All Forum Posts by: Edison Reis

@Ashley Wolfe ! Congrats for pulling the trigger ! 

We own and have been running 2 Airbnb Properties for about 4 years so please feel free to ask questions

Cheers

Edison 

My experience in Canada is that comps are nice to have (for your own due diligence) but the chartered banks won’t care too much as they will ask for a formal appraisal with one of their own appraisers.

They are the ones holding the cash so is normal to do so

Cheers

Edison

Hello folks,

No one has a crystal ball (ask those who lost their undies in 2008) but I would recommend to focus in an area you know and/or want to specialize in. Some investors chase deals everywhere but I am more inclined to laser focus in a chosen market and strive to be the best at it.

The key point is to remember Real Estate isn’t a get rich quick gig but eventually you will become wealthy as long you don’t buy in bad areas. (Location, location etc... the old story remains true)

You seem to be doing a great job ! Keep researching as we have tons of webinars, podcasts and books free of charge online or in the library. 

Stay away from “Bible Salesman” knocking on your door. 

Before spending your hard earned money make sure the mentor or trainer has achieved much, much more than you personally wants to achieve. I have been approached by coaches that don’t even have 1/2 of my portfolio and they want to tell me what to do .... go figure

Educate yourself as wisely as you can, trust your gut and acquired knowledge, but then take action.

Seek for an area where the economic fundamentals are trending up and pull the trigger ! 

As one of my mentors who owns thousands of units in Canada told me few days ago ....

“You don’t wait to buy Real Estate .... You buy Real Estate and wait” (Thomas Beyer) 

All the best as always 

Edison 

Hey @Travis Hewlett ! 

Great question but there is no easy answer. 

It can go either way ..... if the tenants are good you can get your feet wet with some immediate income (hopefully cash flow if the rent amount is adequate) but can also be a liability if they aren’t. 

I am 60% in favour of an empty property (to often allow me to do some TLC and increase rent) but I allow myself to entertain the contrary (40%)

So .... it depends what your plan is and how good or bad the tenants are. 

I hope it helps

Cheers

Edison 

Greetings and salutations!

 I am P.Eng (Mechanical) and engineering it wasn’t my passion sort of speak but allowed me to reach an executive level and armed with the proper business tools, ethics and operations knowledge to subsidize my true passion. (Real Estate investing)  

Having a well paying job (and a regular pay cheque) allowed me to buy 4 Properties and supported a lifestyle that has been a blast for me and my family.  Engineering was chosen by accident but  paved the way towards my goals related to financial freedom. 

My approach since I was 18 years old was to work hard, balls on walls and worry about life balance, work  enjoyment or passion later in life. (If I had followed my “dream career” I would’ve been broke by now)

I am not saying that’s a rule, a recommendation or something to be followed but ..... that was my approach and I own it.

Follow your gut but remember that we only have one go at it so choose wisely. (Also a little nugget if I may,  remember that a good education often pays off)

Right now I am reaching a position that I don’t sell my time for money but rather, I strive to  make money work for me. 

Cheers 

Edison 

Hey there

Okanagan here

Edison

Welcome @Eric Wilson

I am from Kelowna and started investing 3 years ago and already reached our 3rd property. (A condo in Kelowna across the beach, a Townhome in Rutland and just bought a condo in Victoria)

As mentioned above, prices in Kelowna skyrocketed ever since (I.e. we bought a Townhome for 295K in 2015 and now is valued around 450K) so take your time. Perhaps focus on cash flowing condos as an easier entry or team up with another investor in a JV relationship.

Wishing you a prosperous future and ongoing success 

Edison  

Hi folks

Sorry for the delay but I am not getting the notifications but ..... better late than never.

We are focused in Kelowna but it has been harder to buy another one as it became hard to cash flow 

Most recently we bought a condo in Victoria (Langford) which may turn out to be a good investment 

Keep on trucking  

Edison 

Greetings and salutations ! 

I am from Kelowna and currently looking into Vernon and Kamloops.

Prices is Kelowna are def lower than the GVA however is getting hard to cash flow.

Cheers

Edison 

I agree with @Tanya Braun !

I am an investor and live in the Okanagan (Kelowna) and this market has its own wrinkles and challenges  so you better select a local realtor specialized in Investment Properties. I would recommend to look at "Vantage West" as they're a boutique firm that primarily deals with Inventors.

We bought 2 properties here in the last 1.5 years however the prices went nuts in 2017 and wont cash flow anymore with 20% down. Having said that, if you're coming from the cost the prices would look much more affordable than for us locals.

Good luck !

Edison