All Forum Posts by: Bryce Penner

@Pete Barrow The market we live in (Chilliwack) used to be affordable, as of the last 2-3 yrs things have really taken off and purchasing any rental properties in our area simply do not make sense, that is unless you are putting down a very large down payment to bring mortgage costs down... but we have recently noticed things have started to cool off and pricing is taking a bit of a correction. With where it’s at right now we are going forward with selling, hard to say what will happend 6-12 months down the road but we are quite happy with the gain we have made and would like to exit local market for now anyway. Looking at investing out of province where prices are much cheaper and rent to Purchase price makes sense!

@Mike H. Thank you for your input, we are looking at purchasing a rental property that will produce 2000-2500/month USD on a monthly rental or nightly can produce 175-250/night. Purchase price is for $280,000 USD. Plan would be to take the proceeds and pay cash.

@Brian Garrett Definitely leaning towards this decision, for the minimal cash flow this would pay after all expenses are accounted for. The equity we have tax free would be able to generate much greater returns invested wisely. Thanks !

@Alex Scattareggia Hi Alex, My wife and I are currently considering the move down to Cabo ourselves. Looking to get into the short term vacation rental market. When looking at properties there it really seems like only few have taken the extra time to run their property properly on the rental sites... from your experience what areas do you see perform best and what types of properties are you looking for? Cheers, Bryce

@Gretchen Place Live in BC, Canada. $2400 is our current monthly payment.

What would you do... The house is located in an excellent neighborhood, huge development recently took place across the road. We had purchased one street away right before the project began. Currently about 3/4 of the way built out. Purchased the home in 2015 for $508,000, currently valued at $850,000. We do live in this house so the proceeds of the sale will be tax free. We now have a remaining $450,000 remaining on the loan. So, if we were to sell we could walk away with roughly $400,000. If we were to rent the house and refinance... Currently we rent the basement suite out for $1000. If were were to rent the top out we could have a combined 3500-3600/month rent. Our monthly mortgage payment with property taxes is $2400. So if we were to move out our monthly cash flow before expenses/ insurance would be a total of 1100-1200/month. With doing this, down the road we will need to pay a capital gain if we ever sell. Our equity is sitting at around $400,000 and would be able to pull out a significant amount to invest in another property.... By refinancing we would be paying more than we originally qualified for (2.69) interest as rates have increased probably close to 3-3.25%. Your input is appreciated Bryce

Hi Jon,

I'm a local agent from the area. Based out of Chilliwack 15-20mins away and would be happy to help you out! 

Cheers,

Bryce Penner