All Forum Posts by: Guillaume D.

Welcome to the beautiful world or RE investing :)! Montreal is a tough market, but full of potential for those who are determined enough to succeed. Best of luck in your purchases. 

Typically, banks cannot and will not refinance on a value higher than your purchase price within 12 months of the purchase. That's a standard rule for most banks. 

Welcome to BP! There are a few of us here. Come and meet us at one of the next REI events coming up (CIIQ, ImmoFacile, Mordus d'immobilier, Levic, etc).

I'm sorry guys, but I couldn't disagree more with what most of you are saying... Yes Montreal is very hot and pricey right now, but the key to being a successful real estate investor in ANY market is to find REAL deals. When I say REAL deals, I mean REAL ones... Not the ones that your typical broker is sending your way. You have to work hard to find good deals. My team and I are talking to about 500 people per month to find one good deal. How many sellers are you guys talking to on a monthly basis and how many offers are you making ;)!? Don't get me wrong, it is very difficule like it is in any sizeable market. If it were easy, everybody would do it. When people say that it's impossible to make a good deal in Montreal because it's too expensive, it's like saying that no good deals can be found in NYC, Los Angeles, etc... I've made over 40 transactions in the last 5 years in Montreal and I've never lost a penny, so it's hard for me to agree when people say there are no deals, and I also know a lot of people who succeed even better than my team and I. Hope this helps!

Hey Phil. We use Proprio Expert Web and we're satisfied. Most of the other landlords I know also use the same CRM. Hope this helps!

@Curtis Chen I get what you are saying for SFR, and it's also almost impossible to cash flow on an SFR in most major markets. This is why you should consider investing in larger rental properties which inevitably provide better cash flow. Hope this helps!

Hey guys. I think that's typical of any major market. Here in Montreal (Canada), every investor I know says it's way too expensive and impossible to cash flow (because rents in Montreal are very low compared to everywhere else in the country and price of income properties are high). However, many investors like myself still find ways to buy multiple great deals. The key is always to find off-market deals with a lot of potential for increased NOI (net operating income). To find this kind of deals, you have to invest heavily in lead generation techniques such as direct mail, Google and FB ads, cold calling, and so on, which a lot of people are not willing to do. What techniques are you guys using to try and find great deals?

@Roy N. Ok you're right about the credit unions then. I just didn't know it was the name being used to describe an entity like Caisse Desjardins which is known as a Cooperative here in Quebec. Bottom line is that it's all a question of numbers. Yes, interest rates tend to be higher on commercial loans and yes there are some additional fees, but if it helps people get over the hump of the "maximum number of residential mortgages", then I'm just saying it's an option that needs to be considered. If going commercial takes "much of the bloom from the rose" as you say, it might be because people are overpaying for their purchases ;). Thanks for the response! Just trying to help as you are. 

@Roy N. Then I guess it depends on where you are in Canada, because we don't have credit unions here in Quebec. And yes, you can typically finance smaller deals on the commercial side of the banks as I've done it many times. You can even finance a single-family house through commercial financing. I was just saying that if investors don't want to be limited by a maximum number of mortgages on their record, they simply need to consider commercial mortgages. 

Hey Phil! Be careful with the advice you are getting as it's not that simple. First off, you need to figure out if the electric panel in each unit has the necessary capacity for you to had electric baseboard heating. Then, you need to figure out the cost to convert the whole building to electricity and determine by how much you'll decrease your energy expenses in order to make sure you have a positive ROI. If you don't, then don't bother doing it. Then, you cannot simply send the bill to the tenants, or split it amongst them and wait for them to pay, it's not that simple. The law says you have to decrease their rent by an amount equal to the expenses that will be added. In other words, if you estimate that heating will cost them $60/month, you'll have to decrease their rent by $60/month which will offset the whole thing and create absolutely no gain. However, nothing stops you from taking verbal agreements with your tenants ;)! This is the way to go. I've done it on multiple buildings, and what worked best for us was offering a free month of rent in exchange for them to take on the heating. You just need to sign a new lease accordingly and bingo. Hope this helps!