All Forum Posts by: Edison Reis

Hi matties !

Kelowna here 

Edison 

Great point Roy,

I’ve noticed that already. Everything that is online are typically overpriced or lemons (Otherwise most experienced and connected investors would’ve taken already)

Thanks

Edison

Real Estate has been the safest investment channel in the last 150 years.

Other than that we better invest in bricks and concrete shares because when the boss gets the “wall”  built oh boy we gonna become millionaires! :) 

My experience came primarily  from reading several books and the @BiggerPockets .com webinars and podcasts. I started as such and 3 months after bought our first property and then 6 months later the second.

I wouldn’t spend 700 until you address the basics and taking reasonable action. 

I am reaching a point (after the 3rd) that I am starting to seek for additional help to grow our portfolio but if you’re just starting there are lots of free info out there.

“Don’t wait to buy real estate, buy real estate and wait” (Thomas Beyer) 

Cheers

Edison 

Dear folks,

Other than realtor.com and sleeve or pocket listings (or your own realtor) which site (s) do you go to multi family searches in Canada? I’ve came across several but they seem to be connect to a particular agency or are somewhat biased listings.

Thanks in advance.

Edison 

Hey @Roy N., that’s what I am inclined to do. 

As long I can clear enough room for the next down payment things should work out.

Thanks for chipping in

Edison

Thanks @Ashish Acharya ! 

That's my thought process despite the fact having a large HELOC (in the negative) can be a bit overwhelming

Cheers

Edison

Hey @Account Closed

The Kelowna market cooled down a little bit . Current sales went down but prices are still climbing.

We recently invested in Victoria as it has the correct economic fundamentals in place (GDP, Unemployment rate, transportation and population growth)

Banks in Canada have always been careful as far as lending (which has sheltered us from the 2008 real estate crash) and there’s no signs of seeing that change in the near future. What is relatively new is the “mortgage stress test” where banks shall add an additional 2% on the top of the landing rate to make sure people can truly afford it. (Government qualifications requirement)

Unfortunately it took away 20% of Canadians buying power and hopes of ownership  which is kind of bitter / sweet situation. 

It selfishly  it turns out to be a better investment environment. (Less competition seeking for Properties) while supply keeps decreasing, demand keeps so ... rents keep moving upwards.

I will chase Curtis down ! 

Cheers

Edison

Dear folks

We have 3 Properties that we acquired using our HELOC As the down payment few years ago.

One of the mortgages is coming up for renewal and considering the property value went up about 70% in 3years I am planning to refinance it and pull some money out. (Instead enjoying the LTV status)

So the question becomes ..... should I use the money to invest in another property or pay the HELOC?

I am currently inclined to buy another one as the HELOC interest is 100% tax deductible hence I may keep it as a "never ending" nor growing debt.

Thoughts ?

Thanks in advance

Edison

Dear folks

We have 3 Properties that we acquired using our HELOC As the down payment few years ago.

One of the mortgages is coming up for renewal and considering the property value went up about 70% in 3years I am planning to refinance it and pull some money out. (Instead enjoying the LTV status)

So the question becomes ..... should I use the money to invest in another property or pay the HELOC?

I am currently inclined to buy another one as the HELOC interest is 100% tax deductible hence I may keep it as a "never ending" nor growing debt.

Thoughts ?

Thanks in advance

Edison