Contractor · victoria, bc · Member since 2014 · 74 posts · 21 votes
Okay, My name is Joshua and as the title says i'm Canadian living on beautiful Vancouver Island, BC. I have been interested in real estate going on five years now, every since i read the classic Rich Dad Poor Dad. I have a very deep desire to have control over my life and how i spend my time, and I feel that having a job is a direct violation of that creed, and that book hit me like a rampaging moose.
Now, my younger brother has long been into investing and has done quite well for himself in this stock market, and we got to talking. he said that if i found the deal he would finance it. Im not one to suffer form analysis paralysis, and i have always been one to figure it out as I go. I have placed a few offers, but have not had any accepted. Im currently looking at a property to build a fourplex on, and if it goes through, it will be my first deal. Ill have loads of questions that i will be sure to ask, and i will keep the sire updated on my progress. Thanks for reading and hope to see you all on the site!!
P.S. Fun Fact. I may be the only Canadian who doesn't know how to skate
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Joshua Berube thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.
Oh - and be sure to set up some Keyword Alerts- especially for "Victoria" so you'll be notified when people mention it here in the forums.
Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
12y
Welcome to Biggerpocket!
The hardest part is getting started. While I know nothing about Candian, we have done well buying shortsales and foreclosures.
Definitly check out the blogs, podcast and forums. Another great source of information is individual blogs found in peoples signatures. Many of us including myself write about our niche. The only thing we all agree about is investing in Real Estate. Beyond that there are many different style and types of investing. My blog/website is about long distance self management, landlording, investing in class A investments, investing in a transient lifestyle, etc.
Homeowner · surrey, British Columbia · Member since 2013 · 98 posts · 8 votes
12y
hi @joshua, and welcome to biggerpockets. I went to highschool in Nanaimo and had a rental there for about 10 years. Where on the island are you looking at buying?
Contractor · victoria, bc · Member since 2014 · 74 posts · 21 votes
12y
Thank you @Elizabeth C. Don't feel too bad about not knowing about Canadian. Whenever someone gets in your way, just be sure to apologize twice and you basically know what there is to know. :)
I definitely agree that starting out is hard. there are a lot of obstacles that seem to be in the way, and while most of them are in our heads and can be somewhat mitigated with education, others obstacles demand faith from others, which is harder to overcome without experience.
@Shahriar K. I am actually looking in Nanaimo. In the 'old city' neighborhood to be exact. I feel that this neighborhood is on the cusp of gentrification and will derive a lot of benefits from both the cities ten year plan to redevelop the downtown water front and the new high speed walk on ferry to downtown Vancouver that is starting operation in march of next year.
I am looking at a property that I would like to build a fourplex on, and am trying to figure out if it is actually viable or not. the construction doesn't bother me so much as I am do construction for my living, I am trying to get an accurate cost per square foot. I'm getting answers ranging from 85$/sqft to 165$/sqft. its a little frustrating...
Investor · Nanaimo, British Columbia · Member since 2012 · 60 posts · 5 votes
12y
Hi Joshua,
Welcome to BP! I don't think you'll find a better site for finding information about Real Estate Investing.
While the cap rate is about 5% in Nanaimo, some recent zoning changes make it really easy to develop cash flowing properties. My wife and I are focusing on this currently and have found that we can generate $800 cashflow on 250K investement with 20% down. The CoC ends up being around %12-20 depending on the property which I'm sure you'll agree is spectacular for the island.
Let me know if you would like more info
There are also a number of reasonable properties in the old city right now being offered for sale, three pop to mind immediately, I can send you the details if you like.
I might take you up on that. I have a property in mind, we should see if they match. I will be in Nanaimo next weekend. I will have to drop you a line.
@Dave Visaya Thanks for the welcome! believe me I will jump in head first. I LOVE this type of thing and when i talk real estate with my current friends and what my plans are, I can literally see their eyes glaze over.... not very motivating.. Im glad i found a like minded community!
While the cap rate is about 5% in Nanaimo, some recent zoning changes make it really easy to develop cash flowing properties. My wife and I are focusing on this currently and have found that we can generate $800 cashflow on 250K investement with 20% down. The CoC ends up being around %12-20 depending on the property which I'm sure you'll agree is spectacular for the island.
Hi Tom. I've seen you mention these new zoning changes and strategy in several posts now. (You can probably tell I'm going through old posts about Vancouver Island). Would you mind sharing what it was? Is it in suiting out SFRs/duplexes? What sorts of CAP rates are you getting after the 'conversions'?
Thanks so much for your time! Sorry, I might have asked a similar question about this strategy in another post...