All Forum Posts by: Joel Sherlock

 I have been very focused on Kelowna with the extremely low vacancy rates and the job growth I see some strong growth in its future and a very stable rental market. 

The AirBnB/VRBO market in Kelowna is also amazing in the summer with the correct properties.

Our latest project was a big undertaking in both budgets and sq ft. With over 5000 sq by the time we were finished the basement renovations and nanny suite. It was also the highest price point we have ever worked in on our flip projects.

Purchase $625,000

Renovations: $147,000

Final Sale Price: $849,400

Lessons Learned: 12/12 Pitch on a roof is incredibly costly to replace, often times roofers would show up see the pitch and leave without even making a bid.

Custom Kitchens and bathrooms make or break homes! They can also make or break budgets so chose your trades carefully.

Before:

After:

We could not add much to the view!

Thank you @Kelly Bochna Very much appreciated! 

I hope to post a few more up here soon.

@Neda Navidnia 

First an essential read is the Millionaire Real Estate Agent by Gary Keller https://www.amazon.ca/The-Millionaire-Real-Estate-...

Second, I would recommend taking a hard look at what you enjoy doing for prospecting, and who you are looking to work with. Take that info to develop a plan that you will enjoy, if you enjoy it the chances of sustaining the plan go up 10 fold.

For example if you dread the idea of cold calling and door knocking don't build a prospecting plan around that. Seems simply but many agents get lost in what is working for someone else. At the same time, door knocking and FSBO prospecting can be extremely successful for agents who consistently work a system.

I coach our agents to get a clear picture of who their ideal client would be, down to the minute detail: how they dress, what kind of car would they drive, etc. With that information, you can more clearly determine what kind of ads you want to run and where those advertising/promotion dollars should be spent. For instance if your perfect client drives a Mercedes, gives back frequently and is a luxury shopper then attending $400 a ticket gala could be great prospecting. If your ideal client is a first time home buyer then that $400 ticket is most likely a waste. 

No matter how great the "tactic" is working for other agents. Develop a plan that works for you and stick to it with laser focus, adjust only when the tip or strategy fits your plan.

Solid follow up plans and consistent communication systems are a must. Find a system to track when and how often you are connecting with your buyers and sellers. Connect with sellers min once per week. Buyers even more frequently. In a hot market we will connect with buyers daily. The number one complaint buyers and sellers have against Realtors... they don't hear from their Realtor enough. Having a system to track and even prompt this communication, this will ensure as sales volumes pickup your consistency will remain.

If you want to post a little more detail about your business I would be happy to post again with some more specific info.

Happy Selling.

Joel

@Nick Brubaker It looks like a great buy and hold property. I would run the numbers on what would need to be spent on the rehab, compare that to what kind of rent increase you would be able to get. If you are spending 5k and going to get 100 more per month or more then I would say Rehab. Also I have always found some minor rehabs have decreased our vacancies and we typically have better tenants in the rehabbed properties. 

After a short period once fully rented, look into a refinance and then move to your 2nd door.

Good Luck!

I am currently evaluating a deal in BC that has 3 separate SFD and a equestrian facility and indoor riding ring. I know this boarders on a land and business investment more then it is a straight income property but the numbers are very attractive. 

The SFDs are rented short term in the summer months and long term through the fall and winter. We have split the incomes in the report for each house.

I have attached one of our property reports and would love your expert opinions. If any one has operated a horse boarding property in the past I would love your thoughts. I grew up on a farm and know how to ride but the horse/business side is new to me. One of our partners would be the manager of the facility, her salary is included in the assessment.

Thank you in advance,

Joel

PS I was trying to upload the PDF of our report but could not, please DM me and I can send it to you.

Also I was asked to remove the address for the current owners privacy.

@Pawan J.  The City in many areas have bylaws for a min 30 day rental, strata councils have tightened up their rules in many cases banned short term rentals entirely.

Our Vancouver properties would not be cash positive it we were paying today's prices, I have been thinking about selling them and doubling down in another market. Kelowna has been fantastic with SFD 2+2 including a legal suite under $500,000 and we are getting rents of 1700 up and 1200 down.

@Mike Kohan Welcome to BP

Your story reminds me of saying I learned from one of my mentors: "I have never made any mistakes, I have invested heavily in my educations" It sticks with me every time I am "getting a lesson" I empathize with you on the 100k education. I could have gone to Harvard a couple of times with my "lessons"

@Galen Bricker At first look I would suggest some plants in the front garden to soften the hard brick area on the right side of the home. Also a highlight on the garage door and main door would be nice. Also, I think sealing the driveway would clean that up nicely.

Happy Flipping!

@James Paine I too have a few AirBNB rentals and I have been squeezed by the city of Vancouver on one. I do ensure now any investments need to fit our model on the long term monthly rents prior to us moving forward in case we get stopped. AirBnB can produce very strong numbers and we have a great system. @James Paine Do you use Key Cafe?