All Forum Posts by: Sol Yasin

I have a feeling your property tax numbers are pretty low if the property is valued at that much. My triplex with an appraised value of $177000 has property taxes of $5051. For a similar property to the one you described, property taxes are closer to $7500. Here's a 6plex currently listed for $324 000, with assessed value of $279600 https://paol.snb.ca/paol.html?lang=en&pan=01946209

Also, don't forget insurance cost. That will likely eat up between $2000-3000 annually as well.

Your right the property tax is 6,014.40 and I didn't include insurance as well.

0 Votes

Originally posted by @Joel Arndt:

How's the cashflow? Where are the rents at?

See my response

0 Votes

Originally posted by @Jim Pellerin:

Originally posted by @Sol Yasin:

I am seeking Multifamily units in Moncton, NB. Anyone here own a 5+ unit or can give me some insight?

Are there a lot of options? How is the demand and competition there? What are normal cap rates? Any areas to consider buying in?

I would love any feedback.

Why are you looking in Moncton? I had about 60 properties there at one time. The market is pretty soft there.

The reason I was looking there:

I am strictly looking for cash flow play and if appreciation is there that is bonus. Moncton is very slow with appreciation however this year they have had record sales and CREA reports pricing up 7% from last year .. but as I mentioned .. I am looking for cash flow.

So I dug around and found many cash flowing properties of around $700 to $1000 Net with 20% down on properties priced at $200k to $350k for duplexes and 4 plexes.

I got curious and looked for 5+ units and found one near the university and hospital. Asking $350k for a 5 plex, Gross rent is $3200 with tenants being long term doctors, property taxes are high but when I crunched the numbers roughly I got

$38,400 Gross Rents

-$4800 year property tax

-$4600 yr electricity

-10% management

-5% vacancy

= $23,400 or $1950 per month , 6.6% CAP

I'll try to get the CMHC 15% Commerical 40yr mortgage if not then at regular 20% down , 30yr 3.5% rate my payments are $1254 per month

This will net me approx $700 month cash flow while only needing $70,000 down. So this was the reason I am asking this forum for insights.

1 Vote

Hi what city was this done in?

Originally posted by @Elizabeth Milder:

Hi! I’m an investor in Victoria BC. My partner and I have used this method of investing multiple times over. We now hold 11 doors. Like Sarah mentioned, we too follow the house conversion regulations to convert single family homes to multi unit rentals (2-4 plex). I’ll use numbers on our last project as an example.

Completed Jan 2018. Purchased for $680,000 November 2016. Reno cost of $415,000. The renovation was major - we completely gutted the interior & dug down the basement to add another suite. The property was completely rented by Feb 2018: two 1BR -$1500/month each, main floor 2BR -$2000/month, garden suite 2BR - $1800/month. The property cash flows & appraised at $1,350,000 - allowing us to pull out about 50% of our capital investment.

1 Vote

I am seeking Multifamily units in Moncton, NB. Anyone here own a 5+ unit or can give me some insight?

Are there a lot of options? How is the demand and competition there? What are normal cap rates? Any areas to consider buying in?

I would love any feedback.

2 Votes

All Forum Posts by: Sol Yasin

Sol Yasin has started 8 posts and replied 35 times.

Post: Moncton NB, Commercial Multi Family 5+ Units

Post: Moncton NB, Commercial Multi Family 5+ Units

Post: Moncton NB, Commercial Multi Family 5+ Units

Post: BRRR Strategy In Canada - How does it work?

Post: Moncton NB, Commercial Multi Family 5+ Units