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All Forum Posts by: Devin Solberg

Devin Solberg has started 2 posts and replied 12 times.

Post: Canadian Self Storage

Devin SolbergPosted
  • Posts 12
  • Votes 6

Hi everyone, haven’t been on BP in awhile here. I liquidated my residential rental with good timing early-mid 2022, and since January of this year, have been researching self storage. I’ve put in a couple offers, but no such luck as of yet. Looking to connect with others who might be looking to purchase their first self storage property in Western Canada as well!

@Stephanie Blouin

The answer is yes and no. You can use the funds, but the bank or CMHC won’t let you. Best thing would be is to advance all the funds to a separate savings account at least 3 months in advance beforehand, as that’s what they’ll likely ask you to provide for proof of downpayment. Just a little jump around the system. Message me if you’d like to discuss further!

@Vemmanath Vasudevan

If you’ve done lots and lots of research, and are ready to purchase, my suggestion is to find a “house hack”. Essentially find a home for yourself where you can rent out additional rooms, and/or with a 2nd unit that you can rent out. If it’s something you can add value to, that’s even better. This may be difficult to do in more expensive markets, but even in smaller markets you could eliminate your living expense and generate some cashflow. If there’s value to add, you’ll be able to do repairs and refi quicker to pull out equity.

Hi All,

I’ve come across a property I’d like to make an offer on. It’s listed in BC, with the same brokerage that my Realtors I normally use works at (another Realtor) Any reasons I should use a different brokerage to submit an offer?

@Justin Hui

Hi Justin,

BiggerPockets is a great resource, but for a newbie Canadian investor, not the place to get the most info you need. Suggest you go down the rabbit hole on some Canadian REI content first to get a better idea. YouTube and Apple Podcasts have lots of Real Estate Investor Podcasts strictly Canadian. Some suggestions would be:

The Breathrough Real Estate Investing Podcast

The Well Off Podcast

Andrew Hines Real Estate Investing Podcast

Sarah Larbi Where Should I Invest / REITE Club.

These 4 helped get me on track. Still love BP, but need to dig in to the finer details in Canada.

Post: On-line meet up group

Devin SolbergPosted
  • Posts 12
  • Votes 6

@Huong Luu

I would join in for sure!

@Roy N.

Hi Roy,

I’ve seen your response to that before here as well. My CIBC contact may be wrong, but I recently spoke to her and she mentioned with the tightening of their policies they weren’t doing this anymore. I could be wrong though. Just thought I’d pass that along in case it interferes with a future deal of yours!

@Keith Cox

Hi Keith,

Try getting ahold of an RBC mortgage specialist in your area. They are the only bank in Canada I know that’s doing 5 and 6 plex properties on a residential mortgage.

Post: Multi family properties

Devin SolbergPosted
  • Posts 12
  • Votes 6

@Danielle Leo

Hi Danielle,

Great questions, definitely thought of that a bit. I’m not really sure I can give an answer but here’s a few viewpoints:

-On the other side of things, if more builders and developers start to build in this niche, there could be a policy change amongst more of the big 6, and more could adopt.

-I’m not aware of TD but I know BMO/Scotia don’t have Investment Properties policies, so that could change in the future as well. I suppose CMHC really could control where the market goes - if they were to change their owner occupied program to 1-6 units, that would really change the game.

And to your points you’re right, could definitely lower the prices if these programs are dropped. Then again maybe not, as if a borrower walks into a local CU for example, if that borrower doesn’t know about RBC/CIBC, the CU won’t send them that way right? Let me know if that helps.

Devin

Post: Multi family properties

Devin SolbergPosted
  • Posts 12
  • Votes 6

@Geoffrey Borgmann

Hi Geoff,

In Canada, certain banks will do 5-plex and 6-plex properties under their residential mortgage program. RBC and CIBC are 2 I have seen offer this. Reach out to one of their Mortgage Specialists in your area to confirm. This makes these properties much more attractive due to lower rates/no renewal fees etc.