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All Forum Posts by: Shaidah K.

Shaidah K. has started 7 posts and replied 39 times.

Post: Vancouver Island, BC CANADA

Shaidah K.Posted
  • Rental Property Investor
  • Richmond, British Columbia
  • Posts 41
  • Votes 7

We used Carlee Jahelka and we enjoyed working with her. We put offers on several houses that she looked at on our behalf and our best rental is one of those houses.

Post: 2014 Purchase, Buy & Hold

Shaidah K.Posted
  • Rental Property Investor
  • Richmond, British Columbia
  • Posts 41
  • Votes 7

@Andy Crooks Congrats, looks nice from the pic! You purchased in 2014?  What is the value today? Have rents gone up? 

Post: My 1st Real Estate Acquisition - Single Family Home

Shaidah K.Posted
  • Rental Property Investor
  • Richmond, British Columbia
  • Posts 41
  • Votes 7

Congrats! Nice work and nice looking home.

Post: BC Assessment values

Shaidah K.Posted
  • Rental Property Investor
  • Richmond, British Columbia
  • Posts 41
  • Votes 7

@James Ma Having your properties overvalued isn't such a bad thing... If you need to get a line of credit on them, it could be beneficial and it gives you more equity in the property. Your taxes will go up but I don't think the increase will be too astronomical.  

As for killing it, I am trying to reach FI by 45 so this is how I plan to get there. This morning I listened to vancouverrealestatepodcast-151 with Janet Lapage who has gotten to 10,000 units in 5 years. She lives in North Van and invests in the US.  Now she is killing it!  I am just on a stepping stone looking up at her. 

(I am not affiliated with this podcast, but really impressed with the quality of their podcast and the info they are putting out there).  

Post: Land Development in North Concord, NC.

Shaidah K.Posted
  • Rental Property Investor
  • Richmond, British Columbia
  • Posts 41
  • Votes 7

Hello Gerald,

I work for a municipality in land development engineering and have worked with developers to develop their land for over 15 years, however, I am not a developer.  Here are the steps I would take, and things may be different in your City vs where I work so make sure you double check your requirements.

1. Go to the City and confirm with the planning department that your lot is developable to single family homes. Make sure it is not slated to be turned into park land, or a conservation area, or anything else.  See if they have a plan for the area, NCP (neighbourhood concept plan) or an OCP (official community plan) and check if your property needs to meet specific plan, eg. townhouses fronting the arterial (busy roads) and single family on the local roads, maybe with a small neighbourhood park in the centre. Find out if rezoning is required and what zone would be permitted. Ask about timelines for zoning and find out specific projects that met the shorter timelines they give you. Then get the names of the planning/engineering consultant firms that met the shorter timelines. 

2. Retain a consultant.  You need a local firm who is familiar with that municipality, who has met timelines. They should have planning staff and engineering staff. I do not recommend going with a planning only consultant and then retaining a separate engineering consultant because I often see lack of communication between two separate consultants. An architect may be required if you are building townhouses, a house designer if you are building just single family homes.

3. Your consultant should be able to put together proforma outlining the costs to get your site to rezoning and subdivision. They should also be able to give you costs for construction of all services (roads, water, sewer, drainage, hydro/gas/tel), and all the fees that will be required (their consulting fees, city admin fees, development cost charge fees (DCCs).

4. You need to decide if you want to build each lot or sell the lot serviced and have the new owner design and build their home.  Different areas support/ allow selling of serviced lots vs. selling built homes.  It really depends on a lot of factors- here both work but it depends on the market as to which sells faster.  

5. Plans will need approval, reports will need to be completed. Reports such as geotechnical, arborist, environmental, traffic study, etc.  Retain a law firm that deals with development legal documents such as statutory rights of ways, subdivision plans, restrictive covenants and easements.  Meet all the City requirements to get your development to rezoning and subdivision. 

6. Once your city council grants rezoning, and they City Approving Officer signs off on the subdivision, and all legal documents are registered, your lots are then registered and you can build on them or sell them.  If you are selling them and they aren't serviced, be sure to commit to having the services constructed by a certain time and be diligent to meet that time line. I have one development that got their subdivision/rezone and the developer immediately sold off the lots at the peak of the market. 3 years later, those owners are constantly coming to the city asking why they can't get building permits on their lots as the developer hasn't been paying his contractors and the roads and services haven't been complete. These owners have been paying their mortgages on the lots but can't build houses yet. Be a good developer and work on maintaining good relationships and reputation.

If you have more questions, I can do my best to help you. Good luck and keep us posted on your development journey.

Post: Vancouver and Victoria British Columbia Intoductions

Shaidah K.Posted
  • Rental Property Investor
  • Richmond, British Columbia
  • Posts 41
  • Votes 7

@Kris Bucci

You are livin' the dream!  Acreage with an income property to pay the mortgage!  

Just so I understand, you are planning to subdivide your 12 acres and create 3 lots?  2 lots with 2.5acres, and your remainder parcel of 7 acres?  Every municipality has their own zoning bylaw with their own zones and requirements of each zone.  

Why are you planning to create stratafied lots?  How about rezoning to a zone that allows you to sell buildable lots? Subdivision and Rezoning (usually) trigger the same upgrades and pretty much the same amount of time, the difference is that rezoning needs Council approval. In my municipality, we don't really do any stratas like that, more like condos/ townhouses/ and commercial stratas.  But the stratafication process always comes in later, after the rezone/ subdivision. I am not sure if I am providing any useful info to you, sorry. My expertise is in urban areas. Perhaps a new thread for this topic for the community to comment on.

Post: Vancouver and Victoria British Columbia Intoductions

Shaidah K.Posted
  • Rental Property Investor
  • Richmond, British Columbia
  • Posts 41
  • Votes 7

Hi and Happy New Year!

My name is Shaidah and I live in Richmond. 

I am an investor that keeps getting priced out of areas.  We wanted to own rentals in Sechelt but quickly got priced out after our single purchase, then Nanaimo, and recently Campbell River. Even CR is getting too high as nothing is in the price range of my recent purchase.  It just means we need to make better deals now.

It is our plan to move to the island in the next few years (once we sell our primary residence for redevelopment to townhouses).  Similar to @Jason Ridout, I want to buy acreage (I dream of having a hobby farm) with two houses. I also want to get into a small multifamily but would like to wait a year to pay down some debt (HELOC) and see where the market and interest rates are going.

I also work for the City of Surrey in Land Development Engineering in case anyone wants to reach out with local land development questions:)  

Post: BC Assessment values

Shaidah K.Posted
  • Rental Property Investor
  • Richmond, British Columbia
  • Posts 41
  • Votes 7

@Brianne H.

I listen to the VancouverRealEstatePodcast.com. Check out episode 144 and episode 142. There may be other discussion about it but both of those episodes are share data explaining why a recession is coming. I am not an expert and trying not to believe everything in the media but those two guests from that podcast are "experts".  

As for assessed values vs. comps, I noticed that properties in the areas of my investments that sold around July1/18 have an assessed value at or very close to the sold price.  I know last year, BC Assessment changed their way of assessing properties to be closer to market values. Hopefully your appraisal comes it at or above what you are hoping!  

Post: BC Assessment values

Shaidah K.Posted
  • Rental Property Investor
  • Richmond, British Columbia
  • Posts 41
  • Votes 7

@Brianne H.

I am not a real estate agent but it seems nothing is currently selling... like my neighbours house has been on the market for two months at $1.5M and it is assessed at $2M (to be part of a future land assembly).  

The assessed value is from July1/18. I have noticed other sold prices from December/18 to be below assessed value and sold homes from earlier in 2018 to be above assessed value.  I am in it for the long haul, but its nice to see property continuously going up at approximately 10% (conservative) in BC. 

Then again, we are expecting a recession in 2020...

Post: BC Assessment values

Shaidah K.Posted
  • Rental Property Investor
  • Richmond, British Columbia
  • Posts 41
  • Votes 7

BC Assessment posted updated property assessed values on January 1st, 2019, assessed on July 1, 2018. I use these values as a conservative value when calculating my networth. All my properties have gone up in value.  My most recent acquisition in Campbell River is still valued at less than what I purchased it for.  These values do not represent "market value" but I like to use this site often as I check recent sold prices near my investments.  Here is my breakdown:

Surrey townhouse increased 22% (Almost double what I purchased it for in 2010)

Sechelt house increased 10%

Nanaimo house 1 (desirable area) increased 7%

Nanaimo house 2 (less desirable area compared to #1) increased 12%

Campbell River house increased 10%

My investment portfolio assessed value went up approx. $220,000.

My primary residence (Richmond) went up 13%, over $160,000. (Increased 350% since purchase in 2005)

How do your properties compare?