New Canadian Real Estate Investor - Seeking Advice!

New Canadian Real Estate Investor - Seeking Advice!

Member since 2021 · 7 posts · 5 votes

Hey everyone!

I was hoping I could get some guidance from the biggerpocket community. I'm excited to be apart of these forums and to have joined the real estate investing industry!

For the past 2 months, I have devoured information. I've read 2 of rich dad poor dad's books, Ken Mcelroy's book, a couple of Brandon Turner's book's and about 50 podcast episodes on investing in Canadian Real Estate. My goal is to gradually acquire properties that produce positive cash flow ($800+ monthly), so that I can become financially free. I'm long on this mission. I have yet to do my first one, and this is where any guidance would be appreciated!

I have been analyzing properties and from my analysis, I found 1 or 2 that have some potential..

But, I need someone who knows what they're doing to take a look and see if I'm analyzing these properties correctly - because I have no idea. Then, I'm not even sure what the next steps are if one of these properties do make sense..

If there is anyone willing to provide some guidance, please message me directly and I'll show you the properties. Thanks in advance!

-Michael

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Rental Property Investor · Edmonton, Alberta · Member since 2015 · 307 posts · 200 votes
4y

Hi @Michael Nevens Fellow Canadian investor here! I can help you out. Send me the 2 properties.

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  • Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    @Michael Nevens

    Have you spoken to an accountant and/or attorney in the US yet to make sure you are setup correctly prior to investing? You don't want to start purchasing properties later to find out your setup was wrong or you are over paying for taxes. DM me if you need contacts to any attorneys, lenders or accountants what work with foreign investors. 

  • Member since 2021 · 7 posts · 5 votes
    4y

    Hey @Charles Carillo! I appreciate the feedback. Actually, I'll be investing in Canada only and I'm setup for that, which is pretty straight forward. I'm looking to start in my own backyard and then build from there. 

  • New to Real Estate · VT · Member since 2020 · 29 posts · 34 votes
    4y

    I think it helps to know your financing options when analyzing deals. Otherwise there is a huge question mark in your analysis.  I would start interviewing banks in your area.  There’s a biggerpockets article on questions to ask a mortgage broker. You might fumble through the first few calls but keep trying until you can find a mortgage broker who is investor friendly and willing to help.  Even if your paying cash for the house/rehab - it still might be good to ask about refinancing options.

    https://www.biggerpockets.com/...

  • Rental Property Investor · Edmonton, Alberta · Member since 2015 · 307 posts · 200 votes
    4y

    Hi @Michael Nevens Fellow Canadian investor here! I can help you out. Send me the 2 properties.

  • Member since 2021 · 7 posts · 5 votes
    4y

    Hey @Ashley Yoviene, Thanks for the very helpful feedback. You are right, it would entirely depend on the financing. I will use that article when I speak with mortgage brokers.

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