All Forum Posts by: Joel Sherlock

As a broker and investor we have been working with property trading for 6+ years. For example trading an unit that has a 5 cap for something higher, a small unit for a larger one. Essentially creating the simple and effective "you buy mine, I buy yours" scenario.

We often talked about if we could scale the system from the old pen and paper solution we used to use it would become much more effective.

HouseHarmony.com is exactly that. A platform that will allow agents (home owners/investors options coming soon) to input details on a clients home (Have) and details on what they are looking to purchase next (Want)

The system then matches buyers who have what the other wants and wants what the other has. Bringing buyers and sellers together in perfect Harmony.

Agents: https://househarmony.com/agents

Homeowners/Investors: https://househarmony.com/customers

We are actively seeking tech savvy agents in select markets to join our Beta launch, the investor options will be online soon. This will allow landlords to join and create a profile for a property you own and match it to your next acquisition be it a 2 door unit trading to a 6 unit multifamily. Maybe its your recently finished rehab project and you would like to sell it to someone who has a property in need of rehab, thus getting you a sale and your next project in one swoop.

Please post your questions or share any feedback below! We are excited to be bringing this system to this community.

Cheers,

Joel

@Bryan O. Thank you I will look into it a little further!

If you are interested Vacation rentals one of the best options I have seen in the area is Discovery Bay. There are currently a few for sale, please see the best deal attached on a 2 bed unit in the complex.

These units have a great location (downtown) with the ability to rent short term, with a manager or without. They are waterfront with great amenities, this does drive up the strata costs, but this is more then offset by the rental premiums you get.

In the slower months, Oct-May we used to rent ours monthly current rents would be about 1600/month or more. Nightly rental rates in the building during the summer months are great! Some examples from the management company we use

http://www.okvr.ca/units.php?resortID=1

I hope that helps! Let me know if you have any additional questions.

The unit is a 1/12th share, @Stanley Kong is correct with one week per season.

I have looked at the numbers and with the split that Delta charges (up to 40-50% of the rental) to manage the property left me with negative cash flows. You are not allowed to rent this out on your own, ie airbnb VRBO etc.

The strata fees are only about 40/month (to each of the 12 owners) however there have been facility improvement charges etc that can double or triple that with bed sheets upgrades and levies.

@Pawan J. Makes a great comment re the income split. Over the summer months you can make great money, however the other 3 seasons will be very slow. Also look into the income pool options, meaning you share all the income from the building with all owners. 

I believe this building did have one set up. In the winter months this will drastically lower your returns as I don't believe the hotel operates at a consistent 90% occupancy.

@Matthew Jarvis please send me a DM with your email and I will happily send them over.

@John Lusk The market in Kelowna is doing very well at the moment, I have worked with a number of tax accountants in Arizona for our investments there. I would assume they would be able to help you going the other way. I have not worked with anyone in Seattle. 

Regarding agents in Kelowna I have been licensed with ReMax for years and prior to that was a founding Partner of Vantage West realty. We have a great team in the Okangan and would be happy to help you out or just answer some questions.

We also have some great currency brokers if you end up buying in Kelowna.

@Bill Exeter Great comments! I sure wish we had a 1031 program in Canada.

@Pawan J.

I have looked into Kamloops also, the real estate prices are slightly softer, but the rental market is much softer. Also the vacancy rates were much higher when I looked.

Kelowna has been great recently but has been moving very quickly. The prices for our favorite type of property (SFD with suite under 450) has been moving at a red hot pace. Houses that 6 months ago would have been 425 are now 475-480

Re rental reports the OMREB market stats seem to be the most comprehensive. Re rentals I follow market updates from Ron Bazuki he is a property manager in the area. Please feel free to DM me and I would be happy to share. I have linked the 2 most recent.

Re areas to avoid, I find if you get to far from the downtown core rents can soften and it can be harder to fill vacancies quickly. Areas like Glenrosa have some attractive prices (SFD 350-375) but the rental rates area much much softer. Thus killing returns.

The mission area is great, but I find the house price premiums are not proportionate to the rents. ie: $200,000 more for the house and only 200-300/month more in rent.

Multi Family investing in Kelowna has been very limited and horrible cap rates. There are some Duplex units with suites in the Rutland area @Jo F. Mentioned above but those units can be very high maintenance rentals with lots of turnover.

Student rentals can be paired very well in some buildings with short term summer rentals if the building is picked properly. This will run higher management costs on the short term rentals but the incomes can be great! We were getting 350 a night for our discovery bay (downtown, sunset drive) condo in the peak months.

With good managers I have always felt good managing from afar, I am happy to connect you with a few.

Cheers, Joel

http://omreb.com/matrix/documents/03%20-%20CO%20St...

Thank you for reaching out, I needed a little reminder on this. How would this week work for everyone? Thursday Afternoon? Or Next Tuesday? CC @Daryl N. @Kail Clarke @Edison Reis 

Kelowna is a very unique market at the moment with some incredible rental rates and property prices that are still reasonable. Some of our downtown homes with suites can be bought still under 500,000 and bringing in around 1700 up and 1200 down. @Matthew Jarvis @Betty Ho @Pawan J. If you would like me to send you some of property breakdowns I would be happy to. I have been looking at all of the options and just locked one up downtown. So I will need to wait a few months until I am back in the market.

I have been recently thinking about trading some of my single or duplex units (and some additional cash) for multifamily units.

I have traded property in the past, I traded a $300,000 condo and $200,000 for a loft unit in Vancouver. It was a very successful deal. Both parties were very pleased with the outcome of the exchange/sale/trade.

I have been thinking about a better platform for some time to facilitate these deals, currently there is nothing more then a few message boards to post details and have everyone call each other no matter the parameters.

I would love to trade 4 duplex units and some cash for a 8-20 unit multifamily.

Does anyone know of any sites/tools for this?

Have any of you thought about a property trade?