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Edmonton Real Estate Investors Association Message Board › ERPIA November 8, 2011 minutes

ERPIA November 8, 2011 minutes

Kathy C.
KathyCallfas
Sherwood Park, AB
Post #: 25
Edmonton Revenue Property Investors Association.- Minutes of November 8, 2011
Kathy introduced Les, our president. New guests introduced themselves and talked of their dreams and plans. Many have experience in buying and selling properties as well as in building apartments and commercial properties.
Walter read the October minutes. Les advised us to use our website to post comments or advertise properties for sale.
Multi-family investments- Historically too many condos were built in Edmonton. Now is a great time to buy. Rumours have it that there could be double digit gains in value next year. Residents are coming from B.C to invest here and they want properties with high cap rates, including commercial. Les reviewed some opportunities available to us from fancy color brochures. Some of the expected expenses for commercial include the appraisal -maybe $3500, and stage one environmental maybe $2500. If a phase 2 environmental is required to dig down and check for further contamination then it would be better to pass on the deal as it gets too expensive and the banks won’t lend money on it anyway. You need to do plenty of due diligence on deciding if you want to purchase any property but even more for commercial. You would need the rent roll for an apartment and double check that it is accurate. If you will be using a management company, they normally take 40% to collect the rents each month. Average expenses here in Alberta would be around $3600.00 per unit per year. This would include property taxes, utilities, caretaker,management company and repairs. Often there is little cash flow at the start and usually it becomes profitable with time.
Book draws completed the evening.
Katherine Callfas


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