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  1. Michel Lafleur

    Rezoning

    Hiring a rezoning consultant will save you a ton of time & headaches. I dont know any in your area, but have clients working with a few firms here in Edmonton. If its a small rezoning, you may be able to DIY things. But if you're asking for a substantial change, DEFINITELY hire consultants.
  2. Michel Lafleur

    Re-fi and future mortgage qualifying advice

    If you put a 2nd mortgage on your current property, those 2 mortgages combined will be used in the debt coverage ratios when you go to apply for the next mortgage. You'd be better off with 1 morgage (refinance) over havinga 1st + 2nd mortgage. Whichever has the lowest monthly debt service costs...
  3. Michel Lafleur

    Any thoughts about buying commercial residential in ultra small towns

    Financing will depend alot on the economic fundamentals of the town and the lender's perception of risk there. Many of the larger lenders don't fund commercial deals under $1M - have seen many challenges with smaller buildings like 6-10 units. I've also seen many lenders who aren't...
  4. Michel Lafleur

    Any thoughts about buying commercial residential in ultra small towns

    If you're going into a small town, I'd stick to a single family residential property or acreage. If less than 2000 population, thats not enough to keep a multi-suite apartment full, especially if it has negative net population growth. Who are the main employers there? Who would your tenants be...
  5. Michel Lafleur

    Looking for someone to create a business plan (not a JV situation)

    What town/city is the property in? I have alot of infill & development clients in the Edmonton area. Situate Zoning is very well liked; they do zoning & planning analysis to let you know what your options are, and the likelihood of approvals if you're dreaming of something big & outside the box...
  6. Michel Lafleur

    Future of Alberta

    I think oil prices will stay down for a while, but the oil industry its not going away anytime soon. The natural gas industry is strong and on a positive price trajectory. The pipeline project was halted by Biden's administration, but there is already a rebuttal from multiple states plus AB...
  7. Michel Lafleur

    Aluminum wire

    Hi Calvin. In Edmonton, contact Robart Electric. Rob Swyrd is a fantastic resource, and his company specilizes in 60 amp upgrades & aluminum wire upgrades. They will "pig tail" the properties for you and provide a written certificate to give to your insurer saying the job has been done...
  8. Michel Lafleur

    Crossed the 100 Property Purchase Line since I started Investing 6 years ago

    100 purchases, WOW! Congratulations Mandy, great success story!
  9. Michel Lafleur

    FLIP FINANCING IN ALBERTA

    I am familiar with Calvert's short term financing. They way they analyze deals can make them seem tough; If margins are tight, they will not fund the deals. If they approve the financing, there's a good chance that there is money to be made on the deal. Expect 10-12% interest plus 2% setup fees...
  10. Michel Lafleur

    Arm's Length RRSP Mortgage

    I have lent registered funds on projects through Olympia Trust. The terms of the mortgage are very flexible, whitewater's agreed upon between parties. If I recall, you can combine up to 5 individual lenders, or 5 products (RRSP, LIRA, TSFA etc) if you are looking to syndicate funds for a larger...
  11. Michel Lafleur

    Private Lender to Keep Waterfront Properties on Georgian Bay (Parry Sound) in My Immediate Family

    Lots of good advice already; I like the lease option idea. Or $450k MTG + $120k DP also make sense. Could you gift letter some DP $ to your son to bridge the gap and help them buy? You could try a game of attrition - let the market pay good money for the first one or two properties, and then...
  12. Michel Lafleur

    Looking for property wholesalers in the Edmonton area...

    Hi. Im an investor focused Realtor working in Edmonton & area. I work with a number of wholesalers, some of whom do turn up good deals every now & again. Many of the locals who call themselves wholesales essentially couldnt negotiate enough of a deal for them to buy, so they try to pass the...
  13. Michel Lafleur

    Edmonton's plan for the next 10 years of growth

    The city of Edmonton just unveiled their next (draft) 10 year plan to accommodate the growth of 1,000,000 more residents. With affordability being a key concern across Canada, this is sure to set Edmonton apart, and create many opportunities for developers, rental housing providers, and...
  14. Michel Lafleur

    ACRE Calgary March 6-9, 2020

    For any/all REIN members, if you haven't done an ACRE event outside of your home city, I HIGHLY RECOMMEND IT. I attended my first Toronto event over the past weekend; was a fantastic event to learn about completely different perspectives, what works in a different market, at a different place...
  15. Michel Lafleur

    What do to with this property? Rent to own? Short term rental?

    There are a number of creative investors who thrive on AFS deals. Could you sell by way of Agreement For Sale (AFS), and have the buyer pay out your current equity in exchange for several years of vendor financing?
  16. Michel Lafleur

    Experienced mortgage broker for refinance

    What province is the subject property located in? If you are looking for AB based contacts who specialize in investment real estate, send me a PM and I can give you some contacts.
  17. Michel Lafleur

    Time for me to sell...how to deal with tenant

    I think the best sale price will depend on the property & situation. In general single family homes are better sold vacant. May be better to update one unit at a time (ideally as they go vacant) before you sell them. Many owner-occupied home buyers dont want to buy "a rental." Best to sell the...
  18. Michel Lafleur

    Vinyl loose lay over top laminate.

    I've seen floor coverings a few layers thick in properties. Very common to install laminate or vinyl plank above an existing smooth floor like lino, tile, or even old hardwood. As long as the floor surface is smooth & flat, you should not have any issues. Definitely use the interlocking vinyl...
  19. Michel Lafleur

    New build on existing property

    75'x75' is an odd shaped corner lot...if thats the lot size and there is already an existing house on the lot, adding a second building may be difficult. If you want to do a skinny house, you'd first have to sub-divide your lot into 2 parcels, run 2nd set of utilities etc. before building the...
  20. Michel Lafleur

    Non-conforming basement suite in Edmonton - fine issued

    The city of Edmonton is working hard to remove all the illegal/non-permitted dwellings. Here's a link from about a year ago: https://edmontonjournal.com/news/local-news/policing-basement-suites-city-launches-online-registry-so-renters-neighbours-know-whats-legit From that news article, here's a...
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