All Forum Posts by: Stanley Kong

Hey @Robin Brown I just got back from a local meetup that I learned a lot from. They usually share some local deals as well. Have you attended any local meetings yet?

I have been to Synergy Real Estate Network and Earning Passive Income Through Real Estate both have been great meetings.

Synergy does 1-3 meetings per month and is usually in Surrey cost is $10/per meeting or $100/year. The EPITRE meeting is once a month in Vancouver cost is $5. 

I plan on using it as a down payment for  pre-sale property developments and write off the interest against my income.

@Darcy Hocker Do I need to have full equity in order to lease option? If so I am a long ways to achieve that in a market near me. It does sound like a great strategy for distance investment tho.

 I have not yet explored AirB&B rentals yet, although I have heard some good things. It just feels like a seasonal business to me and I'm not a big fan of seasonal businesses.

Hi @Scott Breier were you able to locate a Tax specialist? I have been following the thread for a contact as well.

This came up because I asked my agent for comps on my current residence. I found out that my neighbour downstairs sold their property and on the listing it listed as 943 sq feet. 

However when I looked it up on my Strata AGM documents I saw that the unit was only in fact 842 sq feet. Is it normal to be off that much?

Also.. on a separate occasion.. I was looking at some properties that were listed as "Fourplex" however when I look into the description it says that it is a Duplex, but the basements (unauthorized) are rented out. And in fact it only has 2 seperate addresses and not 4 separate addresses.

How truthful do these listings actually have to be? 

Does anyone have any experience with listings that are way off? 

Do real estate agents who post these not get scrutinized by the law? 

Is it because they have that little fine print that says "The enclosed information, while deemed to be correct, is not guaranteed." ?

And if anyone from Vancouver BC can answer this for me as well it would be great. 

Thank you for the great tips @Chris Dawson ! 

Thank you for your response @Charles Lemelle. I made an appointment with my bank, and I'm very excited to see what they say.

Vancouver is very expensive to invest in, and difficult to find any cashflow properties with decent cap rates unless you go 1.5-2 hours east towards Abbotsford/Mission. Or invest in the island or the interior. I'm new to this and I myself am looking for buy/hold properties at the moment as well.

Hello BP, 

I'm wondering how much equity I actually have at my home right now. 

I bought for 202k originally with 5% down. Original mortgage was for 198k and after two years it is now 189k. 

Recently my neighbour underneath me in the same apartment complex sold their unit for 290k. All the units are the same size.

Therefore can I use that selling price a FMV comp and use that as my equity basis? Or do I need an appraisal to determine that first?

My real question is did 90k just magically appear from nowhere for me effectively making me have over 20% equity therefore I can unsubscribe from the CHMC default insurance. And also making me eligible for a HELOC.