Recent content by Michel Lafleur

  1. Michel Lafleur

    Invest in Edmonton

    $2000/month cashflow in Edmonton is unlikely unless you paid cash (minimal mortgage) and manage a rockstar of a short term rental. Lots of work to manage, but it might be possible. Otherwise a good investment could be to buy something like a 4plex (or suited duplex) with 20% down cashflow closer...
  2. Michel Lafleur

    Alberta / Edmonton economic status graphs

    Good stat infographics! I've seen many of these (or similar) in the past, its nice to see a current collection on AB. Thanks for sharing
  3. Michel Lafleur

    CMHC Home Improvement Loan

    I know those as "cost plus improvements" mortgages. The pre-approval is usually based on reasonable quotes, but ultimately the amount added to your mortgage is the same as what your receipts show. They usually limit the repairs to a 6 month window which usually deters all the DIY guys...
  4. Michel Lafleur

    Which Alberta Energy Provider do you use?

    In Edmonton EPCOR & Direct Energy are the 2 primary providers who service most of the city. There are many smaller/private providers who offer good rates, but their service may be lacking (or they default to EPCOR for any trouble-shooting.) I prefer to get the utilities in my name and flat fee...
  5. Michel Lafleur

    Opinions on buyer's personal bank account number must submits to realtor for FINTRAC.

    As a Realtor in AB we are required to complete FINTRAC forms identifying the buyer or seller (depending who we are representing.) We are also required to complete a FINTRAC receipt of funds for any money (deposits) received. If the deposit is a bank draft, no issues. Major red flag if you are...
  6. Michel Lafleur

    New to wholesaling

    I agree with many of the comments written so far. Wholesaling sounds like an easy point of entry, but it really only works well when you know the market, how to analyze deals, and you have a network of active buyers looking for those kinds of deals. I work as a Realtor, and get many good leads...
  7. Michel Lafleur

    Getting a signed lease before completion

    There are a couple of ways to do this.... its a good idea to write into your offer the right to access the property prior to closing for the purpose of showing it to prospective tenants, managers & tradespeople. If you are buying their property, sellers should be happy to cooperate if you want...
  8. Michel Lafleur

    12-Unit in Edmonton

    Cherwan Manor? Tough area to manage, and with mostly bachelor/1 bed suites, you'll have high tenant turn-over and lower rents. Good if you're a local guy, and/or have a live-in property manager. Would be a tough one to just drop into a professional PM contact and make it work profitably.
  9. Michel Lafleur

    ARV in edmonton

    Hi Dustin. I work as a Realtor in the Edmonton area and can help you out with some ideas around rough ARV. What neighborhood are you looking in? What size of property is it, and is that above or below average size for your chosen neighborhood & property style? Does it have a garage or not? Is...
  10. Michel Lafleur

    First Time Seller With Water Damage

    To help answer your first question, I would suggest talking with a good local investor focused Realtor (better yet, talk to a few of them). Get a CMA done for the property as is; they can compare to what's available and whats actually selling in the area. It could also be valuable to talk with...
  11. Michel Lafleur

    Asbestos inspection

    Likely should inspect; whether you need to or not will depend on the municipality. If your contractors are comfortable tackling the job on their own, let them. If they're uncertain and want the inspection, its probably worth having the inspection done. Since January in Edmonton, Asbestos...
  12. Michel Lafleur

    5% down payment question

    I understand that you can buy an investment property with 5% down so long as its intended to be your primary residence for the foreseeable future. I know of many guys who bought their first doors that way, lived there a few years then moved on. If you dont plan to live there, its tough to find...
  13. Michel Lafleur

    RRSP Home Buyers Plan - personal use

    Interesting share Matt. I haven't heard of people using RRSP's for personal purchases (yet.) Im assuming this is for a primary residence only? The link only said towards the purchase or build of a home. If one can use registered funds towards a down payment for a rental/investment property -...
  14. Michel Lafleur

    RRSP Home Buyers Plan - personal use

    My understanding is that you cannot use registered funds for any type of personal property purchase. You can lend yours out (an "arms-length" mortgage), or you can borrow registered funds from somebody else. In a perfect scenario, you could lend yours to someone, and borrow theirs for your...
  15. Michel Lafleur

    Consequences of returning the property to the mortgage holder and walking away?

    What city/province is the property located in? Are you in an area with non-recourse mortgages? Could you possibly dump it 'as-is' as a fixer-upper for another investor to work with? Have you considered selling it by Agreement for Sale or something creative like an RTO?