All Forum Posts by: Tyler Lewis

@Matt Goncalves I reached out to BP a few months ago about this and they suggested Amazon as well which i think is really too bad because a big part for me was some of the perks being sold with the books when purchased from BP. Seems crazy to me that in 2022 they can’t figure out how to ship to Canada…..

My partner and I are about to take over our first MF deal in the New Year-A 9 unit building that has some very long-term tenants (10+ years). The property has been self-managed for the past 20 years with the old owners being very involved with the building and tenants. We have a property manager in place but I am wondering if we should provide some sort of welcome package to the tenants with a little information about my partner and I as well as maybe GC to a local shop.  

Has anybody had any success with something like this or just best to turn the building over to the PM and stay in the background?

The city of Edmonton has a good landlord course they put on. Can't remember the cost but it covers some good material and was worth the money for me when I was just starting out. They provide standard lease forms which you can tailor to your units. 

@Chris Baxter did you purchase this year? Yes we’ve attempted reaching out to the current provider but they don’t return calls or emails..... which seems to be normal in allot of industries currently

@Roy Cleeves we have not just been reaching out to brokers. Good idea though I’ll do this today. Thanks for the feedback!

Hi everyone looking for some help or explanation on a current issue I am having. We have under contract a 9 unit building in Edmonton but can't seem to find a reasonable insurance quote. This is the last thing we need to be buttoned up to satisfy lender requirements but we are getting estimates of around 20k! The previous owner is paying around 3k/ year so we are quite surprised with the quotes we are getting. Some pushback we are hearing is the age (1960's) and the original boiler system.  Is this typical for this age of the building? We have reached out to countless brokers and this just seems to be the way it is, we've even had brokers come back and say they can't find someone to place insurance for us. Any advice would be greatly appreciated. 

Hey Jay I am from Edmonton as well and doing what you are talking about. I built a secondary suite in our bungalow in Terrace Heights 2 years back and just finished renovating the upper unit where we live. My plan is to start looking for a second property in the next 4-6 months and do the same thing. Those area's you mentioned are great locations and now is a very good time to buy RE in Edmonton as our market is quite down. 

With the cash that you have on hand, I feel like the BRRR method is your best choice. You seem like you have enough for the 20% down and to pay for the renovation side of things.

I have been looking at BRRR deals quite a bit in the Edmonton area and although not as great as other places, the numbers that Travis posted above from Calgary are very similar to deals that you can find in Edmonton.

That way once the renovation is complete you can pull some money out of that deal and look for your next and you have a solid rental property that will hopefully require minimal maintenance for foreseeable future.

I’ve had good success with RentFaster.ca. I’ve also used Facebook and Kijiji but seem to get the most qualified tenants from RentFaster. It does cost money but for me it was well worth it.

Thanks everyone for your reply's is does help me get a better understanding of the process. The house being offered on is in the $350,00 range so IMO a phone call should be made at minimum on the original offer.