All Forum Posts by: Zorya Belanger

Welcome @Josette LeBlanc! 

Welcome @Jay B.

Where about in Canada are you? Some information isn't as public as it is in the states; however, there still are a lot of resources. A realtor can help get you information on foreclosures, as they have more access. The data depends on where in the foreclosures process they are in. You may have less competition if you focus on finding people who are just a few months into missing payments, and help them out by buying their house, rather than waiting until they're already in foreclosure. 

I'm not sure you can get tax violation data, as CRA keeps that pretty secure. Code violations may be specific to the city/town you are in. Not 100% sure, as I'm not active in that specific strategy.

My suggestion is to network and try and find an investor in your area that is doing what you want to do and learn what you can from them! They may be willing to share if you provide free labour for their flip or wholesaling activities.

Hi @Joanne Boudreault!

That doesn't seem right. It should be based on your intention at the time that you bought your house, and your intention was not to rent it. I would go to a different bank (like Scotiabank), or better yet, use a mortgage broker to shop around for you. A Canadian investor-focused broker knows all the rules for all the banks, and will know which order of lenders to use based on your goals. Let me know if you need a recommendation, as I have a great broker based in Ontario.

Hi @Ashley Knodel! Have you checked with the bank(s) that you have your mortgages with or that you bank with? They are most likely to give you the best terms. If you don't already, I would suggest getting a HELOC on your personal residence. We just re-financed our house when it came up for renewal. If you use the HELOC for investment purposes, the interest is tax deductible! :)

Yes, they're not happening due to covid. EREIA - the Edmonton Real Estate Investors Association is having their meetups on zoom and you can find them on meetup. com. Not sure how much networking can be done though. I would just start connecting with people on here and in real estate investing facebook groups (there's a ton of activity online), and have one-on-one calls/zoom meetings. 

What are some of your plans?

Welcome! @Steven Saunders

I don't believe there is a comparable forum like BP for Canada. This is it. There are lots of Canadians on here. I find it helps to connect with others if you set up keyword notifications for "canada" and/or your specific market to get alerts when people post about it. Also, create a bio containing keywords so others can find you if they search.

Hi @Steve Kozmeniuk I've been investing in Edmonton for last 7 years. There are not a lot of in person meetups now, though the Mogul Realty Group just had a socially distanced meetup last week. I'd be happy to chat with you sometime and perhaps I can connect you to some people or with some of the investor groups I'm in, depending on what it is you're looking to do.

Hi @Aaron Saarela This question about cash flowing properties in Canada has come up quite a bit lately here on BP. Check out other posts titled , "Resources for Investing in Canada" and "Thoughts About The 1%-2% ?"

Hi @Shrey A. One thing that comes to mind, which Don Campbell always says, is that there is no "Canadian real estate Market". If you try to analyze the whole country as a whole, its impossible and not accurate. Prices, laws, short-term bylaws, etc, are all so different in every city. There are even differences between neighborhoods. Become an expert in one location.

There are thousands and thousands of real estate investors in Canada, profiting from their rentals. It "works" in Canada, and once you pick a market and learn more about it, you will find solutions and be successful too! You don't have to do short term rentals. I agree with @Vincent A., it has a lot to do with mindset. 

Hi @Kurt V.

I'm looking to do a similar project, though I don't have the construction background, and would be hiring out that part. I've spent a lot of time learning about multifamily and partnerships. First of all, the best split is whatever everyone feels is fair. There are so many ways to do it, but it does help to know what people are generally doing out there. I like starting with a typical pie-chart for smaller multifamily, where the capital is worth about 50% of the deal, financing/loan-guarantor is about 20% of deal, and time/management/expertise (the working partner) has about 30%. You start there and change percentages/fees to what is fair for your project. So if both partners are putting in capital, then each gets half of the 50% capital portion. If the project involves more work, you may want to negotiate more than 30% for the time you are putting in. Most capital investors would rather you not have any fees, especially for your first MF.  They see it as you getting paid first no matter what, but their profit depends on the outcome of project. Once you're more experienced, you could look at adding fees for future projects.