All Forum Posts by: Andrew Reid

Thanks to all for your replies!

It's sometimes tough to remove the emotional attachment from something like this and your opinions from an outsiders point of view really help.

In answer to some of your questions/comments, I guess I've been lucky with the tenants I've had so far.  The most recent ones have been in for 4 years and cause no fuss, despite rent increases.

I do have capital to cover vacancies and repairs. and the $20k appreciation was before closing costs.  It's a fixed rate mortgage and the principle is around $300 a month (Why do you ask this?).  I do believe the property value will continue to rise.  It's centrally located, near trains and Airport nearby, plus the town serves as a commuter town for London - only 25 mins to the centre by train.  And yes, rents are increasing in the local neighbourhood.

Airbnb could be an option but managing that from across the pond would be a nightmare, plus it's quaint but not touristy. 

Basically, I feel like I've survived the worst of it and I'm approaching the break even point so I should stick with it to reap the rewards on the other side rather than cut my losses.  8 years in the red, but 20+ years making decent cashflow.

Thanks again.

Andy

Hi all,

Just a quick hello from Edmonton, AB.  I moved here about 2 months ago and I'm looking to soak up knowledge about real estate in general and any local tips.

I currently own rental investments in Saskatoon, SK and back home in London, UK.  I'm quite the traveller!  So far I've bought a place wherever I've worked, then rented it out when I left.  Does anyone have similar experiences to this?

Also, if anyone has any tips on house hacking or multi family rentals in Edmonton then drop me a message.

I'm looking forward to learning and putting some of that knowledge into practice!!

Thanks

Andy

Hi Everyone,

As the title states, I bought a 1 bedroom Condo in a town where I used to live, just outside of London, UK, in 2007.  Since then it's been rented the entire time but requires around $150US per month to keep it afloat.  It's being managed by close family members.

I'm certainly in it for the long haul, I'm hoping rents will increase while the mortgage goes down, but part of me wonders whether or not I should just cut my losses and move on.  Right now I'm pretty much treating it like a savings fund - 'only' $150/month (this should decrease) for a fully paid off condo in 22 years time.  Is this the right attitude?

I had a valuation recently that put it about $20k over the 2007 price so I could pull out with minimal profit, but I'm inclined to just keep it on the back burner and continue with my full time job in the meantime, whilst looking at other properties in North America.

Any advice you could give would be greatly appreciated.  Thanks in advance!

Andy