All Forum Posts by: Ronaldo Reyes

Hi everyone, 

I'm sure to more veteran investors out there, the answer is already obvious. But given the prices here in BC, specifically in Richmond and nearby cities in Vancouver, it is really a challenge for newbies like myself.

We are currently renting a 1 bedroom unit and since we are expecting our 2nd daughter really soon, space has been the first thing that we thought of resolving soon. My (total newbie) questions are:

1. Will it be better to purchase a bigger 1 Bedroom Unit (Condo) for our personal use and build equity, take advantage of the 5% Downpayment for 1st Time Home Buyers Program, eventually rent it out, we end up moving again after a few years? This only takes care of the space issue and will probably not be able to invest in a cash flowing property until such a time. Or:

2. Purchase a Rental Unit (most likely also a Condo, with the very limited funds we have), have it rented out and just stick it out with the current space we have? Will have to come up with 20% Downpayment though and might also take the same amount of time to build equity and possibly be able to invest in another property but at least if the numbers makes sense, Cashflow is the highlight of this option. I guess the only disadvantage with this option is the space issue.

I also thought of just renting a bigger space while we increase our capital which may entail a longer time, but honestly I feel I'm already having tunnel vision and not being objective anymore.

Any thoughts will be greatly appreciated, I'm sure I'm missing a ton of things with this picture and I'm not even sure if I am asking the right questions...

Thanks in advance everyone!

Thanks Stanley! The local employment aspect of the selected location/market you pointed out is a very good factor! I wouldn't have thought about that consideration. Like any newbie I guess, it's all about what is within the price range then eventually find out you're all dressed up and nowhere to go, or in this case, nobody to rent to. Thanks again for that insight and see you at the future meetings here in BC!

Hello everyone! My name is Ronnie, a total newbie to Real Estate Investing from Canada here, specifically in Richmond, BC! I've attended several of Brandon Turner's webinars and one of his actions items is to network here at BP, I also learned from the podcasts that some deals can be found here via other BP members. Josh Dorkin (Host!) and his Co-Host, Mr. Brandon Turner are just hilarious and very inspiring at the same time! Just wanted to say Hi to everyone and looking forward to learning more here! 

For starters, since the prices of Real Estate here is insane, the only options I see is either invest really far from Vancouver, like a 2 1/2 hour drive from it or invest out of province (state). Anybody here who's investing locally in BC? Any tips on how to find deals and apply it in a "Canadian setting"? Any Real Estate Groups within the area? 

I'm also seeing the prices on Manufactured/Mobile Homes, which is probably the only ones I can afford right now. Are these good "training grounds" for newbies, considering due diligence has been done?

Any tips and/or advice is greatly appreciated guys! Thanks and here's to more great deals for everyone!