All Forum Posts by: Zorya Belanger

You don’t have to invest where you live! 
How do investors make it work in Canada? Where’s the cashflow? They choose affordable markets where people are moving to, where jobs are being created, and where there is strong infrastructure. The affordability of a market is what you need to look at, not the just the price. Where are people making good wages (and are able to afford higher rents) compared to the average house price? Many cities in Alberta and Saskatchewan come to mind! CMHC has done all this research and they publishes a list annually. 

Completely agree though that’s it’s tough to provide good advice when we don’t know your goals. There are thousands of investors in Canada making it work for them. 

I’m a Canadian investing in Alberta and Texas, if you want to explore that. 

Seek out Canadian books and podcasts - they’re out there!

@Ian Dale Ibrado Keep in mind that the mortgage broker doesn't need to be in Edmonton, as long as they are licensed in Alberta. Better to find an investor-focused mortgage broker who can help you put a long-term plan together, rather than just find the best rate for the next loan.

@Pedro NA

I could talk to you about many different programs out there, and maybe help you decide. Personally, just because it has a higher price point, doesn't mean it's better, and often it can be the worst value for your money. And don't make the mistake of thinking, "well after investing that kind of money, I'll surely be motivated to complete the course and take action." That wears off quickly and shouldn't be the motivator. Ask me how I know.
The other important factor in choosing a mentor or group coaching program, or course, is the strategy you are focusing on. There are many groups that have popped up in the last few years, and it's best to align yourself with other investors focusing on the same niche... duplex conversion, flips, multifamily, short-term rentals, rent-to-own, joint ventures... what's your niche? 

Hi @Declan Kaster

Are you trying to refinance your primary residence or rental property? 

If primary - look into B-lenders and other non-traditional options, which a good investor-focused mortgage broker can help you with

If a rental, you could look at bringing in a joint venture partner, and they help you refinance. When first getting into joint ventures, it's often easier to JV a property you already have, as you know the numbers and have a track record with that property.

There are a few options for increasing your loan limit and allowing you to purchase a more expensive property. One option would be to look for alternative lending sources such as private money lenders or hard money lenders, who may be willing to lend you more money than a traditional bank.

Another option would be to consider applying for a joint loan with a co-borrower, such as a spouse or family member, which can increase the amount of money you are eligible to borrow.

You could also consider applying for government-insured loans, such as the CMHC loan, which may have more flexible lending guidelines and allow you to borrow more money. You can put as little as 5% down, but it needs to be your primary residence. 

As stated above, commercial loans (for buildings with 5+ units) are where you will find fewer limits around your personal income, as the lenders use the building's income to qualify. not yours. However, you still have to personally guarantee the loan so they look at your net worth. The nice part is that if you do it right, your net worth should grow as you acquire more buildings, making it easier to qualify for the next loan. This is what I love about multifamily!

It's also important to note that your credit score, income, and debt-to-income ratio also play a role in determining the amount of money you can borrow. Improving these factors can help you qualify for a higher loan limit.

However, it's important to keep in mind that taking on a higher loan limit also means a higher monthly mortgage payment, and you should be sure you are able to make the payments before taking on more debt. It's also important to carefully consider the long-term financial implications of taking on a larger loan.

@River Ayton Did you try contacting TD or RBC? Even though they may not have branches where you are, they do operate in the US. They may consider your Canadian credit.

Yes, it is challenging to go bigger in Canada! That’s one of the reasons why I’m buying in Texas and about to close on 144 units. In that case, I’d recommend Marcin Drozdz programs since he teaches Canadians about buying multifamily in Canada and the US.

Hi @Jason Thompson fellow Canadian here and I second what Stevo said about differences in the US vs Canada. Not only about raising capital, but typical size of deals, financing, structures and so much more. So just keep that in mind when getting advice. 
I also agree that doing a joint venture with one other person is a great way to start. That’s how I started, and now I’ve done 4 syndications on 6-8 unit new builds. By syndication, I mean I brought in multiple investors on one property. 
It is a very true that it’s hard be a co-GP without much experience. I have some experience with this as well.

Keyspire is one of the Canadian groups out there, but there are many more. Especially since covid, there are so many options depending on your strategy, budget, and goals. If you need help navigating this landscape, happy to have a call. Joining some sort of group/program/mastermind is the way to go to build your network. You’ve done the reading, now time to get connected and do some deals!

Hi @Account Closed

I get it. You want to practice analyzing dead and that’s exactly what you should be doing. I’m part of a group of mostly Canadian investors and we have weekly zoom calls analyzing deals together. We initially called it the “100 deals call” as some people say you need to look at that many before you recognize/find a good one. 

Message me if you’d like more info or want to chat.  I’m in Edmonton and investing in Alberta & Texas multifamily. On track to close on about 400 doors early next year with my team. :)