All Forum Posts by: Mike Henricks

@Asia Nebesnaia

Hey Asia,

If you want to send me a message with your email address I’d be happy to connect you with an investment minded real estate broker in Calgary that is an expert on the area! They would be happy to answer your questions!

@Ibrahim Elvis

Hey! I too am in Edmonton, but I have some excellent connections down in Calgary that could help you out! If you want to send me your email in a message I’d love to connect you with a couple of them!

@Victoria Pattemore

Hey Victoria,

Inventory in Calgary right now is pretty low for 5-10 unit multifamily.

However I do have a commercial real estate broker I have worked with lots before in Calgary who is amazing and said he can help. I’m happy to connect the two of you if you’re still looking.

@Abi Carleigh

Hey Abi and welcome!

Because you plan to be living on the main floor it is considered owner occupied and you can do as low as 5% down assuming your debt ratios allow it! I’d be happy to run your numbers for you to confirm. 😊

@Patrick Bobczynski

Most lenders still allow the refi at any point however there is always a minimum for a refinance on rentals that you can't go over 80% LTV. And typically they are looking for 65-75% LTV even. However there isn't typically a timeline in the contract, you will just have to pay a penalty. You may start to see the odd lender putting terms in the contract that you have to wait at least 6 months to refi… this would be for the one purpose of eliminating the new blend and extend strategy to eliminate the IRD penalty for breaking a mortgage term.

Definitely worth working with an investment minded broker to ensure you are getting a mortgage that allows you to refi at a reasonable LTV, without timelines, and more. Definitely more important stuff than just a rate.

@Amanda Kirk

A few options!

1. Clubhouse - a few real estate agents, other brokers, and investors usually hop on a clubhouse call mondays at 4:30pm. It’s an invite only app for iPhone so if you need an invite feel free to pm me.

2. @Vincent A. Just put on a zoom call for BP Alberta! It was a really great opportunity to meet others that are local and in the industry, if we do another that would be a great opportunity!

3. Meetup dot com has lots of great opportunities.

@Anthony Therrien-Bernard @Agnieszka Zalewska

As Anthony mentioned about lenders using rental income - great option! Certain lenders will only consider 50%, some will consider up to 100%. As @Zorya Belanger mentioned it’s super important to work with an investment minded broker. Most brokers would just find you a rate that might be 0.05% lower and not have a second thought about how to classify the rental income. It’s very realistic to find a lender that will accept 80-100% rental income using their rental worksheet.

@Russell Kieftenbeld

Hi Russell! I am a mortgage broker here in Edmonton with experience financing flips in the area. If you’re still looking for financing I would be happy to help!

Sorry I commented this on the wrong post and don’t know how to delete this haha. I am new to BP. Whoops.

@Shrey A.

I went through a similar dilemma not long ago. I was really stumped on how to make real estate investing work in Canada. I looked at similar locations to you and was really sold on Windsor. @Zorya Belanger was able to convince me that Edmonton had potential and after looking into it deeper you most definitely can cash flow in Edmonton.

Zorya recommended I read Real Estate Investing in Canada Using the ACRE System by Don Campbell and it is a must read for Canadian real estate investors. I highly recommend as well that you pick up a copy and give it a good read.

I am far from an expert and very new to REI but if you have specific questions (mostly on the Edmonton or Windsor markets) feel free to message me and I will do my best to get you an answer, and if I don't know I will direct you to someone who will!

Feel free to message me anytime! :)