All Forum Posts by: Ram Srinivasan

@Francois De Gourville

Many members will tell you, while there are flips available in Calgary, they are relatively hard to find - Deals are at a premium, and if you find a good deal, boy you should a) be able to wholesale it with ease b) Be able to to have funding sources lined up. 

Multifamily is defintely a worthwhile strategy, I do have experience with this asset class in the US. You definitely do need to expect lower cap rates out west, so definitely do need to have good access to financing and funds for projects.

@Cal Ewing

The link to the Calgary BP FB group is right here. We missed you last time, but certainly the next time we have it, we'll let you know

https://www.facebook.com/groups/688922047908933/?p...

@Jesse Cornforth

Welcome to BP. Yes, like the other posters on this blog, there is so much information here, and much of it is relevant to Canada. The key is ofcourse to take action. Whether investing locally or in the US, there is certainly someone in here who can help you in some way. There is also someone in here that you can help here in someway. That's what the power of this community is all about. See you in our next local BP meet up :)

Ram

@Jon Martin

Hi Jon, Welcome to the community. As @Tony Akhigbe had mentioned, we had a BP meeting (first ever) in Calgary just a few weeks ago. We do have a facebook group as well to make it easier to set up meetings and so on. Down below:

https://www.facebook.com/groups/688922047908933/?p...

Bigger pockets is such an amazing resource. I wish I had known about this resource previously. I have had a fair amount of experience with MF experience in the US, lots of lessons learned, and if you are going to do so, there are definitely things you need to know! 

Welcome to bigger pockets!

@Francois De Gourville

@Bill Haywood:

Could you share where your building in Alberta is specifically?

I personally think it is a pretty good deal (and probably so for both parties). 8 CAP is a number, but did you do an independent appraisal on the property to determine what the CAP Rates are for that particular asset class is in that area?

Also, are there any environmental issues/liabilities that you are on the hook for?

Because there is only one tenant, I would make sure to network and talk to other companies as well IN case the current tenant leaves. You wouldn't want to start this process after they leave.

Yes, increasing the Ammortization rate to me is the right thing to do, because you have a choice as to whether you want to pay down fast or hold for other opportunities.

Good work in purchasing this, to me sounds like a good investment.

Ram

And the link is ofcourse:

https://www.facebook.com/groups/688922047908933/

Hi Everyone,

We have a FB Group created to help everybody stay in touch

@Jett Rao

@Chris Nordsveen

@Agus Irawan

@Willemina Stikker-Breemhaar

@Tony Akhigbe

@Emin Ozkan

@William Wong - Might be too late into the US Real Estate Game. Unless you have some compelling reason to go there. Have strong network of US investors, Boots on the ground partnership etc.

@Roy N.

Thank you for your detailed reply. I had a few follow up questions to confirm my understand. I did also spend some time researching Foreclosure process here in Alberta, and I have not found anything to date that explains it as well as you do, and I appreciate this very much.

Here are some follow up questions that I do have for you:

1) I have heard that the court/bank has a fiduciary duty to sell the property at the maximum price in order to be fair to the borrower (as the lender can sue for a deficiency judgement after foreclosure.

I have heard that any equity left over after the sale of the property will be returned to the mortgagor. However, I have also read a statement contradicting this to say that once the property is foreclosed on and sold, any left over equity belongs to the lendor. Which is right?

2) Once the lender has filed a statement of claim, does it typically mean that the lender has to catch up on all payments plus penalties? Can the lender call the entire loan balance due? Part B to this question - the redemption period, does this include solely catching up on the missed payements or does this mean paying off the lendor? I.e. is this where the opportunity in a "pre - foreclosure session truly lies? Whereby the mortgagor is desperate to refinance or sell the property in order to redeem the property?

3) In order to get a pre foreclosure list, is the only way to do this in Canada is to go to the courthouse and research the statement of claims? 

4) What kind of expenses does a lender have to bear for the foreclosure process? I know it really depends, but outside of real estate agent fees, interest payments etc, what other costs are involved? Another way of asking, is there an approximate cost one can expect to foreclose on a property?

5) When does title actually transfer from the mortgagor to the lender? Is this when the Redemption period has expired (Or consent order/Quir claim)?

Thanks in advance.

Ram

@Bill Gulley, is there a link you could point to that refers to this topic? That's fascinating, because there is a whole community in here wondering about acquiring pre foreclosure leads, without ever thinking twice that it could be a felony. This feels like a hidden forum..