All Forum Posts by: Nicholas Whiteside

Sorry, i forgot to mention that it would be in BC, Canada. I'm just wondering how i would go about protecting myself if someone were to sue. If there's no such thing as an LLC in Canada, would a C Corp be the way to go? or would insurance be enough?

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For instance, for my first purchase, if I wanted to buy a duplex would I then, at any point, be able to transfer that duplex to an LLC if purchased with a mortgage? And how soon?

If not, what would be the best way to protect myself and the asset if a tenant were to sue? Would insurance be enough

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Originally posted by @Theresa Harris:

@Nicholas Whiteside If you are looking at converting existing space into a bedroom, the layout of the house and future bedroom is just as important, if not more, than the square footage. Look for places that have dens or a second living room. Look at where the windows and door are as well as locations for closets.

That's good for for thought. Thank you.

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If you're looking to add bedrooms to a property you may want to invest in, what approximate square footage do you look for when it comes to adding a 2nd, 3rd or 4th bedroom?

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When it comes to Rental investments, what's the lowest ROI you're willing to accept after analyzing before making an offer?

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Originally posted by @Jason Liang:

Hi Nicholas,

Many homes close to the downtown area are older and run down, but are on good sized lots. These homes are becoming quickly desirable as the city core can only move in one way over the next few decades, East.

Many of these older ranchers are sitting on RU6 or RU7 zoning. RU6 allows for 2 residences, either single detached, semi detached, duplex, carriage house or suite in residence to a max of 2.5 storeys.
https://www.kelowna.ca/sites/files/1/docs/homes-building/housing_zones_quick_reference_guide.pdf

RU7 zoning is a fairly new zoning bylaw that allows for 2-4 unit structures being built on one lot depending on lot size. These have been popular in the area I mentioned earlier close to downtown.
https://www.kelowna.ca/homes-building/property-development/infill-housing-and-ru7-zone
Below are some current RU6 and RU7 listings in that area.
https://matrix.interiorbc.ca/Matrix/Public/Portal.aspx?k=521038XRP9W&p=DE-25379936-109
https://matrix.interiorbc.ca/DE.asp?k=521038XRP9W&p=DE-25379937-911
https://matrix.interiorbc.ca/DE.asp?k=521038XRP9W&p=DE-25379939-785

Below are some homes that are for sale/sold that look like RU6/RU7 zoned homes. Unfortunately, you would need to pull the city file to ensure they are zoned correctly.
https://matrix.interiorbc.ca/DE.asp?k=521038XRP9W&p=DE-25379949-838
https://matrix.interiorbc.ca/DE.asp?k=521038XRP9W&p=DE-25380026-976
https://matrix.interiorbc.ca/DE.asp?k=521038XRP9W&p=DE-25380216-869

As you can see, homes in the area have sold for $400k-$600k in the last couple of years. After either a duplex or a four-plex are built, developers are selling these units for $550k-$650k+ range. The area is quite nice as it's quiet, tree lined streets with no parking restrictions usually. Hopefully this is useful information, might be worth cruising around the area on Google Street View to get an idea.

This is all top notch information. Exactly what i was looking for. Thank you.

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Hey all!

Planning to start investing in Kelowna within the next 18 months. Preferably looking to house hack with a duplex or buy a large 3 bedroom or standard 4 bedroom and turn it in to a duplex.

Does anyone have any experience in the Kelowna market?

Come and say hello!

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All Forum Posts by: Nicholas Whiteside

Nicholas Whiteside has started 4 posts and replied 9 times.

Post: Canadians! Transferring a property to an LLC?

Post: Canadians! Transferring a property to an LLC?

Post: Canadians! Transferring a property to an LLC?

Post: Canadians! Transferring a property to an LLC?

Post: Square footage to amount of bedrooms?

Post: Square footage to amount of bedrooms?

Post: What's the lowest ROI you're wiilling to accept?

Post: Brrrring in Kelowna, BC, Canada.

Post: Brrrring in Kelowna, BC, Canada.