All Forum Posts by: Roger Peng

its funny how a property can be worth 60k but people are renting it for 800-1000, when they can easily just buy a property like that themselves and pay less for mortgage payments...funny how things work.

if I want to port my mortgage to another property how much of a time frame do I have to purchase the other property, does it have to be at the same time as the sell of the first property?

HI Joe, how is everything going? I am also curious about BRRR in AB, I suspect we may have to even leave the bigger cities and try Red Deer, lethbridge, or maybe surrounding areas at the city outskirts to BRRR where the prices are slightly lower.

Hi Noel,

I have just bought my "four plex" also (duplex with non conforming basement suites) for 600k, it was also recently renovated where the previous owner put 70k into it, since I got it I was able to boost the rent up substantially for the vacant main floor when I purchased it, (main floors to be 1550 was easy to rent out and alot of interest, basements could be 950 but I will have to wait until their leases end to propose this) garage is 200. All in all I could easily get 5200/month gross rent. I cover utilities and find that I could cashflow about 1600/month this way. 

problem with these multi units is the tenants tend not to get along with each other and i get more calls then compared to my single family house (my SFH is negative 100/month)

since then I have found two more deals that also cash flow the same, if I had cash and the bank would let me buy it I would snatch those up. Can get financial freedom if I could get three of these.

we signed the mortgage today, and title later this week, I am trying to see if they need to be on title or not,

So I just bought my first property (4 plex) and had to use my parents to get the approval for the loan,

my question is, my parents plan to retire in the next 5 years and don't want anything in their name as it may affect what they get from the government, can I co-sign them on a mortgage but have me as the sole "owner" on the title? or do they have to be on the title, and if they do, can it be transferred to me after say 5 years when it comes time for them to retire?

also how does income tax work? if everything is being withdrawn from my bank account (mortgage, property tax, insurance, etc etc,) and all rental income comes into the same account, can it just be done as a regular tax report as I normally do year to year except now I have rental income?

thanks

I am in calgary too I have about 60k in savings, and looking for a second property (have a single family house rented out 3 year lease) I want to snowball my investments and it seems like BRRR is the only way to go but I can't seem to find any good properties even at the bottom of the market now.

Hi Noel,

may I ask you how much you bought your 4 plex for? I find that they are usually 800k+ and would be difficult to cash flow after mortgage/tax/insur etc