All Forum Posts by: Randy Molland

Hey @Sara Lamont! 
Welcome to the investing world! 

Im so glad to see you are starting to look at real estate as a tool to help you grow your wealth!

I am very well researched on Vancouver Island, especially in the Duncan area! I would love to chat with you about the opportunities that we have seen there! I will send you a message :)

We are still hosting our monthly meet ups here in Victoria BC! We have an incredible group of people that are dedicated to improving their lives and sharing as much information as they can to help others get to financial freedom!

They are held on the THIRD Tuesday of every month and you can find information for them on our facebook page @thereinvestors

We are looking for interest in Courtenay, Comox, Campbell River and Parksville area to see if there is any interest for us to come host a real estate event in the area, If you are from there and would like to see an event put on there, please reach out to us!

 We are also now bringing the service online to serve more of Vancouver Island and others across BC. We will be having all of our service providers and experts teaching and training in the community to provide as much FREE value as we can to people who are eager to learn!

You can check that out here The REInvestors Online Community

We are looking forward to helping more people north of the border have a platform to get connected on! 

Cheers

Randy Molland :)

I have sent you a message with my conact info @Rick North! 

Looking forward to chatting

Hey everyone,
I am an Investor from Vancouver Island. I have done everything from flips, BRRR, multi family and are currently working in the development area as well. We have studied and put in a ton of work to become experts on Vancouver Island, as well as now moving out to other parts of BC.

I love providing as much value as I can to people and coming up with creative solutions to help get them their goals! It is one of my favourite things to do. 

I host a monthly meet up here in Victoria where we provide some of the most experienced real estate service providers to investors to help them get to the next step of investing. As well we building out a community on facebook to help keep each other accountable and provide as much FREE information to Canadian investors as we can! (You can check it out on facebook under "The REInvestors Community")

Looking forward to connecting with each of you and seeing how I can help you :) 
Cheers

Randy Molland

@randymolland
@thereinvestors

@Rick North, 
Awesome to have you reaching out on here and finding more information! Its been a huge help for me through the years. 

It is tough finding areas that cashflow on Vancouver Island, but its one of those sayings "If it was easy, everyone would be doing it".

I have been tracking trends on the island for awhile and would love to chat with you about what we have been able to find! If you have that kind of capital, It might be a smart play to start looking at how to get multiple properties and trying to double or triple the investment you have (almost reducing risk) as apposed to just dumping it into one property. 

As for Port Alberni, There is a lot of different opinions. I think if you're going to invest in port, you should go multi family as it helps eliminate risk with vacancy or a drop in rental prices. As the town is growing, it is still quite industry based. I see it being a fantastic place to be in years to come, but as investors, we want to make sure we eliminate as much risk as possible. I like single family in other towns (Victoria, Comox, Parksville) that have more potential to hold value because of the economic stability in those towns. Thats just my 2cents, based on what Ive learned from my mentors and done in research.  

Feel free to reach out if you wanna chat deeper about it!
Cheers

Randy

Hey @Nathan Aulenbach

The best thing I can suggest and what we typically do is spend A month tracking the properties available and the rents that are being given out. Following closely to what 2 bedrooms rent for, 3 bedrooms, houses, basement suites etc. 

Weve been able to find pockets of Vancouver Island that cashflow just because we knew what rents were trending at vs pricing of houses before others or before the area appreciated too much. This is something that has been a huge success for us. 

Id love to chat if your interested in hearing more about the spreadsheets and strategies we use!

Cheers

Randy

Investment Info:

Large multi-family (5+ units) buy & hold investment in Victoria.

Purchase price: $880,000
Cash invested: $125,000

Did the BRRR strategy except bought it cash, renovated it, rented it, then put a mortgage on it! Only have $125,000 left in the deal and current comparables would have it listed at $1,500,000.

How did you finance this deal?

JV Partnership with private money

How did you add value to the deal?

We provided all the project management of renovations and manage the property managers etc.

We have bought out tenants before, but not in a situation where they are bad tenants, but where we want to renovate the suite because it is quite disgusting and dont want to worry about giving them a 4 months notice. 

We typically try and lead in a positive manner and offer things in a way that will help them find a new place, rather then just say "Hey heres money to leave". Here is something that I would write to them to give you an idea of what it would sound like. 

Something along the lines of "I totally understand why you dont want to leave as the market is hard out there and prices are rising and we dont want to feel like your in a place of being homeless, but we both know you have breached the contract by smoking inside and I hope you can see as landlords that puts us in a tough position especially going forward. We were wondering if there was a way to work together to find you an alternative place to live so we both dont have to live in a situation where we are both on edge looking for reasons to fight eviction. We would be willing to pay your first months rent (which will off set the extra $100/month rent at your new place) , return your damage deposit in full, and even pay for a moving truck if you can find a place to move in to that is more convenient for you and your lifestyle. We have nothing against people smoking, we just dont allow it in our suites. Here are 5 links to other places similar to this that look good! (pull one from each site that they can search places on. like facebook, craigslist, kajiji etc). We hope to come to an agreement that works for both people and save both of us from wasted time in tribunal and fighting paperwork. Going forward, we will be working with Landlord BC to make sure all the paperwork is done properly for any notices that are needed to be given and done in the proper fashion with regards to lease agreements. Thanks."

Now that doesnt work all the time, but it at least sets the tone that your willing to work together to find him a new place, that your going to be strict about the rules, that you went and got proper help but doesnt cause any more anger or disagreements. There is nothing more expensive then a tenant that doesnt treat your house like their own. For the $1500 to move him out it will be well worth your time! 

If you wanna chat further about how we do these type of conversations please feel free to reach out to me!

Cheers
Randy
Vancouver Island, BC, Canada.
(Victoria)

hey @Brian Dean
Few options of suggestion here:
1) Move to multi family as people say. You can then work as a corporation buying the properties and bring on investors to own part of the individual companies as the "money partners". You can also do this as Limited Partnerships. Similar idea except less liability for partners and better structure but quite a bit more expensive. 

**This method will allow you to get unlimited deals**

2) If you wanna stay in smaller properties, you can do JV Agreements. You can get someone to qualify for the mortgage and go on title and you just have an agreement on the back end saying you are a partner in the deal and do some sort of split with them. You will have to give up some equity in the place to make this happen, but id rather give up some and close endless deals then be stuck at 5. (This is a common method for single family homes)

- If you have multiple people buying with you as friends, you could just put only one of you on title for each property for 5 each. I know a lot of couples that do 5 in husbands name and 5 in wife's name.

3) You can talk to a good mortgage broker that specializes in working with investors to try and get portfolio lending, different lenders that look at deals differently, and doing a strategy session to set up a LONG TERM plan! So many mortgage brokers or banks only look at your current deal but not how you can set yourself up for the next 2-3. I know a company that does this and work with investors all across Canada to help them and would be more than willing to make an introduction! 

Hope this helps you and some of the others new to the space with some ideas!
Feel free to message me if you have any questions! :) 

As always, "Consult with your legal professionals to make sure you are doing these under the proper laws of your province"

Cheers
Randy
Vancouver Island, BC, Canada 
(Victoria)

I had the same issue when I was starting out! 

What I did was found like minded real estate agent, mortgage broker, and accountant and said I was starting a meet up and Id love for them to come speak at it. 

I put 20 people in a room, stood at the front and said "Thank you guys from coming out..and tonights speaker is _____" 

I did very minimal talking, provided a ton of value for the group, and became the "Authority" for real estate in our community. 

We have since grown our meet up to about 40-50 people on a monthly basis, paid sponsors, and charge $20 at the door, which we DONATE to a local charity! (Talk about building a strong community that supports you, this was the best thing we ever did). 

Ive now built up my speaking skills to get to speak on many stages about real estate as well as how we created our group and community! But this is just a suggestion that you dont need to partner with a good speaker, but maybe just BRING IN speakers that can provide value and do the speaking for you!

Feel free to reach out if you have any questions!
Cheers
Randy