All Forum Posts by: Dale Barber

I invest in Saskatchewan, just took possession of a 6 plex in Swift Current. 

Certainly been interesting getting through closing. Insurance quotes for commercial had a price difference from 3600 - 6500 per year!

It’s fully tenanted now, but as each unit becomes vacant it will require 3-7k worth of repairs. Over the next few years, it will be a reliable asset. It currently cash flows using a property manager. 

Do you self manage any of your buildings?

Kyle

I did have a broker recommendation sent my way, a Saskatoon company. 

I am working with a local broker and CAA as well. 3 separate quotes should give us a few decent options. 

Hello all

Exciting times, had an offer accepted on a 6 plex in Swift Current and currently working through DD.

Anyone here know a great insurance broker you could recommend? I will ask broker we use for our residence, but certainly want more than one broker to quote.

I only have a certain amount of capital, so I did the math and found my maximum purchase price. I also had a minimum size in terms of population for a location, 10k was my number. This helped narrow down what small cities across AB, SK & MB that had available multi families in my price range, as I wanted to do a commercial mortgage and was only interested in 5+ units.

I also lived in the Edmonton area for years and have a solid realtor with lots of investor experience, having a great team is important.

Of course I have been following rental trends, unemployment rates, and so forth for each of the cities on my list.

We did not make an offer on the Wetaskiwin property, but now have an accepted offer on a 6 plex in Swift Current.

Does anyone in the BP community have a property manager that services Wetaskiwin, Alberta? Even a PM working in Camrose or Leduc could be perfect.

I have contacted several PM in Edmonton, and few are willing to take on clients in Wetaskiwin. 
We are currently pursuing a 6 unit building as our first multi family.

Thanks

Dale

Yup, George Erickson with Realty Executives Focus. I have bought one & sold two single family homes (our residences) with him. Highly recommended.

Also very curious how others have structured joint ventures. Obviously I am going to speak with my lawyer and accountant when the time comes, but other insight is always welcomed.

I have been incorporated in the past, and know the extra expenses that come with it. My mortgage broker also has brought up a few extra hurdles with real estate investing as a company, rates, loan approval process, and passive income law changes.

Any one else have input on this?

Dale

Joe

I have been getting listings under 200k from my Fort Saskatchewan based agent for the past few weeks, a few have been listed that have potential to brrrr (I haven’t toured any myself). This agent is an investor himself and has a few clients who are active flippers. We have also done three past deals with him for our principal residence, I trust him as the past experience was always great.

He sent a listing today that was about 20% under market (no photos of interior), and it has 6 offers in the first two days on market! He mentioned they bid on 1-3 of these per month, and figures probably 60-70% are sold before he can even tour them because other folks are jumping at them. I believe there to be potential for a brrrr in the Edmonton region, but with a legal suite could be difficult to find.

Over the past 3 years him and I have also spoke several times of a new build with a basement suite, as his office also works very closely with a small builder. This is also an option, but obviously not a brrrr.

Hope this bit of insight helps

Dale

Hello Brianne.

I really think live in flips are a great way to go. Lots of moving the life around, but great returns i would imagine.