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All Forum Posts by: Chris Baxter

Chris Baxter has started 11 posts and replied 507 times.

Post: Anyone investing in wetaskiwin or red deer alberta canada?

Chris BaxterPosted
  • Rental Property Investor
  • Port Coquitlam, BC
  • Posts 520
  • Votes 527
Quote from @Ian Dale Ibrado:

@Chris Baxter thanks for your response. For these past 3 months, i have been constantly checking houses and doing my own analysis on them. Edmonton with the current market doesnt seem to make sense but wetaskiwin and red deer does, thats my own opinion. Wetaskiwin has tons of reasonable inventory with fair rent whereas red deer is similar to edmonton when it comes to rent prices but housing prices are lower.

Not quite sure but need some thoughts on this.

Thanks


No market is inherently 'good' or 'bad'; there are many ways to invest in real estate, and there are always opportunities in any market.  If you are focused on SFR, you may come to a different conclusion about a market than I would (I invest in larger MF properties) and that's perfectly OK.  

Post: Anyone investing in wetaskiwin or red deer alberta canada?

Chris BaxterPosted
  • Rental Property Investor
  • Port Coquitlam, BC
  • Posts 520
  • Votes 527

@Ian Dale Ibrado welcome to BP! I like the Red Deer area, specifically Red Deer County for its economic development and demographics.  Edmonton and Calgary are large centres that also offer opportunity. 

Post: Commercial Multi-Family Mentorship in Canada

Chris BaxterPosted
  • Rental Property Investor
  • Port Coquitlam, BC
  • Posts 520
  • Votes 527

@Alex-Andre Bassett welcome to BP!  Have a read through this BP post on how to find a mentor:  https://www.biggerpockets.com/... 

Post: Seller financing options Calgary/Canada

Chris BaxterPosted
  • Rental Property Investor
  • Port Coquitlam, BC
  • Posts 520
  • Votes 527

Interest in seller financing is generally disclosed in the listing and/or can be negotiated with the seller directly. What type of information are you looking for? 

Post: Bought a home without basement and wondering if it is good?

Chris BaxterPosted
  • Rental Property Investor
  • Port Coquitlam, BC
  • Posts 520
  • Votes 527

@Sriram Kumar Bikkina I suspect that the reason your friend is questioning your decision is that investors sometimes convert a basement into extra (rentable) space.  My house has no basement; no big deal other than lack of storage. If the numbers work and the property is aligned with your goals, ignore your friend.

Post: The current market in Quebec

Chris BaxterPosted
  • Rental Property Investor
  • Port Coquitlam, BC
  • Posts 520
  • Votes 527

@ELI MER welcome to BP... 'Quebec' is not really a market. What type of properties are you looking to invest in? What Cities are of interest to you? If you share a little more about your goals, other investors will be able to provide better responses. 

Post: New Brunswick joins the list of provinces with rent control

Chris BaxterPosted
  • Rental Property Investor
  • Port Coquitlam, BC
  • Posts 520
  • Votes 527

@Mike Singh  if utilities are spelled out in the lease, it is my understanding that these can't be removed without tenant approval.  What is less clear is whether ancillary services can be pushed to the tenants. We spend $5k/year on snow removal for one of our properties, for example.

Here is another article that discusses the need to legislate the rental cap before it takes effect:  https://globalnews.ca/news/871...

Post: Is buying Multi-family properties still a possibility for newbees

Chris BaxterPosted
  • Rental Property Investor
  • Port Coquitlam, BC
  • Posts 520
  • Votes 527

@Sarthak K. once you get your head around investing outside of where you live, the options open up.  Like @Stevo Sun said, Alberta has some good opportunity, but you can look outside of Calgary and Edmonton as well.  Lethbridge, Medicine Hat, Red Deer, Grand Prairie are all decent sized and have their upside.

As for how to do your research, you need to decide what metrics are important to you and then use the online resources that provide that data. CMHC is a good online resource for rental market information, the new census will provide demographics, and realtor.ca will give you a sense of property prices.

Post: Is buying Multi-family properties still a possibility for newbees

Chris BaxterPosted
  • Rental Property Investor
  • Port Coquitlam, BC
  • Posts 520
  • Votes 527

@Sarthak K. welcome to BP.  This is going to sound pretty obvious, but if what you are looking for in your chosen market doesn't exist, you'll either have to change your strategy or change your market. There are markets in Ontario and elsewhere in Canada where you can buy small MF with $120k down. 

Post: New Brunswick joins the list of provinces with rent control

Chris BaxterPosted
  • Rental Property Investor
  • Port Coquitlam, BC
  • Posts 520
  • Votes 527

New info published on the Rentalsman site: https://www2.gnb.ca/content/gnb/en/corporate/promo/renting-in-new-brunswick/lease-information/rent-increases.html

I just spoke to a representative at SNB and got the following intel:

-If you've done a rent increase since the beginning of the year, you have to give the money back (anything above 3.8%). Technically, that should be deducted from April's rent, but you can work with your tenants to pay back over a period of time

-If you've already issued a notice of increase, the notice period remains the same, but you have to dial back the increase to 3.8%

-If you have other services included in your leases (i.e. utilities), you can revise a lease to remove these (long-term tenants have the right to refuse these). 

-SNB received only a very brief email explaining the changes this morning and more detailed guidance is expected to come out in the next week.

-The program is 1 year (unless the government changes its mind) and ends on Dec 31, 2022.  If you have rent increases scheduled for later this year, it might make sense to defer these until Jan 1, 2023.

Any other thoughts ?