All Forum Posts by: Zorya Belanger

Hey @Marina Medina! Awesome seeing you here :) 

Try the mogul realty team. I know they found a way to get cash flowing properties in Vancouver by doing executive furnished condos. 

Hi Sriram, Personally I would take a course, especially if I was new to real estate investing in general, BUT what is best for you really depends on your learning style and risk tolerance. If you are ok with just going out there and figuring things out as you go, you are good at asking questions, and networking, then you may be just fine. You may make mistakes, and that will be your course. 

Keep in mind many of the courses are also great way to surround yourself with others doing the same thing, build a network, and a good team of professionals to work with.

It also depends on whether you are thinking duplex/triplex/fourplex, or 5+ units with commercial lending. Typically when I hear multifamily, that means 5+ units.

I prefer to learn the rules before before jumping in, but that's me. I like the knowing the details. If you are thinking of multifamily, as in 5+ units, it is a smaller playing field, and you don't want to burn bridges with realtors by wasting their time because you didn't know something. Mistakes cost more in mulitfamily. 

Yes, there are several Canadian MF courses/coaching programs. I know about Edna Keep, Pierre-Paul Turgeon, Michael Ponte, and Peak MF. I've taken 2 of 4 and know others who have taken other 2. Each has their own style and just depends again on what type of person you are, and what you need out of it. If you want, we can talk and I can help you narrow it down, if you decide to go the course route.

Hi @Sheng Rao I sent you a message. 

@Adrien Ulliac I had to call the city and request the second set. My suites are legal but some reason were not in their system. Unfortunately it's an extra $40/set per month! 

Thanks @Ken Didychuk for thinking of me. 

Hi @Brady Harder

Actually I do have a couple buildings, one 6-unit that's already built, and another similar 6-unit building that is not yet built and I will be requiring a commercial appraisal for it soon. Perhaps you can do that one? If you did the appraisal on the building, would I get a copy and would it be something that a lender would accept in a financing application? Either way, send me a message and we can discuss. I know many other multifamily owners as well.

@Theresa Harris good point. Ours has a double garage below so we didn't lose parking by adding the ADU. Ultimately looks like a bit more analyze and consideration might be needed. Besides ROI, which has been the main focus, its up to you to decide if the strategy fits into your lifestyle and gets you closer to your long term goals or not.

I agree with @Melanie Dupuis in that it will be the mortgage brokers job to present an attractive case to several lenders and get you the best product.

With my original comment, no, I did not imply that if something doesn't meet 1% rule it is always still a good investment. To clarify, in Canada, the rent to price ratios tend to be a little lower, so generally, if you are above 0.7% on a new build project, it's just worth looking into it a bit more. Of course it's so market specific.

@Miles Thompson The nice thing about Nelson BC is that laneway house could be a very attractive AirBnb, if you ever want to increase the income coming in! People love staying in unique private spaces like that.

Hey @Miles Thompson ! I wouldn't throw your idea out the window yet. Sorry guys, but prices are different in Canada than the US. It's pretty hard to meet that 1% rule in Canada, but it doesn't mean its not a good investment. The going rate for a laneway/garage suite in Edmonton is about $200-250k, so I don't think $300k is too high considering you're in Quebec, which I know is not in Ontario ;) Your rent is higher so that helps. We built our garage suite for $170k and getting $1300/month, and it was definitely worth it. Cost was 2018 construction costs though, so it would be higher today.

See if you can find out from a realtor or even an appraiser what value it would add to the property - maybe it would add $300k? You may be surprised with the way appreciation is going.

Is there a way to find other experienced investors in your city? What do they think?

As far as the proposal to the bank question, I personally would let an experienced mortgage broker do the work for me in getting a loan - there's no cost to use a residential mortgage broker as they get paid by the lender. 

@Nathan Lichtman I know what I would do, but that's not going to be that helpful as there are so many ways to invest and buy properties. Let's try to figure out what makes the most sense for you. One of the biggest questions is - what is your long term goal? do you envision yourself eventually doing something in real estate full time and be an active real estate investor, or do you like your job/career path? How much time do you have? What skills to you have? Where do you live now / plan to live in future?

Whether to incorporate really depends on your personal situation and goals. Talk to an investor-focused accountant.

I've never heard of anyone who has taken a business loan to buy a property instead of a mortgage. Mortgage interest rates are likely lower than a business loan. When it's a rental property, you can write off the mortgage interest. You definitely need an investor-focused mortgage broker on your team - they will help you get loans.

If you've been taking in a lot of American content, I would immersed yourself in Canadian content - there's lots. Talk to other Canadian investors and ask them about what they are doing. Many are very willing to share. 

Figure out the strategy that is best for you, and THEN take a course or get a coach to help you with that.

@breiproperties on IG