This post is meant to show some of my fellow Kelowna investors what kind of deals we are finding in todays market. We recently closed on a home in the lower mission. We did not get it below market, which goes against what most investors do, but let me go into it.
The house was listed by a realtor and he said it had potential to be subdivided. My realtor sent it to me and we went to look at it. It is an older but well maintained house. My realtor and I went to city hall with a preliminary drawing and the planner said it would not meet the subdivision guidelines. My realtor called the listing realtor and told him about our meeting and that listing realtor admitted he never even went into the city, he just put it on the ad (That realtor is on my never use list). I left thinking on to the next one, but my realtor sent me a possible different way to subdivide it the next morning and we went back to City hall. Out of that meeting we decided to get the new survey and drawing done and long story short, with the new drawing it fits the subdivision requirements.
We went from a busted deal to a realistic profit potential of 250-300,000. We will rent the house until the subdivision is complete then do a couple cosmetic upgrades and sell both. This would not have happened without having a realtor who was actually willing to put in some work for his clients. If you need a realtor in Kelowna I highly recommend Steve Hyndman, unless you are trying to take deals from me:) We have since bought a duplex building lot through him and are looking at other deals, so it becomes a win for all of us.
Our market is still pretty high priced for most of us value buyers, but if you look at things a little differently you can still find some profitable deals.
