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All Forum Posts by: Austin Sager

Austin Sager has started 2 posts and replied 5 times.

Post: New investor seeking advice on first purchase

Austin SagerPosted
  • Specialist
  • Kelowna, BC
  • Posts 5
  • Votes 1

Hello!

I’m a first time real estate buyer looking for to make my first purchase and I need your help!

I’m conflicted about where to purchase my first property, I live in an expensive market of Kelowna BC Canada where average house prices are 850,000. The market is appreciating at a rate of roughly 1.8% per month over the past 9 months and will likely continue to appreciate strong through any downturn as demand has continues to surge for the last several years. Kelowna was recently rated #2 nicest places to live in Canada which makes it a highly desirable, more affordable place to live relative to Vancouver which is 4 hours away. Kelowna has a population of 200,000 people roughly.

My home town a few hours south is a much more affordable area, a population of roughly 15,000 people which is mainly financed and sustained through jobs at a mining and metal processing company which supplies jobs for around 25% of the town. Houses are half as expensive, however the rents are almost the same.

I worry that by although real estate is more expensive in Kelowna, it may appreciate at a much higher pace in coming years and i may miss out on that appreciation (FOMO). But if I was to buy in my home town a few hours away I would need a 20% down payment and would also have a harder time BRRRRing the property as I live a few hours away. Alternatively I have considered purchasing an apartment in the expensive market and BRRRRing it so that I could borrow against it to buy a house in the future.

Any advice is appreciated, thanks in advance!

Speak with realtors in your area and see how similar properties have done. Look for the sale price, if it includes GST, how long was the exposure time, were they sold above market price and if so by how much? are they better or worse than yours? This market is crazy hot and a realtor or appraiser should be able to answer your questions by taking a 5 minute scan of recent sales in the subject neighbourhood! goodluck

Post: Canadian investor looking for additional resources!

Austin SagerPosted
  • Specialist
  • Kelowna, BC
  • Posts 5
  • Votes 1

@Kevin Keresztes awesome thanks Kevin!

Post: Canadian investor looking for additional resources!

Austin SagerPosted
  • Specialist
  • Kelowna, BC
  • Posts 5
  • Votes 1

Hello! I’m looking to dip my toes in to the real estate market, hoping to purchase my first property and house hack! I live in Kelowna BC Canada and I’m wondering if anyone has any resources for Canadians they could share with me! I’m wondering if there are any calculators for Canadian markets similar to the ones Bigger pockets offers for U.S. markets. Thanks

Post: My 4 Year Journey from 0 to 778 units!

Austin SagerPosted
  • Specialist
  • Kelowna, BC
  • Posts 5
  • Votes 1

@Collin Schwartz my first read on the bigger pockets app and I’m not disappointed at all! Awesome intel thank you for sharing! Best of luck in 2021