All Forum Posts by: John Humphries

@Art Perkitny - Thanks for weighing in! I think I may have across these in deeper post.  I found them very helpful. Thanks for sharing. I've basically thrown out Fairhill. Might be ok for buying and fixing up but in terms of lending, I'm much happier lending in a more stable environment.

Thanks to everyone for the crash course in Philadelphia! 

@Jimmy O'Connor, thanks for this! This is gold and definitely helps me out considerably. Much appreciated!

Hi @Joseph Scorese, thanks for reaching out. I guess I could have been more specific on the post and mention that in this case, I am an out of state/country investor (BC). I'm looking at buying notes from a provider and trying to do some due diligence on a few lending opportunities that they have provided me with. All in Philadelphia which is a market I am unfamiliar with so I am doing research and looking for resources. I have appraisals for all properties, but I am having a hard time trusting the appraisals based on the research that I am doing. All of the properties are townhouse/row house style and nicely renovated, but a bit of further digging shows quite a few neighboring properties in disrepair or foreclosure. From a distance, I'm having a hard time believing that a renovated property can be worth $120,000 while most other properties on the block/row are still in rough condition and likely to go for more like $40 - 60. Looking for someone in Philly with some local knowledge to either set my mind at ease or to point me in the right direction based on neighborhoods. All 3 areas that I am currently looking at appear to be similar class neighborhoods. Wondering if I should put more weight behind one of these particular areas or if there are specific areas to avoid.

Hi BP
I'm looking for some opinions on some neighborhoods in Philly. Specifically looking at:
W. Glenwood Ave - Fairhill
South Alden St - Cobbs Creek/Angora
Paschall Ave - Elmwood

Anyone have any experience in these areas that can offer opinions on pros or cons or places to avoid?

Hi BP
I'm looking for some opinions on some neighborhoods in Philly. Specifically looking at:
W. Glenwood Ave - Fairhill
South Alden St - Cobbs Creek/Angora
Paschall Ave - Elmwood

I've got a few lending options to a turnkey provider who is working these areas. Just trying to decide which one (if any) would likely be a safer investment. Any opinions on these areas welcome!

Looking for some legal/accounting advice - I'm a US Citizen/Canadian permanent resident living in Canada. My mother in NC recently passed away leaving me a house in NC (fully paid off) and other investments in stocks and mutual funds as well as vehicle, furniture, etc. I'm still in early stages of sorting it all out but was hoping to get ahead by getting some early advice from those with knowledge on this particular topic.

Basically wondering if there is any advantage in any particular strategy over any other? Would selling the house create a large tax burden? Alternatively, is there an advantage (tax-wise) in holding on to it as a rental for any period of time?  It would be a decent rental although the money could be better invested elsewhere for higher return.

Any other advice or pitfalls to avoid would be greatly appreciated. I file taxes in both the US and Canada each year but up to this point, have never had to pay anything in the US as I have been under the exclusion every year.

Hi @Lanny Boyer, welcome to the thread and welcome to Canada! I actually moved up to Canada as a permanent resident from Fort Collins many years ago.  I bought a duplex in Toronto when I first moved there and don't recall any restrictions or oddities due to my status, though now that I think about it, maybe we did it in my wife's name at that time as she was Canadian and I had just started residency paperwork.  

For my Vancouver Island purchases, though, there was no issue with being a PR. I'm actually having more trouble buying in the US now! Looked into that a few times, but have not pulled the trigger yet due to all of the complications. 

I'm not a Sooke expert, but my partner and I did look at some B&Bs there a few years ago and thought that the area could take off as Victoria got more and more out of reach for people. 

As for waiting for potentially lower prices, I'm not sure that's the best strategy here. I've predicted a downturn for some time, but the more I look around and think about it, the less I see that as a possibility - here at least. Areas of the island are still priced below some of the mainland markets (even after huge run ups), and this is such a desirable place to live that I feel like demand will continue.  There may be some small drops or leveling off, but I'm taking off my real estate "bear" hat for Vancouver Island. 

Having said all of that, I've not been successful in finding a deal on the island in the last few years and have joint ventured elsewhere for my investing.

There are some very knowledgeable Victoria area members on this thread. I'm sure they will chime in with some great local info for you.

We have a stacking, front-loading washing machine in our rental and the barrel has either detached somewhere or seized up.  Anyone had any luck fixing this type of thing or is it best to just bite the bullet and get a new one? It was in the property when we purchased 6 years ago and seemed fairly new.

From what I've seen here in the Comox Valley, the rental situation is so desperate, you can put pretty much anything up for rent and there is high demand.  The half duplexes seem to be a bit cheaper to buy than the single detached home though and command a similar rental rate. While I am dubious of these as an investment vehicle because of the strata that you form with the other half, that is where we have had our only success with a rental in Courtenay.

Hi @Nathan Aulenbach and welcome! Are you looking for a buy and hold rental on the island while living in AB? I wonder if you might have better opportunities closer to home? The demand for rentals in many communities here south of Campbell River is very high, but there seem to be few markets where the rental prices are high enough to cash flow after your purchasing and holding expenses. Not to say that it can't be done, but it is definitely tough here. Having said that, the market is definitely cooling here in the Comox Valley so there could be more opportunities on the horizon.

Back to my original point, I'm actually trying to buy a place in Grande Prairie, AB at the moment. I would have preferred to have bought locally or at least on the island, but have not had much success in finding deals that meet my goals here.

To your question of what areas have highest rental demand, I don't have the stats to back this up, but anecdotally, rental demand in the Comox Valley is crazy high. One post on Craigslist will likely elicit at least 20 desperate applicants (many that you would not want but there are some gems out there). Campbell River and Nanaimo are also hot.  Port Alberni is pretty good as well. I don't have experience in other communities like Parksville, Qualicum, Duncan, or Chemainus, but I imagine they have similar demand.

Good luck with getting started!