All Forum Posts by: Account Closed

Hey Andrew,

What came of this? I've been researching the same thing and I'm curious what happened.

@Account Closed

Your story is exactly how I see my story starting. Would you be willing to network, and have a further conversation about how you did it?

@Evelina Neufeld what did you end up doing?

Would you share your link?

Thank you for your reply.

I think my biggest problem is that a 4 plex in Calgary goes for 1.5 million easy. A big part of me (and my husband) doesn't want to live in a place while fixing it up, we have 0 experience doing repairs.

An alternative I've thought of is doing the 1-2 apartments thing to get started, but with such high vacancy in Calgary we wouldn't be confident to get a renter, let alone a good renter that can cover our costs. Condo fees can be a b*tch. 

Hello everyone.

I have been learning about financing, and how to get started in REI. My husband is 2 years out from University, and I earn a decent living as a recruiter in Canada. I'm contemplating doing a BRRR, but I live in Calgary, and it's not only very expensive, but we're suffering from a big downtown because of oil prices. Vacancy is very high right now, and I anticipate a slow recovery.

I don't know anything about flipping, but I like the idea of buying a 4-plex, living in it while I hire family/contractors to update all 4 units, and then continue living in it until we can afford buying a house on top of the 4-plex. 

My question is, how would it work to use private money to assist with a large down payment and repairs costs, while using it for an owner-occupied home? I would likely refinance it one/ a few years later to get the money back out and repay the private lender. Also, would the bank know, and factor in, the fact that a portion of the down payment would be a private loan?

ALSO, frankly, I'm pretty scared that all hell will break loose, and I have 2 tenants move out and I lose my job down the road, all while being responsible to pay a big mortgage (hence why I'm okay to wait for all this until my husband is working too). 

Keep in mind I cannot lock the interest rate in for 30 years like you American's can. We get a new rate every 5 years maximum. Also, mortgage interest isn't deductible in Canada.