All Forum Posts by: Account Closed

Hey crew, looking to buy a townhouse to live in & remodel then move out & rent it out. I believe the rule in Canada is if you put 5% down you must stay in a residence for at least one year before moving out to rent.

What if we remodel & get an appraisal that gives us greater than 20% equity in the home, does that rule still apply? Or could we move out at that point say it’s 3 months after moving in? Hope that makes sense. Thanks!

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Hey crew I’m looking at purchasing a mobile home as a rental property that would be under a leasehold contract, what would be some options that could improve my profit on something like this? I was thinking possibly seller financing at a lower rate if they would go for it, any feedback is appreciated. Thanks!

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Edmonton, Alberta

Quote from @Cody Neustaedter:

Wow that is an amazing deal if you can actually get those rents. Typically properties in Canada don't touch the 1% rule but this would exceed that. Are you rehabbing any parts of the property?

Thanks! No plans to rehab anything as of now - I’m no expert but property is in pretty good shape and not sure what value could really be added

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Quote from @Stevo Sun:

Quote from @Account Closed:

Fort McMurray, that's realistic for a basement 2 bedroom unit ($1700) and top floor 3 bedroom ($2650). Lots of single fam homes have separate bottom units here. Insurance let's say it's $150 a month I'm still solid cash flow, no HOA fees, tenants cover utilities.

Holy smokes is Fort Mac bumping again? That's great news for oil and gas. Ya seems like you are good.

Thanks! I don’t think Fort Mac is bumping like it once did but I do know a lot of people move here with no plan on ever buying/staying long term + they’re making oil field money so rents are pretty high & doesn’t seem like there’s a fuss about spending that much lol.. good opportunities for multi family homes to be rented room by room as well since groups of oil guys will rent houses together

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Quote from @Jeremy Heaman:

Quote from @Account Closed:

Just looking for feedback to make sure I’m not missing anything - I will be house hacking my first place by living on the top 2 floors and renting out the basement suite, these calculations are for after one year I’ll be moving out and renting out the top 2 floors as well & repeating this process into a new home next year. I live in Alberta, Canada fyi. Thanks!

Purchase Price: $370k

Down Payment: $18.5k (5%)
Mortgage: $1960 ($980 BW)

Total Rent: $4350 (1700 bottom 2650 top)

Property Manager: $435 (10% rent)

Cap Ex / Vacancy: $435 (10% rent)

Property Tax: $180/m

Rent - Total Expenses = Cash flow

$4350 - $3010 = $1340/m

Anything missing?

To confirm, you're renting out the basement and main floor, while putting 5 percent down to the bank?

I’ll be living in the top unit for one year so I only need 5% down, so these calculation are based on when I leave & keep the property to rent the top unit as well

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Purchase Price: $370k

Down Payment: $18.5k (5%)
Mortgage: $1960 ($980 BW)

Total Rent: $4350 (1700 bottom 2650 top)

Property Manager: $435 (10% rent)

Cap Ex / Vacancy: $435 (10% rent)

Property Tax: $180/m

Rent - Total Expenses = Cash flow

$4350 - $3010 = $1340/m

Anything missing?

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All Forum Posts by: Account Closed

Account Closed has started 8 posts and replied 17 times.

Post: Live in BRRRR

Post: Seller financing on a leasehold?

Post: First time - Seeing if my analysis is correct

Post: First time - Seeing if my analysis is correct

Post: First time - Seeing if my analysis is correct

Post: First time - Seeing if my analysis is correct

Post: First time - Seeing if my analysis is correct