All Forum Posts by: Randy Molland

The US Certainly has lots of potential. But there is a LOT more research to be done in those markets and cross boarder investing. It certainly is cheaper, and easier to attain property, but there are a lot more things to consider. 

I know a lot of people who do invest down there and have great success, I plan on being one of them in the near future. If your looking for connections, I can certainly share some info! :) 

 I also hear of a lot of challenges getting mortgages as a Canadian Citizen, Setting up your corporations right, the exchange rate keeps you on your toes, and the unknown of what a downturn in the market looks like are enough to make us research a little harder before we just jump down there. 

What keeps us in Canada is a little bit more stable markets compared to there, The fact we know BC very well and what pockets are growing, and that some of our investors will only invest in Canada. 

Hey Cameron, 
We have spent a lot of time researching other markets here in BC and would love to connect with you and see how we can pool some information together! 

Depending on what you like to see for property types, we just put 3 offers in this week on properties that are split level up downs that work great for holding and have lots of upside. 

Lets connect!
Cheers

We have done similar in Victoria BC.

We bought a 5plex with cash for $900,000, renovated it for $220,000. Re-rented the building back out and then once all that was done we put a mortgage on the building for 1,000,000 and are only into it for just over $100,000. Cashflows great, is worth almost 1,500,000 now. 

There are lots of ways to get creative :) 

I do agree @Brian Dean that lending is starting to tighten up in Canada. They are being a lot tougher with the appraisals now and especially with interest rates rising. But its all about creating a good deal vs finding one.

We are finding the same experience here in Victoria with low inventory and bidding wars. The benefit to victoria is rent has increased about $200+ a bedroom this year as well. We have been lucky to find a few buy and holds this year that cash flow and also have room for further development. If you'd like to chat further about victoria investing please feel free to contact me, i love gabbing about it!

Hello Everyone,
My business partner and I have been working hard to put together a real estate meet up group in Victoria BC on Vancouver Island. We bring in monthly guest speakers from real estate agents, mortgage brokers, lawyers and accountants to landlord BC, developers, and a variety of others! We also have great group discussions on the market, help each other with tenant issues, tips and advice as well as try and do some motivational work to keep everyone focused and positive! We are currently at 40 members and looking to expand that number each month! If you are interested please feel free to message me and I can add you to the email list so you can start getting involved! Looking forward to hearing from you! 
Cheers
Randy

Hey Taylor McMullen , I am working on putting together some meet ups, teams, and information for vancouver island based investors. We have some very knowledgeable service providers available, as well as some very experienced investors. If you are interested in chatting and hearing about what we are putting together please feel free to message me and id love to fill you in. Cheers.

Hey Theo G. , Were starting a meet up real estate investors in Victoria BC. We have all sorts of deals we talk about all over the island, and even all the way to ontario where we have a team that renovates property to turnkey properties there. Please contact me via bigger pockets private message so i can send you my info Regards Randy Molland

I was actually at the same seminar. I signed up for the 3 day course in vancouver in november last year. I didnt buy into the guru system, but the knowledge you can get in 3 days from the course is actually well worth it. I learned more in 3 days then i had in 3 months prior. So much that i actually signed up again to take the 3 day course in victoria. Im hoping to meet local investors or people willing to partner on deals there, so the price you pay isent for a guru to tell you false info, its to build your networking, knowledge, and motivation on real estate! Then you take all that info back to bigger pockets and save yourself the $15,000 on the mentoring and find all the info here!

Originally posted by @Cal Ewing:

@Randy Molland

What an awesome introduction Randy. Welcome to BP. It sounds like you are hustling buddy. You are on your way. I started the SAVERS as well this week and am finding it to be a huge boost to my day as well. 

Best of luck with this latest deal.

Thanks Cal, excited to be apart of bigger pockets and take my education and networking to the next level.  

Hello my name is Randy,
About me:
I am 24 years old, I have been a journeyman electrician for 2 years now, i am never at home as i am always working side jobs, or exploring this beautiful city. I recently started reading and studying real estate earlier last summer, I attended the 3 day class from Keyspire and learned a great amount of knowledge and found it very interesting. I have listened to the first 30 episodes of the BP podcasts, read the beginners guide, read all the rich dad books, a number of other business and invest books, as well as have met with 4 REI in town and discussed how they are making it happen. I have now started furthering my experience by waking up at 4am and doing the "life SAVERS"(bp podcast 157) before work and found a huge boost in motivation and enthusiasm.

My Experience:
I bought my first house last summer, 3/2 townhouse brand new. I was just recently offered a private deal for a 3/2 upstairs, 2/1 downstair investment property. I put in a purchase agreement, and am currently just waiting for financing to qualify. The purchase price is $475,000 with 2 sets of washer/drying, stove, dishwasher, fridge. I am in the mids of screening renters my townhouse and am seeking $300 cash on cash return, (accounting for minimal maintenance because its so new). I plan on moving into the basement suite of the new property and renting out the top suite to cover 75% of mortgage. 

My Goals:
I want to buy a third property by the end of 2016, and then hopefully move on to multiplex homes in 2017. My goal is by the age of 30 to be living rent free in one of my units, with enough residual income that i can do my electrical work as a "fun" job, instead of relying on it to support me. The reason why i am pursuing this career is because my father passed up his own property management company to make sure he never missed any sports games us kids were playing. I want to establish myself early enough that i dont have to pass up an opportunity and can still spend that much time with my family.

Meet ups:
I am looking to meet with people on vancouver island (or chat online with people from anywhere) that are in like minded, very motivated,positive attitude, hard working and interested in pushing each other to complete our goals! I am yet to find a group in victoria but would love to hear from anyone who has or is attending any meet ups or classes!