All Forum Posts by: Zorya Belanger

The property is in Alberta, Canada; we don't do 3-day notices. It's a 14-day notice in Alberta. The other option is to file with the RTDRS (Residential Tenancy Dispute Resolution Service).

She put in the post that it's located in Edmonton, Alberta, Canada. We don't do cash for keys here. We have fair landlord-tenant laws, similar to Texas, but still the specific process is different.

 Yes, I'm in Edmonton. Investing here 11+ years

Hi @Esther Iroko
Please kindly ignore all the specific advice from Americans as the landlord-tenant laws are so different in Canada. We don't contact an attorney. We don't even call them "attorneys", we call them "lawyers". Anyways, that's not the right process because we are in a different country, and also every province is drastically different. I am also in Edmonton, Alberta. The process in Alberta is to file with the RTDRS, and/or post an eviction notice. Follow Teresa's advice. If you need help with the process, you can contact Consolidated Civil Enforcement - they have a ton of experience helping landlords through the legal process. I've used them before. The can help with every step of the way. It will be ok!

https://www.ccebailiff.ca/ab/our_services/residential_landlo...

Hi @Ryan Napman! Welome to BPs. I don't know if this is for you, but my husband and I have mentored quite a few investors in Canada and helped them purchase their own multifamily. 

Hi @Akintunde Aboaba
If you want to reduce your risk of difficult tenants, choose a province with fair landlord-tenant laws, like Alberta, and not BC. But there's so much here that its best to have a conversation. I'm open to helping you explore your options. I find it's very personal, and dependent a lot on your goals, resources, risk tolerance, location, experience, etc. Happy to jump on a call sometime and talk through these things and perhaps help narrow it down. For context, I'm from Edmonton, and have been in investing in Alberta for last 11 years, and in Texas the last 1.5 years. There are less taxes in Alberta too.

Hi @Katherine Cabrera! I'm a full-time active real estate investor (former engineer) in Edmonton with 32 doors, and another 24 under contract. I'm the co-host of the Edmonton InvestHER chapter, and love supporting other women in real estate, so let me know if I can help. 

A few recommendations - learn as much as you can from books, podcasts, and attending free or low-cost real estate investor meetups in your area (in-person is best). Ask other investors about their story - what's worked, what hasn't, and what are they doing now. What they are doing going forward is really the most important, as what's worked in the past may not work in today's market. Try to figure our what strategy would suite your lifestyle and goals (there's SO many ways to do it!). Only then consider paying for help through a mentor or coach, who's been successful in your niche.

It is definitely possible for you if that's what you REALLY want.

The only time it makes sense to use a HELOC is if investing that money into real estate will give you a greater return than the interest rate you are paying. Otherwise, you're losing money. The cash flow from the property should be able to cover the interest payment on the HELOC. These days with high rates, I can see it being very difficult to find a property that would work.

I second what Stevo said, huge difference between 4plex (residential financing) and 6plex (commercial financing). If you can qualify for residential financing, that might make more sense. But it really depends on your specific situation, and your goals for investing in real estate.  Most venture into multifamily (5+ units) once they can no longer qualify on the residential side. Commercial financing carries more risk, and higher closing costs, but can be great if done right, on the right property, in the right location. Where are you thinking of buying?

Hi @Shirley Li where are you thinking of investing, and what strategy? Once you know this, I may be able to make some better recommendations. Keep in mind many books are US-focused and some advice may not apply to Canadians - especially legal and tax topics. A great first book is Real Estate Investing in Canada by Don Campbell.

I would start by listening to Glen Sutherland's podcast called A Canadian Investing in the US - tons a great information for free.