All Forum Posts by: Saskia Dover

Hi Tanner, Thats great that you are looking into another unit or two in the Okanagan to invest in for short term rentals! Feel free to message me if you want to chat more about the buildings you are interested in learning more about and I can pass on the info I have. I also have clients who own in various buildings in West Kelowna, Downtown Kelowna and the Lower Mission who do short term rentals. Some are self managed and others are run by the in house management companies so I can pass on their reviews/experience as well. All the best, Saskia

Hi @Steve Davis Please let me know if you plan a day/time to get together. I'd love to join as well!

Hi Kevin, there is definitely opportunities in the Okanagan to find cash flowing properties, including near UBCO. Many investors will rent out condos, townhomes and single family homes by the room to university students throughout the entire year and do very well. As for short term rentals, most condo buildings will have restrictions/bylaws indicating that the minimum length of a rental is 30 days, 6 months or even 1 year and some buildings will even limit the number of units that can be rented at any given time. There are some condo buildings in Kelowna that are zoned hotel/condo that allow short term rentals if you decide to go this route.

I recently had an investor client purchase a brand new, 3 bedroom townhome in Kelowna for $499K + GST and it is now rented for $2,650/month + utilities. This property both cash flows nicely and should appreciate well in the coming years. Not only that but being brand new, the maintenance and repair costs should stay low.

Feel free to message me if you want to chat further about rental rates, vacancy, opportunities etc. All the best on your search! Saskia

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Coldstream.

Purchase price: $564,375
Cash invested: $123,887

This home is a duplex with an extra suite in the building so 3 units in total and has a monthly cashflow of $1,250/mo (this does not include vacancy, repairs and maintenance which are all very minimal on this property). The neighbourhood has a very low number of rentals so any vacancies are filled quickly as it is a sought after place to live. I bought the property as a buy and hold in order to save the monthly cashflow for my next investment and for the long term equity as the mortgage is paid down.

What made you interested in investing in this type of deal?

I wanted a property with 3 or more suites to increase the cashflow and if a unit is vacant for a month, I would always have two other tenants rents coming in. Compared to owning a single unit rental, this is less riskier.

How did you find this deal and how did you negotiate it?

I found the deal on the MLS after 5 months of waiting for a 3+ unit property to come up in the Vernon/Coldstream area and priced under $600K. I am a realtor so I negotiated it myself.

How did you finance this deal?

I have a conventional mortgage on the property with 20% down.

How did you add value to the deal?

We built a storage shed for the tenants and have done minor upkeep and repairs since purchasing.

What was the outcome?

I plan to hold this property for the long term as it continues to have great cashflow.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I am a realtor with RE/MAX Kelowna so I was able to represent myself in the deal.

Hi There!

I am a local Realtor in the Okanagan offering real estate services to fellow investors here on Bigger Pockets. Having lived in the Okanagan for the past 9 years and purchasing a number of my own investment properties, I have vast knowledge of the market and opportunities in the valley. Many of my clients are out of town investors and have been very successful with their purchases over the last few years. I service the entire Okanagan Valley including Kelowna, Vernon, Lake Country, West Kelowna, Peachland and surrounding areas. 

Feel free to contact me anytime via phone (250-808-7522) or email ([email protected]).

Looking forward to chatting with more investors here in the Okanagan in the near future.

Saskia Dover RE/MAX Kelowna

Hi Dillon! I am a realtor here in the Okanagan and would be happy to chat more about your first rental property. I have helped clients purchase various investment properties between West Kelowna and the Vernon area and they have had great returns. I also own a number of rental properties in the valley so I am very knowledgeable about vacancy rates, rental rates, areas, etc. Feel free to message me anytime if you have any questions or would just like to chat about the opportunities in the Okanagan. All the best, Saskia Dover RE/MAX Kelowna

Hi Saskia! Great name ;) I am a realtor here in Kelowna and would be happy to help you find your next investment property! I am very familiar with the BRRR strategy and currently have 3 investment properties here in the Okanagan and getting ready for number 4. Please feel free to email or call anytime if you would like to chat further, all my info can easily be found on google. All the best, Saskia

@Lance Lee

That’s exciting that you’re looking to invest in the Okanagan area!

I am a realtor here as well as an investor. Feel free to contact me if you would like to connect.

Hi Brianne, If I were your parents I would just use the reasoning that they would like to use the cottage themselves along with the main house. I have seen others in the area do this with regards to getting tenants out of suites, carriage houses etc.

Hopefully they can find a solution too. Thats really too bad.

All the best,