All Forum Posts by: Patrick Mooney

Thanks @Stevo Sun, appreciate the input! With the knowledge that there's likely to be a downward pressure on rent in AB in the coming years are you looking elsewhere? Or simply playing the waiting game for now?

@Theresa Harris that was a very helpful point, thank you. I have been in touch with the mortgage broker again after your comment and should qualify for another ~$300k CAD mortgage with 20% down. That wouldn't quite cut the mustard for the area(s) I'm looking to buy in (currently living in Strathcona and would ideally like to buy close by as it's a great location). So back to the drawing board it seems!

And thank you too @Anthony Therrien-Bernard, appreciate it!

Hi all! 

First off THANK YOU to all the posters on the BP forum. I only discovered the podcast + platform about 10 months ago and was immediately hooked! It's from reading your posts and listening to the show that I managed to get my act together and buy my first place in North America.

I recently purchased my first investment in Edmonton Canada, a duplex where I have rented out the other unit (Closed on 1st June 2024 / $475k CAD price paid / 5% down payment). It's an older property and I haven't made any improvements yet as it was in great condition.

I'm trying to expedite the process of moving on to my next deal, although I will very likely need to put down 20% this time as it will be an investment property rather than a house hack. I'm trying to figure out how I can best finance my next deal without having to wait for either:

- getting together 20% cash downpayment

- waiting 12 months until I can do another 5% down on my next house hack

I'm looking for buy and hold so from what I've read short term financing (eg. for a fix and flip) likely isnt the best for my needs.
If it's useful info I have access to ~$60k line of credit at about 9% a year, and another $35k in credit card credit available (although no suggesting I'd use this to finance a deal). Very high credit score.

I gather majority of people are in USA and not Canada, but definitely appreciate any input you might have for an newer investor looking to keep the momentum train moving along. 

Thanks again and happy Sunday!

Investment Info:

Condo buy & hold investment.

Purchase price: $200,000
Cash invested: $200,000

- 5x Condos
- Overseas investment (Cambodia)
- Approx. investment total $200,000 USD
- New builds
- Paid directly to developer (0% interest during build)
- Paid out of pocket (no financing used)

What made you interested in investing in this type of deal?

I was young and had saved some money. I was looking for something a bit different and I had always loved SE Asia ever since I was a young backpacker, so I decided to take the plunge and purchase my first 2 bed condo when I was 24.

How did you finance this deal?

Out of pocket

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Grand Rapids.

Purchase price: $475,000
Cash invested: $24,000

- My first house in North America (Canada)
- House hack
- Duplex (2bed 1bath + 2bed 1bath)

How did you finance this deal?

5% down
3 year fixed mortgage with Scotiabank (4.84%)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If anyone is based in Edmonton Alberta and looking for a really investor friendly agency, I highly recommend the Calvin Reality team. They have plenty of experience working with out of state/province investors who are new to the area. They also have a steady stream of off-market deals which they send out every few days to their investor list.