All Forum Posts by: Kevin Labonte

The point with CMHC for your 10% is the intention of living in the building. The situation ''might'' change in the process. 

@Mohammad Khudyir

I go to Desjardins for Businesses, CFE Quebec-Capitale, all my 5+ units are there and they understand the ''game''

I do own Short Term Rental downtown and on in Levis if you have any question

Welcome aboard!

Dave Harvey can help you for sure

For Pricing, in multifamily it's another world, there is no speculation, it's all a numbers game. Same building with different numbers are not worth the same. 

There is a lot of movement all across the city, Limoilou, St-Roch, Giffard.....lot of big projects coming so depending on what is actually going to be built, it will change a lot of things

@Rodrigo Parada It's because your interests won't be deductible from your taxes anymore as they have been used for something not related to your real estate. Maybe a few things I don't know that can be done but to keep it simple, if I want to pay myself something like vacations, I use the cashflow. 

It's based on a building to your personnal name. In a Quebec inc. it's different for sure but I'm not an expert, that's why I have an accountant to ask questions before doing any move I'm not sure. Build a Dream Team!

Nothing like 1031 exchange from what I know actually. But if you refi a building, keep the money for real estate or the interests of your refi will be "contaminated"

For rental laws, we actually have to be creative. If you follow the laws, it's very bad for landlords. They allow us 0.5% increase every year. We don't know on which planet they live in, but it also take 40 years to get back your money on renovation you put in. So we have to actually negociate with the clients BEFORE putting money in or we never see it back. Evictions are also really tough, it can take up to 6 months unpaid before you can get them out. It's different but we can work around it.

Our government instance will need to change their mindset about landlords or we will all move to platforms like AirBNB, and they will create a big problem (lack of units). It's not a surprise that airbnb is not allowed pretty much everywhere in big cities.

@Lineker Tomazeli I'm not an expert of this specific area, if you want to know more about this area, contact Jean-Philippe Claude with Club d'investisseurs Immobiliers du Quebec, he's in that area, I don't know about banks but for me it looks like a primary market.

For loans, now I'm with Desjardins Commercial (CFE), everyone need to stop thinking about saving 0.3% on your rates, these guys talk the same language as we do, find solutions and REAL solutions, open big line of credits if you fit in their numbers like being new company....

For my buildings in personnal name, I use a broker, Andre Marcoux at Multi-prêts.

@Audrey Théberge I'll be doing 2 coaching program this year to get better in my calculations and knowledge, should be starting prospecting this summer, mutliplex only, but sometimes things goes fast. We want to wait after relocation season (which they don't have anywhere else than in Quebec, everyone moves on 1st July here) and to know our buildings and clients. 

This summer, 4 hours after we decided to take a break from buying I recieved a call for a good deal, 3 hours later we were signing a contract to buy an already accepted offer on a 9 unit! #4hourbreak :P

@Guillaume Racine I was made a flip with my first house without knowing what I was doing. On resale, I has enough money for the cashdown on my new house, but wanted to leverage the other part, a friend of mine told me about real estate, loved the idea of gaining close to 2% a year on 350k instead of 5% on 50k....as simple as that

@Audrey Théberge I'm a little bit all over the place for now, from Beaupré to Levis. I will probably get rid of my Beaupré Duplex at some point, to keep the ones in Limoilou to Ste-Foy. Interesting fact, my smallest buildings are taking me most of my time.

Guillaume, first buy in 2011 with a triplex, waited too long to buy a 4plex in 2015, added a unit in the basement for too much money (100k) but refi in 2018 to get all my money back. Started all alone, and added my girlfriend in the equation even if she doesn't bring any money in cashdown, she take care of the kids while I was finding deals, and the notary write on the buying contraxt that I put the money down.

Lineker, No not full time yet but it's my goal. I'm still a Home inspector full time working almost 70-80 hours a week but I lost the count between real estate and inspections sometimes. I'm just never on netflix :P CMHC allows you to buy with:

5% down for house or Duplex if you live in it (or "live" in it)

10% down for 3-4 plex if you live in it also (but I'm not sure of this one you might don't need to live in it)

15% down for 5+ plex as investments

It's not free, it costed me about 45k for a close to 900k loan this year. But if it's the difference between buying or not, it's worth it. For Montreal, prices are going completely crazy right now, hard to cashflow so yes you can buy in a small town if you know it. I bought a duplex in Beaupré this year, an hour drive from home but I have it under a maintenance guy taking care of it. Little bit of speculation but it cashflows a small 150$/month