Newbie soon to be investor from Vancouver BC Canada

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Newbie soon to be investor from Vancouver BC Canada

Alex Van Nieuwkuyk
Vancouver, BC · Member since 2014 · 1 post · 3 votes

Hi guys!

My name is Alex and I am completely new to real estate, well sorta. I have always loved real estate. As a teenager in a small town on Vancouver Island I used to browse the MLS and look at multi million dollar houses and condos in Vancouver, I loved it. I wanted to own one, or two or three one day. At the time it was all a fantasy like "If I won the lottery" type thing, but it always stuck with me as a hobby. Now as an adult living in Vancouver and working in the film industry I want to start really building wealth for the future and I think real estate is the way to go. Through many searches online for articles on getting into investing I stumbled upon some Bigger Pocket articles and I just fell in love with the site and read a ton of articles, and now here I am checking out the forums.

I've done a lot of thinking on the strategy I want to employ to start in REI. My home market in extremely expensive. I haven't quite decided how I'm going to start with my first investment. Right now I am thinking about starting with the foreclosure fix n' flip strategy to start so that I can save profits from the flips to put toward my first multi family buy and hold. I think this is the only realistic way to start and break into this market, but I still have a lot of research to do and that is why I am here!

Well thanks for reading and I hope to meet some of you on the boards!

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  • Hai Loc
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    12y

    Welcome

    I know tons of investors in Vancouver. They invest abroad and not locally as mentioned too expensive. I heard Alberta is a good place to invest minus the 10cm of snow they have today. 

    Good luck bud...

    0Reply
  • Edward Synicky
    Rental Property Investor · Yorba Linda, CA · Member since 2012 · 336 posts · 69 votes
    12y

    @Alex Van Nieuwkuyk 

    Welcome fellow Bigger Pockets member! This is a great forum and I am sure it will help you learn many facets of the real estate investment world. I purchased my first investment property over 40 years ago and only wish that I had a resource like BP community when I got started! So you are in a good company.

    Some say that your net-worth equals your network, and this is the place to make right connections. You should also find investors locally and network with them face-to-face. Find people close to you using MEET feature. Also, look for investor meetings on Meetup.

    All the best!

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    12y

    @Alex Van Nieuwkuyk 

    welcome to the site.

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    12y

    @Alex Van Nieuwkuyk 

    Welcome. Time to build the foundation below.

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.

    Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

    There are 10 hotspots for foreign investors in the US, 6 are in FL, rounding the list Honolulu, NYC, Vegas, Phoenix.

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good luck

    Paul

    0Reply
  • Tom Stromar
    Investor · Nanaimo, British Columbia · Member since 2012 · 60 posts · 5 votes
    12y

    Welcome to the Bigger Pockets Alex!

    There is a trove of great information on the site and definitely check out the pod casts which are very entertaining and highlight a mix of different investment strategies and styles.

    Where did you grow up on the island? My wife is originally from Port Alberni and we're both currently in Nanaimo. (Good to see a fellow islander on the boards...)

    0Reply
  • Tanya Braun
    Real Estate Agent · Vancouver, British Columbia · Member since 2015 · 32 posts · 11 votes
    11y

    hi Alex

    I'm also from Vancouver Island (Courtenay) and living in Vancouver.  I was wondering how your investment journey is going here and how you started? We have an investment condo in Port Moody which seems to be a growing market but I feel pretty discouraged when thinking of buying a home in Vancouver. Have you had any luck?

    0Reply
  • Tom Stromar
    Investor · Nanaimo, British Columbia · Member since 2012 · 60 posts · 5 votes
    11y

    Hi Tanya - how long ago did you move over from Courtenay? I see in your profile you've got a rental condo. Is that here on the island or on the mainland? If on the mainland, I'm curious as to the number you're getting.

    0Reply
  • Tanya Braun
    Real Estate Agent · Vancouver, British Columbia · Member since 2015 · 32 posts · 11 votes
    11y

    hi Tom, 

    I moved to Vancouver over 20 years ago but still have family there. I spmetimes think of investing there.

    Our rental condo is in Port Moody. We invested there because it is still a semi-affordable market which I think will continuing growing for the next few years and has a good rental market.

    Where are you on the island?

    0Reply
  • Tanya Braun
    Real Estate Agent · Vancouver, British Columbia · Member since 2015 · 32 posts · 11 votes
    11y

    I was just thinking today of getting my realtors license just out of interest. I know I would probably not be a great realtor but I'm facinated by the industry.

    Do you think it would help on the investing side of things?

    0Reply
  • Tanya Braun
    Real Estate Agent · Vancouver, British Columbia · Member since 2015 · 32 posts · 11 votes
    11y

    also, the rent we're getting for our unit is $1675 for a 2bdrm 2 bath

    0Reply
  • Tom Stromar
    Investor · Nanaimo, British Columbia · Member since 2012 · 60 posts · 5 votes
    11y

    We're based in Nanaimo actually. My wife is originally from Port Alberni while I'm a 'tourist' that came over from Vancouver ;)

    I do know there are a great number of benefits from holding an agent's licence such as direct MLS access, an awesome network (other agents and professionals, builders, etc..). Also, properties you can earn money selling yourself MLS properties. Not all roses of course. There are numerous monthly and annual fees and additional rules we need to follow when transacting. For example, the court considers agents experts in the market and as such to have an unfair advantage when dealing with members of the public and for that reason must disclose to anyone with whom their dealing that they are an agent.

    As well as investing in Real Estate, selling it is our day job so there is a nice synergy there. You would need to work out whether or not the expense of holding the license makes sense if you're not actively using it.

    Thanks for the info - I can never have enough actual rental and price info :)

    We've currently have three configurations of property that will cash flow at current market values here in Nanaimo. Two can easily be created out of existing stock and one of those is quite lucrative - this is what we are pursuing now. It's pretty easy to generate 10% Cash on cash and our current project looks to be 18%. 

    At our core we are cash flow types but will place the spec game if and when it makes sense. Fortunately, again as agents, it's a bit easier for us to keep our fingers on the pulse of the market and we have access to some great stats that allow us to see excessive supply or shortages.

    It would seem to me that if one had the right 'crew' applied to the right deal that redevelopment (flips, etc..) might be lucrative in Vancouver at these price levels. 

    If you want more info about the license we would be happy to share - just let us know :)

    0Reply
  • Erich Schmitt
    Flipper/Rehabber · Tacoma, WA · Member since 2015 · 40 posts · 5 votes
    11y

    Hi Tom,

    When you say it's pretty easy to general 10% cash on cash in Nanaimo, is that properly factoring in ALL operating expenses? Unfortunately from what I've seen here in Victoria, that doesn't seem to happen here lol! I've been looking!

    0Reply
  • Erich Schmitt
    Flipper/Rehabber · Tacoma, WA · Member since 2015 · 40 posts · 5 votes
    11y

    Hi Tom! I'd be super interested in learning more about your 3 cash flowing set ups. Are those in Nanaimo, or another city on the island? I'm discouraged looking at the high prices in Victoria and am investigating my options elsewhere to enter the REI game. I'll also try to contact you through your website/ph number soon. Thanks so much!

    0Reply
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