All Forum Posts by: Anthony Therrien-Bernard

Located in Southwood we purchased this property at a great price! We are currently in the process of renovating both sides and applied for a subdivision to split the title in 2. We loved this opportunity as we have many viable exit strategies. If our subdivision is approved we know we can flip the property at a large profit, or we can refinance it for a perfect BRRR! If our subdivision is not approved the property (which so far seems very unlikely) will have a very nice positive cashflow after renovations so our 3rd "exit" strategy is buy and hold.

Location: Southwood, Calgary, AB

What made you interested in investing in this type of deal?

Lots of exit options, knowledge of rents on identical buildings down the street

How did you find this deal and how did you negotiate it?

On market, cash offer and a good amount of negotiation with the seller

How did you finance this deal?

A Lender

How did you add value to the deal?

Full renovations of one of the units and minor renovations on the other. Title split

What was the outcome?

Currently half way through the subdivision for the title split

1 Vote

Quote from @Charles Lee:

Hello folks,

I am 27 living in Canada and make roughly 53k after taxes.

I have been living in my condo (Purchased for ~159k) for just over a year that I put 20% down payment (~31800) on and I am looking to purchase another property (preferably detached home up to 350k but another condo would work).

I have ~82k in my investment portfolio tied to ETFs that I could sell to use towards a down payment but I prefer not to touch them.

Inspired by the BRRRR,

My current plan is to use my parent's HELOC to fund my 20% down payment for a fixer upper around 250-300k and mortgage the rest of the 80%.

I plan to reno the new property, remortgage on higher assessment, pay back my parent's HELOC, live in the new property and rent out my condo

Or,

I plan to reno, remortgage on higher assessment, pay back my parent's HELOC, rent the place out and remain in my condo.

Could a better option be to pull out my ETF investments to fund the down payment?

Would it be a better idea to purchase 2 condos as rental property?

I am not afraid of the risk I take on however I am cautious because my parents would be involved although they are supportive.

If there are any experienced investors willing to put in feedback for the scenario or just advice in general to a 27 yr old that has been reading and studying investments/RE investments and preparing to dip my feet in the water, it would be much appreciated.

Thank you

Hi Charles,

It's difficult to provide you with an opinion on the best course of action between using your parent's Heloc vs selling your ETFs as we don't know all the variables (what is the Heloc interest rate, what kind of profit you will turn by selling your ETFs and the tax implication etc). However what I can say is that in general (yes I'll probably receive some hate) condos are not a great investment as an income property, especially in Alberta. I personally would try to purchase something that has 2 or more units (could be a semi-detached/detached with a suite, duplex, etc) which you could potentially also do with less than 20% down if you are going to move into the property and preserve more capital for the next deal (with the caveat that it will hurt your cashflow to some extend).

2 Votes

Edmonton, Alberta

@Zorya Belanger

1 Vote

Calgary, Alberta

Quote from @Stevo Sun:

Quote from @Sam Chicquen:

Quote from @Stevo Sun:

Quote from @Anthony Therrien-Bernard:

Quote from @Sam Chicquen:

Quote from @Roy Cleeves:

Hi again

For property titles you will find that Realtors and Mortgage agents have access to websites that they pay for that give Iwner names.

Sometimes these names are company names and that may be harder to get to the actual person that can make the decision.

Best to work with Your Realtor of Choice and or mortgage broker of choice.

Any chance someone without a license can get this information? I'm currently 21 struggling with the same issue.

You can use spin2, no need to a license but it is $10 per land title and not very user friendly

Spin2 is Alberta I believe. Each province has their own system. I have used Spin2 in Calgary a lot but the owner information doesn't give you much other than a name and an address. Some times the property is owned by a company so you don't even get a name.

@Stevo Sun Is there anyway to know in advance if it's a business or corperation that owns the property before payment? I don't mind paying but. if I cant get results it's almost not worth it.

Not that I know of. I usually just bite the bullet and pay the $10 per title.

That's right, you can't really see the information until you pay

0 Votes

Quote from @Stevo Sun:

Hi everyone,

I recently purchased a small 1950s bungalow in Calgary, Alberta, Canada, to renovate the house and downsize my parents. Dad had some health issues, and my mom struggled to keep up with the care and their current house maintenance. The quotes I have gotten for gutting the property and bringing it up to code are over 200-250k. This is more than double my initial budget for bringing the property to livable standards for an 800 sqft home. That said, we are now considering tearing the house down and building our own primary house with a garage suite for my parents.

I talked to the mortgage broker I used to purchase the house, and this sounded like a more novel transaction for her business. As far as I know, the major Canadian banks will not do construction loans/draw mortgages. Does anyone in Alberta or Canada have any experience with this? So far, I found ATB in Alberta will do this type of loan, but any other options would be great.

Any guidance or suggestion would be appreciated. Thanks!

I'm fairly sure National Bank told me will do these kinds of loans, speak with Opal

I would also give a call to Layne Walters, I'm sure he can find a lender to do this:

0 Votes

Calgary, Alberta

Quote from @Sam Chicquen:

Quote from @Roy Cleeves:

Hi again

For property titles you will find that Realtors and Mortgage agents have access to websites that they pay for that give Iwner names.

Sometimes these names are company names and that may be harder to get to the actual person that can make the decision.

Best to work with Your Realtor of Choice and or mortgage broker of choice.

Any chance someone without a license can get this information? I'm currently 21 struggling with the same issue.

You can use spin2, no need to a license but it is $10 per land title and not very user friendly

0 Votes

Quote from @Paul Sverdlin:

Was thinking about it but did not go. If you went, how was it? Anything practical and actually applicable or just a bunch of fluff?

It's always great to be in a room full of investors. The presentations from Grant Cardone and Alex Rodriguez were good but most of the other presentations were sell sell sell on their programs, disappointing

0 Votes

Toronto, Ontario

Anyone on her attending The Multifamily Conference in Toronto this weekend?

0 Votes

Toronto, Ontario

That makes sense then :)

0 Votes

Quote from @Vincent A.:

I know someone that does this through Airbnb and his own leases in Calgary and he is quite profitable.

One of the things he does is incentivizes one of his tenants by offering them a portion off of their rent to be the one responsible for cleaning common areas, washrooms, maintenance and reporting any issues.

That's technically not legal in Calgary to do this on Airbnb as you need 1 legal unit per listing unless you have a lodging house license.

1 Vote

All Forum Posts by: Anthony Therrien-Bernard

Anthony Therrien-Bernard has started 23 posts and replied 266 times.

Post: Full Duplex in Calgary, AB

Post: Seeking advice from experienced investors on ways to finance a property.

Post: Want explore investing in USA

Post: Finding a property owner in Canada

Post: Alberta Canada - New Home Building Loan/Construction Loan/Draw Mortgage

Post: Finding a property owner in Canada

Post: The Multifamily Conference in Toronto

Post: The Multifamily Conference in Toronto

Post: Best and cost-effective ways to rent-by-the-room or rent basement legally in Canada

Post: Best and cost-effective ways to rent-by-the-room or rent basement legally in Canada