All Forum Posts by: Stanley Kong

Hey everyone, 

Haven't posted here in awhile. Just want some insight from the community here on older wood-frame condos. If I do my due diligence on the property and check for the basics (leaks, piping etc.) and it all checks out; what is the typical age a wood frame condo would last? 

Heres the story...

Looking to purchase something to rent out for 15 years, and then have my retired mother live there afterwards.

@tj

Which area are you looking at now?

I'm interested in looking at your numbers, does it only cashflow after you re-fi it with appreciation put into account?

Hi @David Lade , 

Welcome to the forum! I feel your pain, I'm in the exact same boat as you minus the capital from your startup. lol 

As cashflow is virtually non-existant in our market.. What I've been told by many investors here is that you have to find a niche in order to succeed in this market. Some have recommended vacation rentals where you can possibly get twice the rent.

From going to meetups I have learned that it is possible to still get positive cash flow in east Abbotsford.

For myself, I am currently focusing on building up capital and at the same time I have my google alerts on "LNG in prince rupert." 

If the project gets approved, it would create thousands of jobs in Northern BC. At the current state there won't be enough homes therefore that would be a good time to invest in either SFR or syndicate Multi family deals.

Of course it is all speculation until that gets approved.

At the same time I'm also extremely tempted to buy a new development in the upcoming "Downtown Burnaby".

So until then I'm going to keep lurking around BP, and saving up capital.

I think it depends on the market for that specific city. In the Vancouver market, we have flippers like @Pawan J. taking a standard Vancouver lot and subdividing it into a duplex and selling them like hotcakes.

However if you travel 20 minutes east to Burnaby it is already a lot less prominent. Lots are larger (city of burnaby even assumes that you have a suite) and one side of a duplex could already be the size of a SFR in Vancouver.

So to get back to attempting to answer your question as a complete rookie.. I think it depends on the demand in your area and how many people are relocating from west to east to live in a larger lot for less money. (At the moment I am trying to convince my gf's parents to sell their 700 feet 2bd/2br condo in Vancouver for 800k and relocate to a mansion in Langley lol)

Hi @Aaron Saarela

That is really great to hear! What area in Prince George do you generally invest in? 

The VLA looks really good on paper but I heard it is super sketchy so I'm planning to get some boots on the ground first before I pull the trigger.

Perhaps we can meet for coffee and talk about it?

Hey guys, I have to miss this one as I am working that day. I'll be sure to attend the next one. 

I would like to know too. That is $300/night with zero vacancy. 

It's a 3 up 1 down w/ den therefore are you renting each individual room out for $100 netting you $400 and assuming 25% vacancy which would net you $300/night? 

Hi Stacey, welcome to BP. 

Is investing in the Kootenay Region mostly vacation rentals as it is a more rural area? 

If there are no local meetups, perhaps you can start one yourself.

Here's an interesting article on the Vancouver market being flipped like penny stocks.

I'll be there. Looking forward to meeting you all.