder if you need to always rely on someone else.

Welcome @Chris Barrett! I'd be happy to be your missing link to connect you to the large network of investors and real estate professionals in Alberta, if you want to research Alberta more.  You mentioned a lot of strategies, and what I've seen is the most successful investors focus on one strategy and become an expert/to-go person for that thing in that location. So narrowing that down is key by figuring out the timeline you want to achieve that goal, and what resources/skills you have.

Is vacancy that high because you expect it to be vacant during the summer? Typically tenants either pay for own utilities, or you increase the rent and say utilities are included. Personally cash flow is way too low. Even if you manage it yourself, you want there to be enough cashflow to cover a property manager in the future, or pay yourself, otherwise you're going to be stuck always working for free. 

Is the mortgage payment for a mortgage with 5% down? That will of course increase mortgage payment and lower cashflow, so if that's the reason, then that makes it a bit better. I analyzed a lot of 4plexes last year, and it was hard to cash flow with 5% down.

I'm just comparing it to a 4plex I'm buying for $600k (I still plan to negotiate price down a bit too), all 3-bed units in excellent location, with each tenant paying $1300 + $250 for utilities, so a total of $6,200/month gross rent. 

(I'm actually buying 4 x 4plexes so I can take advantage of commercial financing)

Definitely possible to BRRR multifamily - it's what sophisticated investors in MF do! I'm not an expert in Toronto though so can't answer that part. We are focusing on multifamily now and just got an accepted offer on a 16 unit, which we will be renovating and increasing value over 5-6 years, and then refinancing.

If you are thinking about multifamily, highly recommend working with someone with experience in MF, or taking courses. As the experts say, "You can't dabble in multifamily".  

There are many Canadians on here. Where are your rentals and do you plan to buy multifamily or sell it?

 Nice! That’s a much better rate. We also shopped around for our latest purchase.  We saved a little bit while maintaining the same coverage for a rental 

Absolutely! Number of people or homes doesn't matter. Where in Canada and the market conditions in that location do matter though. Many investors have been successful doing BRRRR, but it's not a good strategy everywhere, at all times.

Information isn't as readily available as it is in the states. You have to pay $10 on Spin2 to pull the title to see who owns a property. You might be able to get some information from the preview of the title, but probably not the owners. 

If you want to find potential sellers in a particular area/neighbourhood, you can mail something to an entire neighbourhood through canada post. 

For more ideas, and a very detailed approach to finding properties, there's a section on direct mail marketing campaigns and online marketing in the book "Real Estate Rehab Investing Bible" by Paul Esajian