All Forum Posts by: Peter Davies

@Chris Baxter, good to hear Chris you are looking out of B.C. too. 10-15 years ago much different numbers, I still have a clipping of a classifieds my Dad had and couldn't believe the prices then! Sure, good idea for a three way see if I can set that up in the week to come.

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Originally posted by @Peter Crisp:

I'm in Surrey, BC (also Peter) and I'd be happy to meet you to swap notes. I just sold a property in Windsor (a fourplex). I could have held it but I wanted to balance debt and cash out. Windsor is and always has been cyclical and while I wouldn't say it's over-priced, it's fully valued, the pickings are slim for good properties, and I see some downside risk as the auto sector cools off. I won't say that I'm a Windsor specialist but I know that market pretty well so if you want in I can make some suggestions. There are other markets in Ontario worth looking at also - I scan them regularly.

I think good property owners can do well in any market, but the tight rent controls which probably don't even cover inflation are a problem in Ontario and professional tenants in Ontario can make life miserable for Landlords. I'm looking at properties in Ontario, but I have more invested in New Brunswick for a few reasons and the lack of rent control is one of them (NB has other problems, but not this). As for BC, it's very hard to find much that makes sense except very far out. It is do-able but it's mainly in areas such as investing in new projects or pre-sales. In fact, the pickings across Canada are pretty slim at prices that make much sense to me. You can find them, but there are a lot of shoppers out there. A lot of investors are going to the States, but I don't know the markets well enough, I can't add value, and currency risk exists so I've stayed clear.

As for financing, I can talk off-line and share my experiences if that's helpful. You can do a lot with HELOCs but it's way easier to spend the money than pay down the loans, so you have to be careful.

Thanks Peter sharing your experiences. I had my eye on Windsor as well, but over the last several weeks had now been looking over like yourself to New Brunswick as a different option. I'll PM you and see if we can meet up to share notes.

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Originally posted by @Luc Boiron:

@Peter Davies I agree with @Matt Geerts about the long distance investing.

If you are in Ontario, nothing wrong with investing here. But if you're doing it from BC, you're better off finding a small town in BC with more affordable home prices to invest in.

Thanks Luc for your input, not a lot in B.C at least under $400k that can cashflow outside of the GVA, but I am expanding my search to include Vancouver Island and Eastern B.C.

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Matt, thanks for your reply. I now understand the ULOC, and recognize the options you mentioned. I will PM you on the 2nd point, as it seems an interesting option.

I grew up in Ontario, but moved out here 20 years ago, and sure a lot has changed there since. I was planning on using a Property Management Company to manage the place, but I hear what you are saying about Ontario RTA, and being quite tenant friendly. I can see what you mean with all the potential negative consequences and issues that can arise.

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hi forum members!

I would like a chance at gaining something extra for retirement which is in the next 10-15 years and had my eyes on the rental investment market. There are a few properties which have ok- not bad cashflow (up to $300 per month -8-12% CAP Rate) and I have been pre-approved for up to 220k. A few places like in windsor Ontario fall into that range. I don't have a HELOC option (as when I renegotiated my new 5 year mortgage term 18 months ago they instead gave me a basic renewal but with a really low variable 2.11 on my existing home. I was thinking of using a line of credit for the down payment of approx 35-40k as I don't have much available in savings towards a down payment and didn't want to break open my rrps's. My plan was looking at paying back up to 5k per year on the down payment (LOC). Of course I would need some contingency, and want to know if this still could be a good approach and anything else I need to factor in and to not over extended myself?

Appreciate Opinions and Thoughts

thanks

Peter from Vancouver, B.C.

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Thanks everyone for the warm welcome! Cassidy, I'll touch base with you later this week as I have some questions to ask you.

Thanks again!

Peter

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Hi there members!

I live in Vancouver, but looking to gain as much knowledge in order to make my first rental investment property outside of B.C. Looking at London, Windsor and other areas that have reasonable more affordable pricing (not here). I am pre approved by a few banks, and have access to line of credit for down payment. Also quite important is access to various tools online. As I'm remote, I'd need to use a Property Management firm.

Anyone else invest remotely out of province? Experiences to share?

Appreciate any insight

Peter

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All Forum Posts by: Peter Davies

Peter Davies has started 7 posts and replied 20 times.

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