Newbie from Montreal and interested in New Brunswick

[Amr Tammam]

Hi BP members,

My name is Amr, I’m 42 years old, living in Egypt and planning on starting Real Estate Investing in Canada.

I'm interested in the BRRRR strategy of holding and renting, till now I can't make up my mind on where to start investing.

I see the New Brunswick market is very promising in term of rental, especially in Saint John. Mind you, why Saint John, simply most of listings has info on income and expenses, other areas don’t have much info.

So, if any one could help me around and directing me to the proper start. I’m hoping to have connections with experienced realtors and investors to mentor me in this path

Thanks everyone for your time and looking forward connecting BP family

[Trevor Gaal]

100% agree with @Roy N.
This year we've added a 6-unit and 4-unit in Saint John and walked away from 3 other deals under contract. Don't under-estimate your due diligence in this market! There are streets in uptown where one block is great, but walk two more minutes down the same street and you're in a slum neighbourhood.

Does that mean there's lots of opportunity? The "buy the worst building on a good street and fix it up" strategy? Like Roy said, the money you'll have to pour into most of these buildings is not coming back to you in a refinance or sale. And as for tenants... you'll place a great tenant in a nice fresh modernized apartment, but they'll be gone within a couple months because that's not the kind of neighbourhood they want to live in.

Just do your homework on the city first. There's lots of opportunities, but there's a lot of investors that have been burned too.