All Forum Posts by: Stephan Richard

Hi @Ric Singh

Welcome to BP! I'm one of the newbies from Halifax that @Roy N. mentioned in his previous message. I have yet to attend any of their meetings but there is another group of RE investors that meets locally.  

Their next event is next week.

Have you decided on your niche yet?  Are you looking at single/multis? Do you have a preferred area in the city?  That's what my wife and I are struggling with.  We have money to invest but we're stuck (analysis paralysis) in what to buy first.  

Given the great advice shared by BP members, we can't seem to find anything that makes sense from a cash flow perspective.  We could buy a house or condo in the city for $300,000 or buy a 5-unit building one-hour away for the same price and -maybe- some cash flow. So looking outside HRM seems to offer better opportunities for cash flow but my concern is more on the marketability (can I resell quickly if I have to) and slow appreciation in smaller towns.

Maybe we could get a coffee at some point and share notes/ideas as we're both going through the same process and perhaps helping each other out would be mutually beneficial (win-win)?

Wishing you all the very best!

Stephan 

This is a great feature.  Thank you BP for making it available to everyone.  I've already used it to connect with other members.

Hi Rocco,

I'm surprised there was never a reply to your question.  What happened to those lots?

Stephan

Hi @Steven Darrow,

Fellow Haligonian here! Obviously I'm late to the party but after reading this thread with great interest, I'm curious to find out what you've decided to do in the end.  Did you buy anything in the US after all?  I guess now, with a Canadian dollar sliding down the way it has been, this becomes a much less attractive option, it would seem.

I have been looking at some multi-units recently outside of Halifax and some of them would cash flow based on the information i got. One with a CAP rate of 6% and another of 8%. Now, there may be something I'm missing as I'm still learning but while Nova Scotia may not be the economic powerhouse of Canada, people will still need a place to stay, especially in affordable rentals.

Just my two cents.

Stephan

Thank you @Brandon Turner  I really enjoyed the webinar. Lots of great information and a contagious enthusiasm.   Already looking forward to the next one.

Thanks everyone!!  Wow I didn't anticipate this many responses so quickly.

The area in question is actually pretty stable with long established mid-sized employers.  It's an ageing population, but it boasts a community college along with a university campus.  There's nothing to indicate any major economic or demographic shifts in that particular area for the foreseeable future.

Properties are generally very old (60-100 years), but many have been renovated over time. My concern over long term appreciation is really based on sales history in the area.  In fact, the properties we're considering have almost all been on the market for more than a year and asking price has gone down.  In some cases, the value has dropped 10% over 4-5 years.  Maybe It's just a buyers' market and I'm over thinking it.  

Your replies have really helped.  Thanks again for the warm welcome and I look forward to updating you on our progress.

Stephan  

Hello everyone,

Well I guess the time has come to dive in and start writing my first post.  I've been reading with a lot of interest the amazing information that you have contributed to this site.  What a fantastic community this is. 

I live in Halifax, Nova Scotia and my wife and I have been looking at buying our first income property for about a year now.  We have fallen victim to analysis paralysis.  It's a combination of not being entirely sure what we should buy and thinking the next best opportunity is around the corner.

In order to help us through the process, I was hoping, though this first post, to ask a question.  Would you consider buying a multi-unit property in a smaller community, with positive cash flow from the start, even if you knew that your property would likely not increase in value over time (or very little)?

I'm probably not giving you enough information to make an informed response, but I'm curious to find out what you think.

And thank you so much for making BP a wonderful business community.

Stephan