Investing in Calgary Real Estate - Avoid These Mistakes!

[@ChamberlainGroup]

Selling your home?👉 www.chamberlaingroup.ca/selling-a-house/ Buying a home?👉 www.chamberlaingroup.ca/buying-a-house/ Set up a call here:👉 calendly.com/chamberlain-real-estate-group/15-min-call Email us Directly:👉 [e-mail]

[@robertguay3773]

you need to add maintenance. in Alberta you are required to paint between tenants I find its about every 2-3 (can get away with touch ups a bit), carpet and flooring I think is 3 or 5 years life expectancy so you can not deduct the flooring off damage deposits . I have had to redo a bathroom $3600( bathtub cracked builder used a low quality one) .When you do the full numbers you need 1600 rent on that place to break even if you never have an empty unit (including while you repair). currently the unit discussed would rent for $1650 in this market easily $1800 if your patient and it is really nice. the only way you make money is if the place goes up in value, which we are in a rising rate environment and they will be pretty flat or drop for the next couple years. Find good insurance to as some companies if you claim on one property they raise them all even your house. I worked with a guy who rented his house as he was in Texas a lot for work and the renter got stoned in the bathtub and left the water on while he was sleeping and the water flowed through drywall down the stairs damaged railings carpet the kitchen floor puffed up under the tile. It was a nightmare and had to be claimed. he also had 2 apartments and a house at sylvan lake, after the claim his insurance went up on all properties. the only benefit to rental property is that the bank takes all of the risk you only need to put 5-10% in of your own money and if you live in one unit the bank is carrying all of the risk. If you are to own a house and this unit then the risk is a little higher. Also you can get 5-5.5% returns on locked in GIC's right now so having $16,000 damage deposit locked in would be $800/year free money and you only need to pay bank savings rates back to them when they move out which is 1.6% on the time you hold it ( I would have to double check but if the damage deposit is less then 1 months rent then I don't think you need to pay that either). I have watched a lot of people get wiped out on rental property lose their house everything as they over leverage and do not take everything into consideration. My rental property is now 15 years old and I have had $1850 for rent back in 2007 and $1350 in rent just 2 years ago and back up to $1650 again this year. Alberta is a rough ride on rentals and if you are smart and cautious its decent returns, but to many go way to far and lose everything. When you have multiple units it is easier as the costs average across more units. if you own 1 unit and it is empty for 3 months it hurts but if you own 10 units and 1 is empty it doesn't bother you. however keep in mind if you have 10 units and all 10 tenants leave in the same month it is almost impossible to cover the rent, while incredibly rare still a possibility and you would need to have the savings to carry you. it is best to start small with 1 or 2 properties and move up. I would suggest a duplex and own both sides to start, you would avoid a lot of condo fees and have the option of living on one side. if you like it look at bigger units and move up the ladder. most think rental properties are turn key easy money and that is not true it is high stress and low return on investment that in 10+ years can turn into a decent return investment if inflation keeps up and a little luck. Personally I do not find owning rental property worth it, however my plan is to rent out this apartment until it is payed down enough to zero my mortgage and sell it. So it will probably cut a lot of time off my payments. Tips if you do buy rental property Find units with: -1 bathroom as they are very expensive to renovate or repair and toilets sinks and showers have leaks. -A lay out that is easy to replace flooring preferably square and parallels walls(only matters if you do it yourself hired pros charge the same either way) I would recommend end to end LVP(Luxury Vinyl Plank) its easy to replace 1 piece without doing the whole place like laminate and does not get affected by water. It also has the longest life by far and noise reduction between floors. -have 2 parking spots minimum per unit (in a up market not as big of a deal but when its a down market it will be hard to rent). You can offer them at a price $50 or more if you want when the market is booming and when it is a down market it is much easier to rent. -curtains instead of blinds they are easier to wash and replace. -Be close to trains and major roads -do not use water softeners or anything that needs something added to it like salt as they will never add it or will use the cheapest crapiest product to make it work. -People love front load washer/dryers and they seem to last a lot longer and you can get a set cheap. this has closed the deal twice for me and the last pair was $1700 for a set. -avoid south facing units as they are 3-4 times hotter in the summer and you may not have A/C -if an apartment style or multi floor unit and you only own 1 unit only buy the top floor. Filing noise complaints with condo boards takes weeks for them to do anything and they tend to do nothing unless it is extreme noise. the top floor units have very little noise as in stacked apartments the noise is mostly from your roof as people walk around or a bass speaker on a hard floor banging. This will save you hours of time in trying to make the renters happy. -know the rules is important if you own a 6 plex in most Canadian cities once per year you need to call a company to check the fire alarms and extinguishers. do NOT do this yourself as you need the documents that prove it was done properly. -know how to evict people and what your rights are ( a heads up it is almost nothing in most cities) every city has different rules and you better know them as you will need them. -All refferences are bull and you are most likely calling their friend and will be lied to. If you remember this as you check you will be able to minimize risks. nothing stops a renter from putting their sister as the last place they rented contact. use your gut and never be desperate for a renter you have everything to lose and they have nothing to lose. -granite counters out last the cheap ones. I had replaced all the counter in my apartment and the new renters there only for a year cut the new ones up so bad I had to replace them again.I am planning on changing them out and it is about the same price as 3 of the cheap ones. Also looks a lot better to renters.

[@ChamberlainGroup]

Tons of info here. Thank you for the thoughtful and detailed comment Robert.

[@njamutohbertrand9318]

Thank you so much. What are your thoughts about just buying a home to live in as a young immigrant family in Calgary?

[@ChamberlainGroup]

@@njamutohbertrand9318 morning. Once you’re approved for it and know your shipping budget, it’s something that could be attainable. If you’d like we can discuss the steps and areas that would suit your needs. Just reach out. [e-mail] or grab a time to ☎️ here 👉 calendly.com/chamberlain-real-estate-group/15-min-call

[@robertguay3773]

@@njamutohbertrand9318 Find out where in the city you want to live first every area is different and has different things to offer. Don't be in a rush to buy. Most of the properties are very high priced and you need to watch for one that is listed at a reasonable price for what it is. There is no rush to buy right now most of the prices are flat or coming down so take your time and buy what you really like.

[@rizelv4505]

Lindsay you rock. I was lucky to have found you and Paul. Both of you have change my life. I am living comfortably with my home with additional cash flow from my basement suit. Thank you!!!❤

[@ChamberlainGroup]

That’s a real combo right there ❤️

[@FarwaJaffery]

Hi, I’m wondering how to get in touch with Lindsay. I’m an investor and would like to get in touch with her.

[@donaldpham3961]

I have the same question 🙋🏻‍♂️ Also; I trying to find a reputable property management company in Calgary for my REI that I’m considering there. We currently live in Markham and rent after selling our first home of 17 years for 300% appreciation last Nov 2022.

[@JaneSamsonova]

Thank you very much for the useful information. You mentioned that you took an investment course, can you share information about the course?

[@ChamberlainGroup]

Thank you for watching and commenting. We did this course years ago and it isn’t around anymore. If you want to chat more about investing and buying property our team will be able to help. www.chamberlaingroup.ca/contact/

[@steevemartin3083]

Great video! This is exactly the kind of video I was looking for. ❤

[@ChamberlainGroup]

Amazing!!! Let us know how we can help with finding your next investment!

[@eduardoalc4747]

Awesome content and thanks!!! I am moving back to Canada at some point next year and seriously considering Calgary as an option of where to settle. I have lived in both Vancouver and Toronto in the past (love both) but the thought of having a significant mortgage to be able to live in either is a huge turn off 🤨

[@ChamberlainGroup]

Can only imagine what it would take to get into those cities. We’re here to help however we can Eduardo!🙌

[@iversonwin]

thanks for the great content and I like the quality of videos, edits and b-rolls! How about making a video outdoor now and do a comparison 😂

[@ChamberlainGroup]

😂 yes I was thinking about this yesterday and how we’re going to do it all. 😂 stay tuned!

[@madhurikonduru08]

Thank you for all the great info, is there any way to know if Lindsay Labrecque offers any courses or coaching/ mentorship programs, I would love to learn from as I am looking to buy my first property in Calgary.

[@ChamberlainGroup]

Hi Madhuri let’s chat more… grab a time to ☎️ here 👉 calendly.com/chamberlain-real-estate-group/15-min-call or email us at [e-mail]

[@robness9730]

Thank you would love to chat with Lindsay for mortgage options love your channel also

[@ChamberlainGroup]

Hi Rob let’s chat more… grab a time to ☎️ here 👉 calendly.com/chamberlain-real-estate-group/15-min-call or email us at [e-mail]

[@fabianstream5463]

40 plus doors? Wow! How does this affect prices in real estate? What about the average family who wishes to purchase a home? I don’t think this should be allowed, the government should definitely introduce a maximum of properties that could be purchased, perhaps one investment property and one to live in? Housing in Canada is becoming the biggest crooked business ever! Not fair !

[@AlamKhan-yp7sn]

very informative

[@ChamberlainGroup]

Glad it could help. If you ever want to chat more grab a time to ☎️ here 👉 calendly.com/chamberlain-real-estate-group/15-min-call we’d love to help more wherever we can!

[@lyviotalcone6489]

That was a quick and informative video. But I do have some questions. While I am in traffic going to work in Vancouver. - how can we contact you or the mortgage broker? - you were doing the math for a 4 units, but with how many bedrooms each? Thanks again for this video.

[@ChamberlainGroup]

You’re welcome Lyvio if you want to chat more you can email us at [e-mail] or give our main line a call at 587-316-5400 and we will get you connected. 🙌

[@michaelciccone5950]

Do banks in Calgary give out $900,000 mortgages like they’re nothing?

[@ChamberlainGroup]

Thanks for watching … and banks in Calgary are typically the same as banks in Canada, and if the buyer is approved for it then sure. Why do you ask?

[@sunnyapple9719]

Who is the lady in the video and how does one contact her? Thank you for the video 👍🏽

[@ChamberlainGroup]

Hi Sunny let’s chat more… grab a time to ☎️ here 👉 calendly.com/chamberlain-real-estate-group/15-min-call or email us at [e-mail]

[@sunnyapple9719]

@@ChamberlainGroup sounds good. Thank you

[@drivecalgary6095]

Stop inflating the housing market.

[@ChamberlainGroup]

+Drive Calgary not sure we’re doing that all by ourselves… side note love your last video about driving around the richest neighbourhoods in Calgary. Are you in a WRX? I think the hood is giving it away 🙌

[@Tsarkovsky]

Wasted my time watching this,. You act as geniuses because you bought in before prices went up and rates were low. And now you are telling us to get in with negative cashflow of 5000k a month. This market is un-investable when rates are high.

[@ChamberlainGroup]

On the contrary. I still have rentals that aren’t worth what we paid in 2007 or so. 🤷 it’s about cash flow. And I think you missed the point on the negative cash flow. It’s not 5k in the whole, this was a specific situation for someone buying there first property, live in one unit rent out the other three. Now you control 4 units vs just buying a single detached home or something else.

[@jeffpatmore4970]

Can I get the ladies number?

[@ChamberlainGroup]

Let’s connect here and we’ll get you connected www.chamberlaingroup.ca/contact/