All Forum Posts by: Edison Reis

@Robin L. ! Awesome !  

There are some duplexes in Kelowna but my experience shows that they are from the 60’ or 70’ hence be careful to not get a money pit. I have a full time job that takes me on the road across Canada so I am not around to handle property issues that’s why I tend to buy newer ones as they tend to be “hands free” as far as maintenance 

I forgot to suggest Vernon and/or Lake Country (Winfield) areas. The prices are lower than Kelowna but the rents are basically the same.

Cheers

Edison

The 1% is typically achievable in USA but in Canada (medium / larger cities) tends to be more around 2% or so. (Keep in mind that most books and podcasts are from USA) 

Having said that, it isn’t impossible mainly if you find a deal in a small town. (BC is out of hand and the most attractive place right now is Kamloops) 

I tend to follow the Canadian REIN rule of thumb of ....

(Rent X 12) / Purchase price

The result needs to be > 7% otherwise is a “No Go” for me. (If passes this basic rule than I proceed with deeper Analysis)

Note: All our properties were purchased following this rule. 

Good luck 

Edison 

Well done Peter !

I am an Okanagan investor and also used Vantage West twice.

Kelowna is becoming quickly out of hand but there are still deals to be made in Vernon, Lake Country and Penticton 

Welcome to the REI world ! The first one is the hardest !

Cheers

Edison

Kamloops or Edmonton South would be suggestion ! Kelowna is too pricey right now and hard to cashflow

Hi there

I am an investor from Kelowna and unfortunately you won’t find deals under 300K in around here. 

You may have a better chance in Kamloops. (You can’t even buy a 2 bed condo for 300K nowadays and houses are 500K and up) 

Good luck

Edison 

@Account Closed is correct about Kelowna being in the wrong cycle.

I would seriously consider Edmonton. Steady economy and growing at a reasonable pace. (Not as sensitive to oil and gas jobs like Calgary is)

Note: I just drove Amazon’s new location and is very impressive! 1Mio SqFt ......700 direct jobs in the pipeline 

Dear folks ! 

I am an Okanagan investor hence have properties is Kelowna.

@Christopher H. is correct in general terms but the STR and Student Rental combo isn't as attractive as once was. (It was our main strategy)

In 2019 the City of Kelowna passed one of the toughest bylaws against STR ranging from banning from most areas of the city up to creating a 750.00 annual business license requirement.

We are currently able to perform short term rentals in only one of our properties as it is zoned accordingly. (To the best of my knowledge, less than 10 buildings are zoned for it)

Also STR in carriage homes and basement suites became illegal so .....

Don't make your investment plans based on STR unless you are in a "C9" zone.

Cheers

Edison 

Hi there

I am from Kelowna and would ageee with Jay. 

The construction rate has been pretty high in the city in the last 12 months and several people who tried to benefit from the infill variances (To build 2 or 4 plexus where previously had a SFH) are currently struggling to to cash flow. Several are currently losing money so they need to pray for appreciation overtime.

Multi Family is exciting indeed but that's not for inexperienced investors as it can make or break you in a hurry. I always ask myself ..... "How do I rate my knowledge, experience and likelihood of succeeding from 0 to 10?" If the answer is below 8 it is a no go (or I would need a JV partner to cover the weak links however in this case he/she would likely to ask more than 50-50 as you would need money & MF knowledge)

When  the deal looks  too easy or profitable (too good to be true) my bells and whistles start going like crazy.  

I recommend to proceed with caution 

Good luck

Edison 

Welcome to BP ! Greetings from Kelowna 

As recently presented in a REIN annual meeting, less than 10% of millennials have home ownership as one of their goals in life. (Actually this is good news for us as rental accommodation providers)

They are staying longer their parents and latest stats are pretty telling 

We are facing a generation of “pay as you go” ( No loans, ties or long term commitments)

- Amazon prime and Netflix (instead cable) 

- CoOp vehicles / sharing (instead loans or leases)

- House and vacation home sharing

I see this new reality as an opportunity, but what’s your take on it ?