All Forum Posts by: Scott Galloway

@Ash Badry

Hey thanks a lot for commenting, you could be right. I still want to hear it for sure.

How were these places set up that you were renovating? I see some houses that look like they’d be a nightmare to do and some that look like they’d be easy (for a good contractor).. places with kitchens already that aren’t legal for example.. Were you buying these places 20k under value at least. ? Buying from wholesalers? I’m sure you are but I keep hearing that’s where the money is made. I know it looks like the renos are adding a ridiculous amount of value but some of it is the money your making buying under value Which I’m sure your considering..we’d have a lot of sweat equity going into it to. I could still be way offff, not to sure...

Your prob right about whyte ave area it’s stupid expensive. $315k would prob be your lot price with something you’d prob want to tear down.. I’m leaning towards wem . I think with the hospital there and the lrt coming your gonna do well.

I hear Canmore is ridiculously profitable for that. Would you care to share what your cashflowing there? I am interested in doing a flip and hold in bc around the okanagan at some point then moving there maybe in ten years time . That would be way better for short term then here I would imagine.

I’m Just not exactly sure what the best place to do it would be and id love to live anywhere around there. I don’t know what the markets like tho.I actually msgd a realtor about that today.

I’m not really sure what the right move is here. There is to many options lol. The more I read or hear about investing the harder it is to just pick something and focus on it. I want to do something with a couple buddies for sure. I want to be mainly investing in it because I work on the pipeline so I can save a lot of money then in a few years help them full time. The one guy has a property maintenance company that is gonna he pretty hands off for him soon and his brother is deadlee in construction and can kind of walk us through it. He’s no handy man either he’s been running a successful plumbing company for years and is super smart so I think there is a lot of potential.

It might be smart to just get more into flipping at first and save some money then when we get really good go use the brrrr strategy in places where you know it’ll work... you wouldn’t have to go to far. Check out investor girl Britt on instagram who was on podcast #320.. look what she did in Saskatchewan.

Purchase $42 000

Renovation $30 000

Total invested $72 000

Arv $131 000

Ltv 80% $104 000

Equity out $32 000

Rent $1100

Expense $730

Cashflow $370

https://youtu.be/NZXU_rEHxOg

The way I see it with this brrrr stuff is even if your not pulling all your money back out and even if my reno estimates are out to lunch your still doing way better then if your buying turn key..

These numbers I threw up we’re pretty much just to see if I’m even close I kinda pulled them out of my arse. So I am really happy you commented on it and I’d love if you helped me adjust them for a rough estimate.

I’d also be down for sure to check out that meeting if I’m around and it’d be great to get together with you and talk some numbers about what I could get for a place around wem... maybe one day I’ll be getting you to manage one for me. Would you care to share your listings?

@Cody Hill

It is pricey! Looking at that area more it almost looks to me like you could knock a place down and build for about the same price as renoing a ****** house. Prob why there’s so many infills.

I am a little concerned about the quality of renters. I’m leaning more towards wem area if I do something in Edm.

Would you manage yourself? The way I see it is if you want to try it and it doesn’t work, well who cares rent it out to long term tenants. At least you tried. What if you didn’t and found out later you could’ve made that much more? They have that new amazon building going up there and I think there’s also some huge business starting up around there if it hasn’t already for lightning for grow ops and what not. I think that’d be a great place for it!

I’ve looked a ton on air b n b. It’s extremely confusing. Some places look like horrible locations for air b n b but there booked and look profitable. Some look like great locations and they don’t look profitable at all. I don’t get it. I’ve tried to reach out to managers with hardly any luck.

I’m with you on it still being huge to have 10 k left. I was originally looking at just building a turn key rental. My buddy sells homes and could get me a nice new house with legal suite built for 430 ish.. that’s 86k down (20%). Seemed like a great idea at the time but if you can buy a place and Reno it, pull your money back out... even if you had 30k left of your own money your saving 56k on one deal...it’s nuts.

I want to get this going but I’m waiting for a buddy to be less busy. He runs a business and is almost to the point where he won’t have to do much and can focus more on this.

There is also 10 million different ways and places to do this stuff which is making it really hard to get closer to making some moves. Lol

@Theresa Harris

To help with a downpayment. I’ll need 20% down.

@Tyler DeGagne

Did your ever end up doing anything with all that?

@Chris Howe

Who have you found on here who’s really helpful that’s local? I would love to pick a brain or two.

@Pam MacDonell

I’ll take any advice for investing in edm that you’ll

throw at me !

@Ken Steph

I have a feeling Luc is going to recommend you talk to the guys at Mogul Realty group in Edmonton. If not you should. They specialize in that kind of thing. I’ve met Calvin Hexter there. I would contact him or James Knull. I’m pretty sure James is the owner and guru there, I’ve only ever met Calvin tho and he seemed really knowledgeable.

@Cody Hill

I have a condo in Sherwood Park I’m looking to sell I’ll prob have about 40k once it’s sold. So I’ll use that for some of the down payment and the old man has agreed to help with funding at a very reasonable interest rate for the rest and the Renos.

The condo is worth 195k right now . If I can even trade this condo for the place I’m talking about I’ll be happy.

I guess the perfect brrrr is getting all your money out of the deal but I don’t know how often that happens around here. Seems insane to me. I know people do it all the time in the states but here?? If I somehow can manage to do that i want to get as many legal suites as possible before the market goes up here lol.

@Luc H.

No sir I’m still a virgin. Waiting for my buddies to have some more time.

I work on the pipeline so I’m teaming up with a buddy and his brother so they can help me out when I’m not around. Plus the one brother is pretty deadlee with construction.

@Cody Hill

Hey thanks for the reply it’s great to hear from someone local on here.

Something large enough for 5 bedrooms. 3 up and 2 down with a legal suite. Not sure about baths. 2 up min & 1 down.

Whyte ave is a great area wether you do short term or long term. It’s super expensive tho as I’m sure you know. I think that area will appreciate in value quite a bit soon tho.

WEM area isn’t anything special for long term renters

apparently. My buddy manages a lot of properties and says it’s nothing special, he was telling me this tonight. He said the lrt would maybe make them rent out for another $50 /mth. I don’t know how much a property would appreciate once that lrt is up and running around there though?

So I’m not to sure what the right move is. I’m sure both would work! I really need to talk to some more air b n b managers. I’ve talked to two and they say it can be a lot more profitable and I’ve heard that elsewhere to but to sit down and get a lot of questions answered about it has been a challenge.

I have zero experience with this stuff but plan to do something with a buddy and his brother when they are less busy this winter. If you want to talk to someone who knows what they're talking about in this area contact the guys at mogul realty group. They specialize in working with investors. Calvin there has done a few BRRRR's I believe. I think he's got 6 doors..

I got his number if you want.