First-time Investors in Edmonton - Guidance/Tips?

[cgoodrow]

Hi everyone,

My wife and I are in the process of getting into our first investment property in Edmonton where we are residents. We bought our first home at an early age (about 6 months before the boom) and were lucky enough to benefit greatly from the turn in the housing market. We sold our first house and bought our current home (in 2007) and for the last few years have been discussing using the equity in our home and getting into real estate investing. We settled down and have a 14 month old and baby #2 on the way and have decided that now is the time to finally do it!


We are thinking of investing in North Edmonton (we live here) and are beginning to research the different communities/areas. We have $85000 to work with and are hoping to be able to buy 2 homes with this amount (probably a townhome/duplex).


We have been reading books and doing research, but there is SO much information out there and it is hard to know where to start! We know most of you are busy, successful investors but any extra guidance/mentorship/tips for a family just starting out in real estate investing would be greatly appreciated!


Thank you in advance!

Chris & Kristy


P.S. We also are in need of an investment realtor ` any recommendations?

 

[tsokalski]

Hello Chris & Kristy

We use Selena Cheung as our realtor, she is great and knows her areas and rental market. Her phone number is 780-893-7129.

 

[johnsu]

Hi Chris and Kristy,



My suggestion is this. Find a realtor who is:



1. An investor preferrably REIN member

2. Lived in Edmonton for at least 10 years. This is huge because there are some neigborhoods that if you go 1 block in the wrong direction, you are in the "bad" area. Example 107ave south is good but north of that is into the bad area

3. Keep 2%-3% reserve fund per property. This is a lesson learned from experience. 3 month reserve fund will disappear quickly.



Selena is awesome, she's a freind of mine.



I myself also am a Realtor and Gold Rein member. If you have any questions feel free to message me her on REIN.

 

[RussellWestcott]

Chris & Kristy.



Find someone who can be a local area expert and help you through the process.



If you like give a shout to Jason Mattern 780-719-4306, his is my go-to person in Edmonton, and I think he has done it all, including; owns more than a 100 properties (all self managed), bought both apartment buildings and SF properties, Condo conversions, raw land development & rezoning, built brand new houses, and runs his entire business operation with just him and his wife.



More than 10+ of experience, and I have used him for more than 90% of all my transactions.

 

[cgoodrow]

Thanks everyone for your input thus far, we really appreciate it. We are working our way through the mounds of information and your tips will continue to be very helpful.



Sincerely,

Chris & Kristy

 

[brentdavies]

My basic advice to any new investor, who is from out of town or does not have good property managment experiance to to avoid the Black Triangle of East Edmonton. The prices are cheap for a reason, and many Investors are waiting for prices to improve before exiting the area. The area generally has a poor to tough tenant profile. In my property management days, we learned how to survive and thrive in this area, and also have seen a lot of wrecks.

The Black Triangle is south of the Yellowhead trail to the North Sask. River, between 97 st on the west to Beverly and the river on the east.



North of the yellowhead trail is better, and south of the river is even better. The price follows the quality of the neighorhood.



There are a large number of great realtors who belong to REIN. This realtors understand cash flow and the importance of buying for cash flow, appreciation and future holdings.



Jason Mattern

Catherine Booker

Selna Cheung

Corey Young

James Knull

Chris Davies

Brent Daives