Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post

Mike Oxlong · 11-21-2006, 01:09 PM

I have a business I run with a friend that is involved in Real Estate investing. Right now we have 4 rental properties and have flipped 1 house. We are currently looking for more investors to buy some other long term investment properties. In the meantime we are looking for houses to flip to build up our cash again to buy more places. Eventually we want to get into small apartment buildings but that is a little ways away.

Generally the housing market slows in the winter months. Once spring hits the market will generally heat up again and prices will start to rise again.

I don't agree that our market here in Calgary in going to be determined by what happens in the US. Calgary and most of Alberta is in a very unique situation right now. The economy is really hot, there are lots of jobs available and unless Oil drops to $20 a barrel then that trend looks to continue for a long time. The housing market is based on supply and demand. When there is about 30,000 people a year moving to Calgary there is huge demand for housing. Prices are going to keep going up.

There is a small correction happening now after the crazy year our market went through. I think a lot of people were waiting as long as they could to sell their homes because they were getting $500 a day appreciation at peak times and they wanted to milk every penny out of it they could. Now that there has been a slight downturn these people are starting to panic and have flooded the market with homes. Once this over supply dwindles in about 2 or 3 months were are going to start seeing prices gains again really fast. They won't be the same as last year but I am guessing they are going to be about 10% a year for the next 10 years. Which is a fantastic return by the way.

Now is definetely the time to buy. There is going to be a lot of people who are desperate to sell because they are taking posession of a new house soon and they need to get out of the old one but they took a chance on waiting to sell their house. I really see a lot of motivated sellers out there right now. Finding them is a different story.

We have a few realtors we work with and once in a while they find us a good deal. Unfortunately they don't find us as many as we want. My best advice is to look through the papers and contact a few of the realtors who advertise fixer uppers or foreclosures and they can put you on a an automated search for these houses that get emailed to you. Sometimes you have to find the motivated sellers yourself which again is a different set of problems.

If you have the money to buy a place soon and can fix it up for spring time your timing should be bang on and you can make some good cash.

Good luck!

If there are any realtors here on CP that ever find foreclosures, fixer uppers, motivated sellers etc....let me know. We would be very interested in checking them out.

11-21-2006, 01:09 PM	#4
Mike Oxlong Got Oliver Klozoff Join Date: Feb 2003 Exp:	I have a business I run with a friend that is involved in Real Estate investing. Right now we have 4 rental properties and have flipped 1 house. We are currently looking for more investors to buy some other long term investment properties. In the meantime we are looking for houses to flip to build up our cash again to buy more places. Eventually we want to get into small apartment buildings but that is a little ways away. Generally the housing market slows in the winter months. Once spring hits the market will generally heat up again and prices will start to rise again. I don't agree that our market here in Calgary in going to be determined by what happens in the US. Calgary and most of Alberta is in a very unique situation right now. The economy is really hot, there are lots of jobs available and unless Oil drops to $20 a barrel then that trend looks to continue for a long time. The housing market is based on supply and demand. When there is about 30,000 people a year moving to Calgary there is huge demand for housing. Prices are going to keep going up. There is a small correction happening now after the crazy year our market went through. I think a lot of people were waiting as long as they could to sell their homes because they were getting $500 a day appreciation at peak times and they wanted to milk every penny out of it they could. Now that there has been a slight downturn these people are starting to panic and have flooded the market with homes. Once this over supply dwindles in about 2 or 3 months were are going to start seeing prices gains again really fast. They won't be the same as last year but I am guessing they are going to be about 10% a year for the next 10 years. Which is a fantastic return by the way. Now is definetely the time to buy. There is going to be a lot of people who are desperate to sell because they are taking posession of a new house soon and they need to get out of the old one but they took a chance on waiting to sell their house. I really see a lot of motivated sellers out there right now. Finding them is a different story. We have a few realtors we work with and once in a while they find us a good deal. Unfortunately they don't find us as many as we want. My best advice is to look through the papers and contact a few of the realtors who advertise fixer uppers or foreclosures and they can put you on a an automated search for these houses that get emailed to you. Sometimes you have to find the motivated sellers yourself which again is a different set of problems. If you have the money to buy a place soon and can fix it up for spring time your timing should be bang on and you can make some good cash. Good luck! If there are any realtors here on CP that ever find foreclosures, fixer uppers, motivated sellers etc....let me know. We would be very interested in checking them out. Last edited by Mike Oxlong; 11-21-2006 at 01:14 PM.