All Forum Posts by: Josh Evans

Hi BPers.

I'm currently looking at a fix/flip condo project on a unit that has a wood burning fireplace. I'm curious what the community thinks, or has experience with, wood burning fireplaces and resale. Personally, it would not be a deal breaker for me if had/hadn't a wood burning fireplace - I'm quite neutral on this topic. I know there are people who would be turned away by it and others would be drawn to it. Being a condo, access to gas is going to be tough, so I would probably tear it out completely and install a electric linear fireplace instead if I decide it's going to hinder the sale.

The strata council is very proactive and takes good care of the building. I haven't read any of their minutes yet but the building was built in the 70s and has a lot of new upgrades to keep it in good shape. Part of the yearly maintenance is a thorough chimney sweep for all of the fireplaces.

Thanks,

This is very interesting. Has anyone been able to make anything out of a tax sale? I've done a bit of reading on it and it looks like one of the downsides is that the current owner could reclaim the property during the redemption period, at which point you will be refunded your money plus interest, but out a property that you were hoping for.

Hey @Matthew Jarvis has this third meet-up taken place yet for July? Count me in if not. I haven't been around for the first two but would like to come. Thanks.

I agree with you @Jay Hinrichs. US investors may lose interest in Metro Vancouver as the CAD will basically be back on par with USD as this tax is almost the same as the currency spread. US investors will continue, and may look even harder, at investments in Kelowna, Victoria and ski resorts like Whistler, Big White and Silverstar. However, US investors are not to blame for the rapid rise in real estate prices in metro Vancouver - they make up a very small portion of those foreign investors.

I think it is a bit of a deterrent, but I don't think this new tax will do much other than fatten the political pockets. It is not going to deter the investors to the point that prices are going to significantly drop and the government doesn't want that. Imagine how many people out there will lose their shirts if their house price drops 25% as quickly as it went up - especially those who just got into the market or refinanced. RE is a huge portion of BC's economy and it would be in trouble if prices took a sudden downturn.

When you consider that many of the properties being sold here are going for up to 25% of the asking price (ex. SFH being listed at $800K and sold at $1MM), I don't think a few hundred thousand dollars will mean a whole lot to foreign buyers on a $2MM home. Also, the tax strategy seems to be full of loopholes. For example, a foreigner can buy property here in a registered Canadian corporation or an international student registered as a permanent resident, at say UBC (where there are thousands of them), can purchase property without paying the tax as well. The people who are bringing their offshore money here have a lot of it and it won't take much to find a good lawyer who can steer them clear of these taxes if it is a concern.

I think the government has been planning this tax for months, but has just introduced it now as sales have begun to slow. They need to keep that budget surplus from the PTT coming in and taxing foreigners will do just that for them. 

@Wayne Brooks & @James Syed, thanks for the responses. It may be a smart thing for the selling agent to do, but I can't see how the buyer's agents are working in the best interest of their client in these cases. In a cold market I assume an ethical agent would dismiss these listings, but when it's hot and everyone else seems to be doing it, why not I guess.

Hello BP members! 

I sold my first flip in Vancouver in September of 2015 just before prices started getting really crazy in BC and did quite well on the deal. The realtors told me the plan of how to get the most out of the property quickly, which I thought was a good idea at the time, and it went like this: 

1 - List the property on a Tuesday

2 - First showing would be a "sneak peak" on the Thursday evening

3 - Open house on Saturday & Sunday

4 - Offers are accepted at 6pm on the following Tuesday

I've looked around at listings on the MLS recently, and the realtors are showing very similar processes in their listings. It is obviously market driven and the hot seller's market allows them to get away with setting a date to have offers in for, but is this not an unethical practice? They are basically setting up a bidding war with a structured timeline like this. Has anyone else seen anything similar in their markets?

The problems that I see with Northern BC is the uncertainty in the LNG projects. Prince George doesn't have much to offer for job growth/creation, and as @Pawan Johar mentioned, the population hasn't increased in years. Even if LNG did ever go through, the majority of the jobs created are going to be a the source of NG and at the LNG export terminals. Prince George will be a hub for workers out of BC, but the only thing happening near it as far as LNG is concerned will be pipeline construction. And once the pipeline is built, the workers will be gone. I would look at areas like Fort St John, Dawson Creek, Kitimat, Prince Rupert and Terrace were long term jobs will be created.

I wouldn't consider 6.1% interest cheap either and I'd work on paying off that 35k prior to investing in RE. Although it isn't a significant amount of debt, that interest rate is likely much higher than you'll ever see in your high yield savings account so you're spinning your wheels IMO.

I dropped out of the 3-day, $200 USD event after day 2 and was not impressed. It may be a great program, ''its not for everyone'' they continue to say and it's definitely not for me. 

Are they wealthy? Yes.

Are they smart? Very.

But if anyone else in my team - my realtor, mortgage broker, lawyer or accountant - ever misled me the way that these jokers did they would be gone. I will never invest my money into an educational program that manipulates its students the way they do.