All Forum Posts by: Shahriar K.

Welcome to BP Matthew and best of luck on your endeavors. There is lots of resources here that will help us Canadians also.

welcome Francis and wish you all the best. I bought my first place and rented it out when I was 22 years old, and I thank my dad everyday now who pushed me to buy it and helped me manage it. its great you are starting at the age you are in.

Thanks to having no debt but a mortgage which the rental income covers I am able to get a second mortgage for decent amount and am using my LOC for part of down payment. At the moment I am trying to see how I can get a second mortgage with 5 or 10 percent down only( and yes I will pay the penalty for being less than 20%) but since I am looking at flipping that I will include in the cost. the goal is do a few flips to have the down payment for rental unit and a flip. the Bank that has been good to me so far has been Vancity.

I would also like to say another option that I have seen is having international students stay at your residents. The rental income is very good(it depends to your location and country the students are coming from)and I haven't heard any horror stories of damages to the property, actually from the people that have done this they say the students are usually out discovering the city and traveling and not home. the only downside is you do have to provide meals and all the furniture's.

Hi @Dominica M. I have been looking for about 3 month so not giving up yet. Still Trying to study the market and seeing what is selling in the market. I have thought about looking at US market but only if I want to do buy and and hold which I don't think I am ready yet(as I want to raise more capital with fix and flip). and as some of the members here have mentioned there are deals everywhere just need to look harder.

welcome to BiggerPockets Dominika. I live in BC lower mainland and know how you feel about the higher prices here for buy and hold. I think there are deals to be had for fix and flip(still looking for that elusive first deal), buy and hold seems to be even tougher. I have started to look in to the smaller communities that have lower prices and there could be some better deals there.

The one thing I have notice is with the properties here at the moment they are gaining value quickly for example in surrey in few areas values have gone up by $80,000 in 2 or 3 years. something to consider.

thank you guys. There are some that properties that come up here, but seeing some of the numbers that others mention on the forum I just wanted to have a broader look at other markets (in my area 4plexes that generate around $40,000 gross income go for about $500,000 in smaller cities). I have your info Penny and looking forward to meeting you soon. Thank you everyone else for the info.

Good Morning BP memebers

Although I have been mostly looking at flipping properties(still looking for that first deal), me and my wife were thinking what would it take to earn $3000 in passive income after all the expenses were paid off. Also if you are investing in a distant market what would be the best type of property to invest in since I will be using a Property Manager.

thank you in advance

I live in surrey BC. I currently have a house with a rental suit and sold my rental property on Vancouver Island. looking to do a few fix and flips to raise capitals for buy and hold in surrey & maple ridge but its not an easy market to find properties or at least for me.

Hey Kevin

welcome to BP. That's how I bought my second property using line of credit. I used a mortgage broker to get my it and thats what I would recommend finding a great mortgage broker. remember its 80% of your house value minus how much you owe on the property. I am actually looking at getting a line of credit on the current property again and the great thing is if I am not using it I am not being charged for it. The only thing I would look in to if market price is rising for your property check to see if you wait a big longer could you get a larger line of credit or not.

btw I wish the prices in lower mainland were close to what you pay for. a destroyed 3 bedroom here goes for 300K in surrey :(.

good luck.