Grande Prairie

[MonicaPaslawski]

Hi! My husband and I are planning on investing in Grande Prairie and Edmonton, and would be very interested in connecting with any REIN members in Grande Prairie who are interested in chatting and sharing connections and knowledge. We are fairly new at this, having owned only one investment property for a few years some years ago, but are looking forward to making this our secondary business for the next 10 to 15 years.

 

[DonCampbell]

Hi,



See comments in your post on the Member's Only side.



Don

 

[Thomas Beyer]

GP is like a small version of Edmonton, but far more volatile. In 2007 it peaked and prices dropped hard for 2-3 years with huge vacancies, but today prices are again higher than in 2007, rents higher and vacancies tight. Those that could hold did ok, but many folks lost their shirt in 2008-2010. Thus, a higher risk investment than Edmonton, but potentially more profitable as prices are lower and rents higher, but it has far higher risk due to significant exposure to the volatile gas industry. Edmonton is far more diversified. Jared Hope ( of Landlord Rescue) owns quite a few houses in GP, connect with him if you like. I'd stick with Edmonton for the first 10-20 houses or $2M cash invested, then maybe diversify if you must.

 

[jhoper]

I would agree with Thomas!! GP is a city that you really need to know what your buying into. The highs are amazing and a lot of money to be made but the lows can hurt..... Its a great town to invest in for sure as we own a lot there but we also understand how GP works. When there is work everyone is moving there.... when there is no work then everyone leaves so if you prepare for the down turn then you will be okay and you will reap the rewards of the upturn. The key is to be smart and think ahead!! Remember to not buy high and sell low like most do!! Play the game in GP for the long term and you will come out with a huge win!! Best of luck!