All Forum Posts by: Jason Ridout

Hello everyone. Due to covid compliance, the in person meetup is canceled. We will proceed with the zoom meetup, so please join us for that!

I don't think you will attract a higher number of clients with a full sleeve and might actually put some people off. It doesn't bother me, and people that know you already won't care.

First impressions are everything when it comes to attracting new clients. People over 40 are still a bit skeptical of lots of tattoos.

I just don't think it's going to benefit you in any way, so it really comes down to how important it is to you. 

I'd avoid lease hold if possible. A lot of those lease hold buildings are coming up for lease renewal and no one is exactly sure how it's going to play out. A lot of those leases were done in the 40s, 50s, and 60s for 50-99 year leases. There might be a huge lease renewal fee that is passed on to the owners. 

If the lease has been recently renewed and is for a long term (50-99 years) it might be ok, but if it's a short lease or coming up for renewal, it's concerning. I don't think they will refuse to renew the lease, but it's a possibility. That's why these units are cheaper than freehold buildings. 

Talk to a realtor that's an expert on these buildings, or talk to a lawyer. At the end of the day, you don't own the land (or a portion of it when it comes to a strata) so appreciation won't be there like it is with actual ownership.

Monday, November 23rd at the Cavallotti lodge, 6:00pm. It's the 4th Monday of every month.

Hello Biggerpockets community! I've been hosting the Nanaimo Real Estate Investors Group for just over 2 years now and we've had great success with networking and educating investors on Vancouver Island. There are a few people from the meetup that are also members of Biggerpockets, so come out and says hi to the local BC community and other investors!

Novembers meetup will be covering renovations do's and don'ts. We will be talking about what renovations are worth doing, best bang for your buck and best materials to use for rental properties. 

I look forward to seeing you all there! You can also find the meetup on meetup.com!

The event will also be hosted through zoom at :https://us02web.zoom.us/j/8394...

Password: 322838

However the in person meetup allows for better 2 way communication!

Awesome story! 

"Your life is perfectly engineered for the results you are getting" You engineered exactly what you got! 

Hi @Alejandro Buse and welcome to the forums!

The lower mainland will be almost impossible to buy a cashflow property unless you intend to put more than 20% down, or run it as a short term rental.

The island has more potential for finding cashflow, especially in areas like Port Alberni. Rents are high, vacancy is low and demand for property on the island is strong and will be for a while. People want larger houses so they can have an office at home, or a yard to quarantine in. Plus people working from home means they don't need to live in Vancouver anymore and are moving to the island/interior.

I'd stay away from condos/apartments right now. Strata fees and people not wanting to share space with other people is causing a significant drop in prices. They're turning into a buyers market which could make it difficult to sell in the next few years.

I'm a realtor in the mid island area and specialize in investment properties. Let me know if you need any information, I'd be happy yo help!

I have a few clients that have bought investments here and don't have property management. They bought the properties with tenants in place and only come over to place tenants if one moves out. 

Nanaimo, Duncan, Ladysmith etc are great places to invest. Port Alberni is cheaper and will give you higher ROIs, but might be a bit more babysitting. Vacancy rates are extremely low everywhere on the island, especially Port Alberni. I believe below 2% all over the island. If you have a decent unit for rent, you will not be vacant. 

Hi @James Ohms 

I think both Chilliwack and Vancouver Island are strong investment choices right now. There are lots of people migrating to the lower mainland and Vancouver Island from elsewhere in Canada. Baby boomers don't want to deal with cold winters and only the place in Canada that stays at least somewhat warm in the winters is Southwest BC.

There are also a lot of people moving out of the downtown Vancouver area right now. The ability to work from home that Covid has created, has allowed people to go into the office a few times a month, or not at all, which means they don't have to worry about a commute. On top of that, being shut in your home with Covid is a lot easier in a house, with an office and a yard, than it is in a condo. People want more space and Vancouver isn't the place for more space. Many rental applicants on the island are people that can now work from home and always wanted to leave Vancouver and come to the island.

I think both the Fraser Valley and Vancouver Island will do very well in the coming years and will weather any looming recession far better than most areas in Canada. That being said, I'd choose Vancouver Island over the Fraser Valley for one reason. Cashflow. Chilliwack is too expensive and finding a property that will cashflow with a large mortgage is very difficult. Both areas are going to see a lot of growth and development, but your money will buy you a lot more land and a lot more house on VI. 

It's possible we are set for a downturn in housing prices, but if you don't plan to sell in the next 2 or 3 years, it doesn't matter. I bought my first house in Abbotsford in 2008, right at the beginning of the last recession. I sold it 8 years later for a $218,000 profit. The fact that it dropped in 2009 and 2010 doesn't matter. Don't try to time the market. That's what a lot of people did at the beginning of Covid, waiting for the prices to drop. Not only did they not drop, they went up, drastically. Trying to time the market is how the stock market is played, not real estate. "It's time in the market, not timing the market". 

Feel free to PM me if you have any other questions!

Hi @Sheila Griffiths

Different strategies work for different people depending on your goals. If there is potential for sub division/development, some investors will buy a property that doesn't cashflow. For myself, I won't buy anything that doesn't cover all expenses including a 80% mortgage, property tax, insurance, maintenance, vacancy rate and property management if I plan to use it. 

There are lots of properties available that will cashflow, so unless there is a big future gain to the property in the form or development, why settle for something that doesn't cashflow? Future value and debt pay down are great wealth generators but cashflow allows you to carry the property indefinitely, regardless where the market goes.

I help clients find investment properties all over the island including PA. Let me know if I can help you find something.