All Forum Posts by: Wendell Fong

You are in a good place, but if you want to accelerate your RE investment holdings, you need to actually make a plan and go at it.   The plan to hit your first goal, may be 2 years off but at least you will have a goal and can plan intermediate steps. 

Sounds like your first two major choices are to Sell and go (but probably not as you are looking for a developer to buy you and neighbors out) or to Stay and pull some equity out to continue other RE investments.  The next time a developer comes along, you should know all about FSR's/land value and the cost of PSF for development and the sale price of new development PSF/ Community Amenity Contribution (CAC)  Then you will have a good idea of how much your land is worth to a developer.  You will also have a head start to talk to nervous neighbors about getting scammed by a developer. 

so say you decide on plan #2 to increase the HELOC. VanCity says there is nothing they can do.

1)Find out What you need to do. It sounds like you should have gotten the Max HELOC at the time when you did have a steady T4 income. You may have to go back to that just to get 2 years of T4's. (I got a huge HELOC just prior to "retiring." The phrase I will always remember is my banker, its good to get it now. Get it when you don't need it, because when you really need it, you can't get it!

2) Shop around to other banks, see what they can do and if the requirements are any different. 

3) If you are interested in RE investing, look for a job in the industry . BP is big on mentors.  I like to get paid to learn!

4) continue to ask questions here.  One comment from a poster here may open up a new possibility for financing your next investment. 

There is a list compiled of the top books in each category on BP.   The question is asked at the end of every BP podcast.  The number of times a book was mentioned was tallied up.   I am sure you can search for the results. 

Hi Connor.

I also live in Vancouver and am looking for my next multi family investment in Alberta.  If you are looking at duplex/triplexes you can try James Knull at Mogul Realty Group.  I look forward to hearing/reading about your progress. 

Thanks Shrey for your list and review of Canadian Real Estate resources.  BP is still a bit short in this area as it is really geared to the US market.

Now that you added the company actually does not manage your property... What is the 10% commission you mention then?  The companies I deal with usually charge 50-100% of the first month rent to place a residential tenant.  For my commercial properties it is two months.  

Just adding a quick post here as well.  I am looking for an investor friendly agent for Edmonton.  

I am going to take the other side on this argument.  The reason is that I have had poor experiences with companies that did't charge a lease renewal fee, but they charged 100% of the first month of a new lease.    This in effect was an incentive for the PM company to rotate tenants in and out of my properties.   When I negotiate with a new PM company, I try to work down the new lease fee and increase their renewal fee. 

Just my 2c.

That is funny.  The first time I read Pass.. I thought it meant pass on them as tenants, not that they get a Passing score. 

To be clear, 800+ credit score is huge and they get a passing grade.

I think you have your  cash invested and purchase price flipped.

Ok, here goes.  

I cannot guarantee this is correct, but I will give you the process we use in BC, Canada.  The process is like a decision tree that causes different actions depending on the amount of damage and if it is an insurable/not insurable.  From your description, I will just describe the most likely events. 

So you need to get your HOA bylaws and HOA insurance. Your HOA should carry insurance for this and you need to determine if the damage goes above the HOA's deductible. If it is, then the HOA manager should be sending out a restoration company to mitigate the damage. /Tarp/etc.

1) the HOA manager should send the HOA's insurance adjuster to confirm the damage was caused by an insurable event.

2) They should also send a restoration company to do an estimate of the repair cost to confirm it is above the deductible. 

If It is over deductible and it is an insurable event, then the HOA's insurance will get involved. If you do not have a copy of it, ask your property manager for a copy of the HOA insurance and the HOA bylaws. The HOA will usually be responsible for the full repairs Except that they will send you a bill for the deductible amount. HOA deductible could be anywhere from 5-50k.

3) You should review your own personal Condo insurance to make sure you have HOA deductible insurance to cover that deductible amount. Your personal insurance should cover the HOA's deductible and you in turn will only be responsible for your personal insurance deductible amount.

Let us know what the damage estimate is, your HOA deductible, and if the adjuster confirms it is an insurable event.