Halifax Nova Scotia - Starting out

[Jasmine May]

Hello everyone,

We will be moving to Halifax (NS) area next spring. I have about CAD 500k to invest and I am keen on building a real estate portfolio. Total newbie here, so please share your wisdom ! Pointers to websites, calculators etc anything useful is greatly appreciated. I just started reading older threads and other material on this site. 

Anyone from Halifax NS here? Would you mind telling me a bit about your numbers (gross yield, expenses etc)? 

Thanks :) 

[Andrew M.]

@Jasmine May

Hi Jasmine,

I’m now Halifax-based, purchased a fourplex on the Peninsula last year. My properties are scattered across the province & are mainly commercial, but I do have a number of Residential units including some Airbnbs in The Valley. I’ve been involved in RE for 3yrs now, have watched all of the BP podcasts —many of them numerous times. Some initial advice/observations would be:

-The cap rates here are on the low side. And don’t bank on much in the way of appreciation any time real soon.

-If you purchase Residential, find something with at least 4units. Hitting the 1 or 2% rule will be difficult; renting short-term will be best but is management-intensive... I can refer you to the property management company I use in the HRM if you like.

-Don’t let analysis-paralysis prevent you from purchasing, but don’t jump in without doing your homework either... I suggest building a bit of a team & getting to know the area before pulling the trigger. I can refer you to my lawyer, accountant, Realtors, banker etc. if you like.

Let me know if there’s anything I can do for you Jasmine. I don’t pretend to be an expert, but my portfolio isn’t insignificant & I do take my RE investments seriously.

Kindly,

Andrew