All Forum Posts by: Chris Ferreira

@Nate Monson Hi Nate, I'm looking for distressed properties in the Capital Region. Do you know who can provide me with a deal flow?

@Account Closed At the moment the market is very active, especially on the island. Be prepared to battle with a lot of other investors. If you need to know specifics PM me.

Hi Everyone,

I'm looking to invest south of the border and the two biggest markets that are closest to me are Syracuse and Albany. I noticed that Syracuse is alot less expensive than Albany, but Albany seems to be more stable with slight population growth. My intent is do BRRR deals and was wondering which is a better market for this? I would appreciate any insight you may have on these two markets. Thanks

I'm looking into buying rentals in the US and was considering upstate NY, since its a short drive for me. But open to other markets as well. Any insights on which market I should be focusing on? Ideally looking for cashflow and equity growth.

Hi Michael, there are a number of active members here from Montreal. 

if you are planing on growing a real estate portfolio then you should look into incorporating, especially because you have partners. When you own properties inside a corporation you will need to co-sign the mortgage but it wont show up on your personal credit profile. Next, you need to find a commercial lender who can lend based on the assets and not your personal debt ratios. Desjardins commercial in montreal does this for me. I know they are in Ontario as well. Keep in mind that it will more expensive with commercial lending but it wont restrict on how properties you want to own. 

@Chris Walters I'm looking for a new real estate accountant in Montreal. Were you able to find one?

also worth mentioning, if you own property in a corp. Some Canadian banks won't even allow you to have a co-signer if that person is not a shareholder.

@Curtis Sharpe I completed a BRRR deal on a duplex in Montreal earlier this year. However, the hardest part was actually the refinance. Since a duplex is considered as residential property for banks they primarily look at your income. If you don't have a well paying job or a solid co-signer for the mortgage chances are banks wont let you refi. With the new stress test rules and higher interest rates you need to qualify for an interest rate above 5%. I believe its a lot more easier to work with banks in the US than it is in Canada.

Since I'm newly self employed banks wont consider my income at all! It was definitely a challenge to get a bank to work with me but fortunately the property was in a holding company and Desjardins Commercial was willing to refi the duplex as a commercial loan. Commercial loans differ from residential loans in many ways. They have upfront fees, higher interest rates and possibly lower amort. periods. But the good thing is that they don't primarily look at your income. At the end they were willing to lend at an LTV of 70% and was able to recoup my down payment and a small portion of my construction costs.

Looking back, Im only doing BRRR's on bigger properties now (6 units and up) unless I have a solid investor who is willing to co-sign the mortgage on a smaller deal.

Hi Peter,

I agree with everything Guillaume said and in addition to all those potential issues is your liquidity of your investment. If you ever wanted to sell this property, it would be very hard. Your money might be tied up for a very long time. Also, did you already check with the bank to see if they are willing to finance this for you? Considering the location and the high vacancy of the area, I would be surprised a traditional bank would want to touch this let alone a down deposit of only 20%.