Hi Friend,
It has been a while; I hope you have been enjoying your summer! We have kept ourselves busy. On the family side, we celebrated Cassian's 4th birthday and Anika's 1st, and in July we drove 2,498 km from Edmonton to Vancouver Island and back! We managed the driving and camping through the heat wave with our truck's A/C, a fan-mister, and Slurpee's when all else failed to keep kids cool!
Just before our trip, we walked away from the 20 unit apartment building that we had under contract in St. Albert, Alberta. After months of due diligence, we uncovered several issues that would have required some major capital expenditures, including underground sewer replacement. All the work justified a significant price reduction. After presenting our findings, our repair costs and a price that would work for us, we were not able to come to an agreement with the sellers.
Some of the best deals are the ones you don't do!
We continue to search for the best properties for our investors. Due to high lumber prices, we took a pause in the new-build space. Now that lumber prices are more reasonable, we are again talking with builders about new purpose-built rentals. Builders are indicating that there are still challenges facing the supply chain, keeping new construction costs higher and timelines longer. Like everything, it'll take some time for things to normalize after the disruptions of covid.
If you are building or planning to build a new home, here's more information from the Canadian Home Builders' Association.
Overall, we still believe deals are out there, we just need to work diligently to find or create them!
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