All Forum Posts by: Stevo Sun

Hey fellow real estate investors!

I'm Alex, an aspiring real estate investor with a background in social media and influencer marketing. I've got four years of experience as an account manager in client services, but my heart truly lies in real estate.

I'm here because I believe mentorship is the key to unlocking my potential. I'm hungry for knowledge and eager to learn from experienced investors who've made their mark in the industry.

I'm highly coachable, adaptable, and thrive on feedback. With my skills in communication and networking, honed from my background in social media, I bring a fresh perspective to the table.

If you're an experienced investor based in Canada, and open to mentoring, I'd be honored to connect with you. Let's learn from each other!

Shoot me a message here or email me at alex(at)affluentimpact.com. I'm available for a call or meeting whenever suits you best. Looking forward to connecting with passionate individuals in this amazing community!

Hello,
My name is Max. I am a 21 year old living in Canada, more specifically Fredericton, NB and I am looking to get into my first property and thus the world of real estate. I am currently in a position where I do not have mountains of capital to spend on buying a house, so, I am hoping to use the BRRRR method to stretch what money I do have as much as possible. When listening to the bigger pockets podcast, I notice FHA loans being mentioned quite frequently because they give the customer the ability to purchase a house with a very small down payment (aka. very little of their own money). I believe that something like an FHA loan would be a great option for someone in my situation, however, sadly, in Canada FHA loans are not offered which brings me to my question. Can you use the BRRRR method in Canada without being able to utilize FHA loans? If so, what loans would be best/most similar to FHA loans (potentially a CMHC insured mortgage would be a good option)? And finally, outside of what I've already mentioned (CMHC loan), do you have any other/better recommendations to help someone, in the financial situation that I am in, get into their first property? And I do want to make it clear that, in keeping with the BRRRR method, my goal after buying and rehabbing my first property is to refinance in order to buy a second property as quickly as possible.

Thank-you for your time and I look forward to reading your responses.

Thank you very much, both Anthony and Stevo. I am currently located in Fredericton, NB. I would look to begin buying here, but prices have been so high in the maritimes recently that I’m unsure if it’s the best place to start. Also, my partner is not a huge fan of our current location so we were interested in moving, which is why I wanted to ask about the ideal markets because we would be willing to move anywhere in Canada if it meant being able to start our portfolio in the best market possible. That being said, if Fredericton or somewhere else in the maritimes is a worth while market, we would be willing to put our desire to move aside and begin investing out here.

Hi everyone, my name is Max. I’m new to bigger pockets and I am an aspiring real estate investor. Now, I was wondering… given how tough the real estate market in Canada is these days, does anyone have any recommendations for specific markets/areas to look at when trying to start my portfolio? I know this is a bit of a general question, but any information/recommendations on some of the “best” areas/markets (where you can still get in quite cheap and the place has good growth potential) in Canada to start my investing journey would be much appreciated. And whether you have recommendations because of personal experience/success in those areas, or if it’s your own personal opinion, I’m all ears.

Lastly, I want to apologize in advance of this question bothers anyone. Yes, I know it’s general, might be hard to answer, and ultimately is a very beginner type of question, however I am a complete beginner in the real estate world, and everyone needs to start somewhere. So, any info on where to start looking for properties would be great… oh and also, would you recommend trying to buy a single or multi family home as my first property? Keeping in mind that I am hoping to hold it for the long term and have it be the first property in my portfolio!

I am going to take possession of a pre-sale condo in Burnaby, BC in August. It is one bed, one bath, "luxury", around 600sq ft. Purchase price was $380K, similar units are now selling at $650K so I have built up some equity already. I am trying to work out if MTR would generate positive cashflow. For a LTR, I could probably get $2500-2800 per month. Is it worth the investment into turning it into a MTR? I am thinking of using a home staging company for furnishing and have a budget of $10K to work with. I am estimating mortgage to be around $1900 per month ($2500/month including condo fees, utilities, property taxes, insurance).

For some background... I am currently living in a condo in Kitsilano, but I am mortgage free for my primary residence. I work full-time in STEM and make a low six figures, so I can tolerate some volatility in the rental market. 

Thanks!!

Hello folks. Just made the commitment to get into Real Estate investing 2 weeks ago. There is a BP podcast on the BRRRR Strategy with David Greene in which he gives a hypothetical example of two investors, Tom and Mike. I'd like to consider myself Mike right at the start of his journey. I'm based in Calgary Canada so would love to connect with other investors here in Canada.

@Stevo Sun thanks for response. I fat fingered my question. I want to sell multi-family home in US and trying to find out if i can do a 1031 exchange for a property / land purchase in Canada ? 

Hi Fellows, can I use 1031 exchange to sell a multi family property in India to buy land in Canada

?

 Hi Stevo,

Thank you for taking the time to leave me feedback, I will keep looking for deals. Would you say that if the average rent for a similar house around the area is higher than what I would be paying monthly even with the high rates that I should hop on the deal? In general, how much ROI are you looking for when investing in rentals in Alberta?

Hello folks,

I am 27 living in Canada and make roughly 53k after taxes.

I have been living in my condo (Purchased for ~159k) for just over a year that I put 20% down payment (~31800) on and I am looking to purchase another property (preferably detached home up to 350k but another condo would work).

I have ~82k in my investment portfolio tied to ETFs that I could sell to use towards a down payment but I prefer not to touch them.

Inspired by the BRRRR,

My current plan is to use my parent's HELOC to fund my 20% down payment for a fixer upper around 250-300k and mortgage the rest of the 80%.

I plan to reno the new property, remortgage on higher assessment, pay back my parent's HELOC, live in the new property and rent out my condo

Or,

I plan to reno, remortgage on higher assessment, pay back my parent's HELOC, rent the place out and remain in my condo.

Could a better option be to pull out my ETF investments to fund the down payment? 

Would it be a better idea to purchase 2 condos as rental property?

I am not afraid of the risk I take on however I am cautious because my parents would be involved although they are supportive.

If there are any experienced investors willing to put in feedback for the scenario or just advice in general to a 27 yr old that has been reading and studying investments/RE investments and preparing to dip my feet in the water, it would be much appreciated.

Thank you