All Forum Posts by: Stanley Kong

Just got back from a local meetup.. to my understanding..

All that has changed is that there would be 2 clauses added to every contract.

1) Seller has to approve that the buyer can re-assign contract

2) Profit from buyer's reassignment goes back to the original seller.

However.. the seller can remove those terms..

Why is this really happening? It is so that the government can receive their property transfer tax twice.

Hi @Robin Brown welcome to BP! It's possible to find some cashflowing properties in Abbotsford if you look hard enough. It's more of a 0.7% rule in Vancouver.. or do I dare say in BC.

Hi @Ronaldo Reyes ! Welcome to BP! I'm also new to REI and looking to do my first deal within the year.

I'm also in the same boat as you right now, as Vancouver is so expensive. 

A local Real Estate Group that I have attended a meeting recently is Synergy Real Estate Network I attended their meeting on How to Invest Locally and Profit in Today's Crazy Market. Learned a lot actually and they did present a few cashflow positive buy and hold deals in Abbotsford. 

Myself.. I am looking to potentially invest in Northern BC if the LNG passes. As Rich Dad says.. Real Estate is only as valuable as the jobs that are there.. I believe that the 3000 extra primary jobs the LNG creates would give real estate a boost there. Of course right now it is just speculation so I am saving up my funds. 

Hope to see you in one of the meetings soon! 

@Akash Sharma

Please let me know how your wholesaling adventure goes, I went to a local REI meetup a couple weeks back and got more insight on our current "ludicrous market".

As wholesaling relies on finding motivated sellers, it would be difficult to find deals in the lower mainland as it is currently such a strong sellers market. Average sale on the MLS closes in 12-16 days. We have more motivated buyers than we do motivated sellers, did you know we have people buying properties with no subject now?

I'm in the same boat as you right now. Starting out with not a lot of capital but want to do the first deal, perhaps it is not the right strategy for this market.

Hi Akash, 

I came along this post in the forum. Maybe it could help you? 

https://www.biggerpockets.com/forums/48/topics/77999-finding-comps---faq

This is great info, before this thread I didn't even know what an "Arm's Length Mortgage" was. Learn something new everyday. 

Can someone please explain to me LTV? (Loan to Value)

If Olympia is offering 100% LTV doesn't that mean it is no money down?

@Account Closed Okay this is constructive, please enlighten us with your knowledge of property management and what would be a more realistic number to plug into that category. I got 10% from a BP webinar as an assumption, and I am currently doing my own due diligence and research on property management companies. As I am new to this I want to be as conservative in my numbers as possible, and your input and experience would be greatly appreciated. 

Hi @Account Closed , I have accounted 10% annual gross income in my analysis for property manager. There are local property managers in Prince George and I would be putting one of the local ones in place to manage my rental property. 

When I think of investing, I like to put the end in mind. By that I mean that I would never want to actively be the one to collect the rent and deal with any tenant issues. I do not want to make it a job where if I had for example 50 rental units I would have to visit and deal with them everyday. 

And what do you mean by remote? Prince George is considered the 2nd largest city in Northern BC, so it's not like it is deserted or anything. 

If I did need to visit my investment, it is only $300/average round trip flight and an hour away.. Which according to my analysis should still keep me in a cashflow positive position even if I needed to visit every month. (hopefully not)

Hey Akash, I'm also new to REI in your area. Welcome to BP!

Have you posted an ad on CL yet for wholesale leads?

I'm very excited! And it looks like there is some progress as Local First Nations sign natural gas benefits agreements.