All Forum Posts by: Jeff Whitworth

Thanks for the response Tyler. I would really like to find out where this group of people meet up. We should definitely be getting together as like minded people. Housing is expensive in Nanaimo right now. A niche like renting out rooms to students would be of benefit. 

I’ll try to talk to a few of my connections and see if I can track the group down. I’ll keep you posted. 

Hey guys,

Second time posting on BiggerPockets. Was wondering who was out there who is actively on the market on Vancouver Island. I currently own a up/down duplex in Nanaimo and am looking to get in touch with all the other people that are doing deals on the Island. Lets get everyone to comment their current situations and what they feel are good opportunities!  

Hi Tyler thanks for the response. I have had a steady paying job being a heavy duty mechanic in Nanaimo so that should allow me to get approved for a HELOC. The stress test had made things very difficult to get money even something as simple as a HELOC. I figure they are being conservative based on the market potentially slowing down in the next year and housing not being worth as much. This is why I am trying to lock in the HELOC right now.

Hi Theresa! Thanks for responding. I should've included rent numbers. My estimate is that the whole house is renting for around $1000-1200 a month right now. However, after an extensive renovation (finishing basement) I'm sure it could pull in 1250 for upper suite and 1150 for lower which would equal 2400 a month of gross rental income. Our rental market in Nanaimo is similar to Qualicum with a very low vacancy rate. It's truly a great market to own a rental property. The house unfortunately is covering both legal lots so a complete teardown would be necessary to subdivide, however that would be a great future potential project. There are many examples off of Bowen Rd. where people have subdivided city lots and have built turn key up/down duplexes that rent for $2600 a month. 

Hey guys, 

First time posting to the Forums, I'm very impressed with Bigger Pockets thus far.

I'm having trouble deciding on my next rental. I purchased a up/down duplex in Nanaimo, BC, Canada in 2017 for $472,000. It's been good and have had a great experience being a landlord. I'm ready for my next deal. I am going to refinance (HELOC) to purchase another rental. I want to start using the BRRRR method discussed on this site often. I believe the best thing to do is link you guys a very common older house that needs work in Nanaimo and maybe someone experienced would do my a great favour and offer some advice.

https://www.rew.ca/properties/450447/9-acacia-ave-nanaimo-bc

I bought my first house when I was 21 and am 23 years old now. Real estate is my passion and am working on building a solid portfolio.

Thanks a ton guys!