QUOTE (jeffjas @ Dec 10 2009, 11:41 AM)
Can anyone recommend a realtor for multi-family properties in Edm. I'd like to work with someone who typically works with properties in the 10 - 20 unit range.
Oh yeah and preferably someone who will actually reply to an email or phone message.
Thanks
Try:
Amit Grover, Colliers ..
www.colliersmn.com/edmontonapartments
Val Toffoli, Realty Executives ..
www.valtoffoli.com
Paul Chaput, Avison Young
Pam Gill, Sutton
Paul Gemmel, CBRE
Chris Kamphius, DTZ Barnicke
Rick Jenkins, Realty Executives
Dave Milligan, Milligan Realty ..
www.milligan.ab.ca/updatejan62006.htm
start with Amit and Val's website .. then drive by some properties .. THEN phone them once you like s.th.
TELL them
a) what size property
b) how much CASH you have (don't lie !!)
c) what areas of town to buy or NOT to buy
d) if you wish to buy ugly and fix it .. or pretty and pay more per unit
e) if you'd buy outside of Edmonton, say smaller towns (cheaper !)
for a 10-20 plex you'd pay 800,000 to 2.4M in Edmonton. 25% to 30% down minimum i.e. 200K to 600K CASH required before you phone them !!
15% down is not doable today. Have some reserves as many projects look great on paper but have much deferred maintenance, vacancies and issues. The cheaper per unit the more issues. Decent product in Edmonton today is 85 to 110/door. Below 80/door is usually trash. Better outside of Edmonton. Much overpriced stuff out there waiting for newly aspiring REIN members to buy ! Be careful. Don't overpay !
Items to consider when buying an apartment building:
http://myreinspace.com/public_forums/Real_Estate_Discussion/62-14548-Buy_vs_Build.html
Multi-Family Primer in May 2009 Issue of Canadian RE Magazine:
http://myreinspace.com/rein_members_only/Members-Only_Discussion/81-10996-Multi-Family_Primer_-_May_2009_Issue.html
Happy hunting !
Feel free to phone or e-mail once you have a candidate for a 2nd opinion !
