All Forum Posts by: Erich Schmitt

Hi Tom. I've seen you mention these new zoning changes and strategy in several posts now. (You can probably tell I'm going through old posts about Vancouver Island). Would you mind sharing what it was? Is it in suiting out SFRs/duplexes? What sorts of CAP rates are you getting after the 'conversions'?

Thanks so much for your time! Sorry, I might have asked a similar question about this strategy in another post...

Hi Tom. Would be super interested to hear how this deal ended up panning out! IE final reno costs, sale price, profits and timeline. Thanks!

Hi Tyler. I haven't reached the end of this thread yet, but thought I'd chime in at the above quote. Have you examined the "exempt market"? You can get hassle-free returns or 7-9%, which are quite good these days and much safer than the stock market. There is a lady here in Victoria who often travels to Nanaimo, Johanna, who can fill you in on these products. It sounds sketchy at first, but they have some of the best due diligence I've seen anywhere on their various products (MIC, REIT, secured bonds, etc.). Here is her website:

http://islandlifefinancial.com/rrsp-tfsa-riff-elig...

You would likely be interested in the cash flowing investments:

http://islandlifefinancial.com/rrsp-tfsa-riff-elig...

Personally, I plane to use these in combination with real estate investing to generate my long-term cash-flow.

Good luck.

 I saw your post, just wondering if you've made any progress so far? Are you still looking at Vancouver Island for possible plays? Thanks

Hi Tom! I'd be super interested in learning more about your 3 cash flowing set ups. Are those in Nanaimo, or another city on the island? I'm discouraged looking at the high prices in Victoria and am investigating my options elsewhere to enter the REI game. I'll also try to contact you through your website/ph number soon. Thanks so much!

Good luck man! Hope your project succeeds!

Hi Tom,

When you say it's pretty easy to general 10% cash on cash in Nanaimo, is that properly factoring in ALL operating expenses? Unfortunately from what I've seen here in Victoria, that doesn't seem to happen here lol! I've been looking!

Hey guys,

I've been looking for a few months on MLS here in Victoria, BC, and rarely do I see ones where the annual the gross rent is equal to 10% of the asking price. Meaning it's rare to see the monthly gross rent = to 0.8% of the price! So you're not alone. Achieving numbers like they do in the US is really hard. Here on the west coast practically impossible. Well, nothing's impossible, but in 8 months of looking at a lot of listings, I've rarely seen any beating 0.8% here! :( And you guys have it better with CAP rates out east according to CMHC. Good luck!

It's a tough call. I've been reading articles saying Canadian housing is overvalued since 2010 and that the bubble in Australian housing would collapse soon (that was in 2010). Where I live, (Victoria) prices went sideways for a few years and now are climbing again. It's ridiculous. But look at Hong Kong. Who's to day that they'll drop, maybe it just means the appreciation potential isn't there?