Hello from Vancouver, BC!

[Alejandro Buse]

Hello BP! 

I've been watching the crazy real estate market that I live in for a very long time but have had no idea how to get off the sidelines. My recent discovery of (and obsession for) the bigger pockets podcast has given me tons of motivation and a drive for action! I've introduced my brother (and some other family) to BP and he feels the same way I do. We are looking to do our first deal together. The plan is to do it maybe somewhere in Vancouver but most likely a multifamily property elsewhere in BC, either the island (Nanaimo) or Okanagan (Vernon, Penticton). 

I'd love to get to know other local investors who have made similar plays and get some advice on the areas I'm interested in investing in. Currently, I do not have an agent or a mortgage broker so I'm open to suggestions for both! 

Thanks, I look forward to meeting you all! 

[Jason Ridout]

Hi @Alejandro Buse and welcome to the forums!

The lower mainland will be almost impossible to buy a cashflow property unless you intend to put more than 20% down, or run it as a short term rental.

The island has more potential for finding cashflow, especially in areas like Port Alberni. Rents are high, vacancy is low and demand for property on the island is strong and will be for a while. People want larger houses so they can have an office at home, or a yard to quarantine in. Plus people working from home means they don't need to live in Vancouver anymore and are moving to the island/interior.

I'd stay away from condos/apartments right now. Strata fees and people not wanting to share space with other people is causing a significant drop in prices. They're turning into a buyers market which could make it difficult to sell in the next few years.

I'm a realtor in the mid island area and specialize in investment properties. Let me know if you need any information, I'd be happy yo help!