All Forum Posts by: Richard Huynh

Hello,

I'm in the middle of an real estate deal and would like some opinions from the experts and experienced investors here.

Pros,

Located near Transit.  Minutes from bus routes that connects to the train which connects to major parts of the city.

Ideal Location - located in a mature neighborhood surrounded by several desirable schools.

Near local amenities such as a shopping malls and leisure centers.

Home setup is desirable - top level and potential legal basement for dual income

Home is in rough shape and can add value to it (BRRRR method) which is what I want.

Alley and Garage parking.

Cons - Located on two main roads

There is street parking in front of the home (2 lanes of traffic both ways).  The other main road is adjacent and has other homes on that side so not truly on two main roads but close enough.  When inside, was not able to hear any oncoming traffic (was inside for about an hour).  Living room is closest to the road and bedrooms on the opposite of the home. 

When updating the home, can add soundproofing to reduce potential noise.

LRT is located on the adjacent main road.  Did not notice any sounds.

Main road properties might have a lower refinance and sell value (not sure on this and would like more advice).

So I would like your opinion on this property.  Is there anything I'm missing with my analysis?  Is this worth it? Is it harder to find tenants?  

Thank you in advance for the advice and information.

@Roy N.

Thank you for continually answering my questions! 

A follow up question, if I wanted to just do a personal credit check on myself would you recommend using Equifax or TransUnion?

Thanks!

Hello Everyone,

I was wondering what types of credit checks are available in Canada.  With the recent news of Equifax - should we still be using that company or is there any others options that match what Equifax does?

As well, is there any issues or complaints about credit karma?  I'm interested in using it but would like other peoples intake on it before going any further.

Thanks for your help and input in advance! 

@Melvin List - Thanks! I appreciate the help.  Just a little worried with all the negative news about identity theft. 

Another question, if I sign a disclosure form with them, am I locked in with this broker? or can I still get quotes from a few more brokers?

Let me know!

Thanks!

Hello Everyone,

I have questions with mortgage brokers.  My investment real estate agent recommended a mortgage broker that is located in a different city than the one I currently live / invest in.

My question is that I have not met this mortgage broker and that he requested a lot of information ( Social Insurance number, wages, income, saving and so on...).  Seeing as I have not met him, is this common practice? or is this something I should be wary of? Should I find a local mortgage broker?

Additional information - I currently live in Edmonton, Alberta Canada.   

Thanks!

@Roy N. 

Awesome! Thank you so much for answering my questions.

I really appreciate it!

Awesome!  Thank you! 

A follow up question, do all mortgage brokers (the ones that dont work for the bank) do the same services? Example is if I wanted to do a BRRR deal or just a 20% down payment most mortgage brokers would be able to do the same function?

Thanks!

Hello Everyone on BP,

I'm from Edmonton, Alberta, Canada and have a question in regards to Mortgage Brokers.

In terms of investing is there a difference or specialized fields for mortgage brokers / mortgage specialist?  For example there are different types of real estate agents (i.e residential agents, investing agents and commercial agents) and lawyers (family lawyers, real estate lawyers and so on...).

As well, do all mortgage brokers / mortgage specialist do the same function (search different companies and banks to find the cheapest loan available?).  Let me know if you guys/gals know or if my definition of mortgage brokers is incorrect.

Thanks!

Hello there Cody, 

Welcome to BP, although I'm new myself - let me know if you have any questions and we can try figuring it out.

Hello @Aron Roytenberg, thank you for your insight on the question, but yea, the rent amounts I put together are on the conservative side.  The prices I listed are lower than what is renting in the area.   As well, you make a excellent point in terms of adding value to the older home.  I will look into cost effective changes to help add value to potential renters.

Hello @Christos PhilippouThe average single family home in my area goes for about 400k.  I have considered looking into other areas outside of the city, but being this is my first rent and hold, I figured to start slowly and gradually expand.  Also, I haven't considered the hidden cost such as repairs on both units.  Hopefully following @Steven Loveless and @Aron Roytenberg suggestions I can raise the cash flow from my properties.  

Thank you both for the support and tips!