All Forum Posts by: David Baye

awesome feedback

thanks to everyone

I'm  looking at purchasing a property with existing tenants.  How do I know they are good tenants paying on time?  I'm looking in Alberta Canada.  I will do the google thing but I was wondering if I could glean some ideas from this forum?  Thanks again for everything everyone.

Worry before jumping that something seems too easy yet it makes sense to me.  Here's my situation:  I have some cash but no job as I sold a business a while back.  I am looking to buy rental properties for month cash flow and I've found a market I think I can get $500 per unit so I'm looking to scale up to 10-20 units in 3-5 years.  Without a job the banks don't want to lend money.  The current thought is to pay cash for the first unit and after closing and rental agreements signed finance that unit.  Take that cash and use it to buy a second unit cash and rinse in repeat.  The cost to do this for the 10 units will be the downpayment 20% per unit (rents not considered in this scenerio).  Does this seem like the best way forward? 

Thanks for the response.  My focus has turned to Lethbridge due to the lower entry cost and it looks like it is cash flow positive.  Sadly, I don't know what I don't know so I have no specific questions.  Are you active in the market?  Things seem to be going quite well in Alberta these days.

First time dipping my toe into the rental market.  Does anybody have any experience in these markets?  Any thoughts, advice and feedback is appreciated.

David