My name is Mike, and I am very new to bigger pockets and real estate investing. I've started by listening to the podcast which brought me here!! I'm currently living in Victoria, BC, Canada and as beautiful as the island is we all know that its very expensive compared to other parts of Canada. Does anyone have experience with renting or flipping out of province homes? Or does anyone know how the other areas are going to appreciate in value ( Naniamo, Ladysmith, Chemainus) Any insight would be greatly appreciated!!
Investor 路 Port Coquitlam, BC 路 Member since 2013 路 203 posts 路 119 votes
6y
Hi Michael,
Let me be one of the first to welcome you to the BP community. It is the BEST place on the web to learn about real estate investing. I hail from just outside Vancouver so we are kind of neighbours. Lol. In general, I find it very difficult to build a real estate rental business in BC due to the high prices. I know there is some new developments in Langford (not far from Victoria), with built-in positive cash flow, but those are the exception.
I invest passively in Saskatchewan where it's easy to get the "1% Rule" and I make a great return on my 3 rentals there. In fact, my return is guaranteed under contract but that's not typical either. If you ever want to chat about real estate, or make a trip to the Lower Mainland, send me a message. Good luck in building your RE business.
Investor 路 Port Coquitlam, BC 路 Member since 2013 路 203 posts 路 119 votes
6y
Hi Michael,
Let me be one of the first to welcome you to the BP community. It is the BEST place on the web to learn about real estate investing. I hail from just outside Vancouver so we are kind of neighbours. Lol. In general, I find it very difficult to build a real estate rental business in BC due to the high prices. I know there is some new developments in Langford (not far from Victoria), with built-in positive cash flow, but those are the exception.
I invest passively in Saskatchewan where it's easy to get the "1% Rule" and I make a great return on my 3 rentals there. In fact, my return is guaranteed under contract but that's not typical either. If you ever want to chat about real estate, or make a trip to the Lower Mainland, send me a message. Good luck in building your RE business.
@Michael Peverelle Welcome to BP. I have places in Parksville and Qualicum, so a bit further north than you are looking. There are a few people here who are in Victoria and area. One couple has places in Victoria (I believe, Kris Bucci-the tag won't work) and another person has meet ups in Nanaimo (Randy). Jason is Port Alberni and had luck there.
There are places on Vancouver Island that work for buy and hold rentals or even flips. Victoria is tough due to the high prices there but anywhere North of there has potential. Like @Theresa Harris mentioned @Randy Molland is based in Victoria and has monthly meetups. He is doing a lot of stuff in Duncan I think right now and Salt Spring island maybe. Reach out to him and go to his meetups.
@Brian Hosier thanks for the warm welcome and insight, much appreciated!! In your experience in out of province investing, do you find it difficult to manage your property from so far away or if you have any stories about property management companies I'd love to hear them! Thanks again.
@Theresa Harris Thats awesome! I'm actually mid-island so I'm not above traveling more north for better deals! thanks for the help :)
@Jason Ridout Thats for the advice, I'll send a message to Randy! :)
Investor 路 Port Coquitlam, BC 路 Member since 2013 路 203 posts 路 119 votes
6y
Hi @Michael Peverelle, regarding property management I don't do any. Really! One of my criteria for out-of-province investing is that I'm NOT managing the property or trying to "manage the managers". I have done property management years ago but not interested in it any more. I funded the deals and earn a great 15-17% return annually, after all expenses. For the 3 properties, I net over $2k monthly profit.