All Forum Posts by: Chad Friesen

I personally would look for something that is fully legal.  Either a true duplex or a house with a suite that has gone through all the hoops to do it properly. We have a house in Grande Prairie that has a non conforming suite and I wish it was a true suite. 

I think it helps resale value also. I know grande Prairie has given notice that they are going to start cracking down on non conforming suites in the next couple years.  It would be nice to know you don't have to worry about being shut down with legal changes.

Thanks Roy I keep re reading your post to pick stuff out of. Thanks for taking the time to sit down and do that.

Hey I should say that she didn't say it had to be done this way. I basically set up a meeting with her to go over strategies. 

She told me about this holding company thing as a way to buy more properties once you hit the financing wall at 4 doors. I'm petty new to this type of thing so I really don't know what it even means to set this up. 

So what are the pros and cons of doing it this way.

OK thanks i look forward to your advice.

Hi can someone explain to me how a holding company works. I sat down with my mortgage broker yesterday and she told me after 4 doors i will need to put any more properties i buy into a holding company. 

I should have asked her more questions but the conversation went a different direction.

Im in Canada to so not sure the differences to the US

Awesome thanks. I will see if I can find the book to.

Thanks and we have used her for our primary residence and our duplex that we own. We are actually already pre approved to buy another house. This meeting is more for making a strategy for our future investments. 

I'm hoping to sit down and make a plan so we don't back ourselves into a corner with financing. 

I have an appointment with our mortgage broker this Wednesday.  We have used her before for both our houses . I made the appointment and asked to go over strategies to buy more properties without backing myself into a corner.  

I want to work on questions I should  be asking her to make sure the appointment is not a waste of her time and mine.  

Any tips or suggestion on things I should ask would be awesome.  Also I am in Alberta Canada so anyone with Canadian experience I would love to here from.  

I just found this 4 plex in Grande Prairie AB. There is not a ton of info on the MLS listing so I will need to ask my Realtor about it. The interesting part to me though is that it is 1 4 plex that is located on 3 lots under 1 title. It says that it is zoned and has the room to build a second 4 plex.

The add says that 2 units are rented out right now for 700 and 800 per month which is quite low rent for this city.  Even with the bad economy and it being an oil town.  It is selling for 475 000 which also seems quite low for a 4 plex in this area.  There is another down the road selling for 800 000. 

Im going to ask my realtor about it and hopefully take a look. Probably a reason its so much lower but worth a look I guess. 

Anyway what about the zoning for second 4 plex.  Would this be a smart move to buy and build a second 4 plex assuming the one already there isnt a dive. Possibly sell both in the end or just hold on to them. 

Once we take a look and get some better info I will try and post some more and run some proper numbers. 

We use Kijiji.ca here in Alberta.  I don't think it has much in the US though.  We moved from vancouver where everyone used Craigslist.  It seems different areas will use different sites and you just have to find the most popular for a certain city.