All Forum Posts by: Stanley Kong

Hello BP, 

Newbie here from the extremely expensive Vancouver market. Very excited to be a part of BP and learn from all you pros, and one day of course be that pro and give the great advice back.

I stumbled upon BP from listening to the podcasts.. I like to make my car like my own little university where I maximize my commute time with learning.

After attending the webinar from Brandon, I decided to take the plunge and do my first deal in 90 days. I have no background in real estate but I have attended the Rich Dad seminar when I was 22, which gave me a  small sample of different real estate strategies. 

My short term goal is to do buy my first investment property by June 30th, 2016. I need to take that first plunge or I will never get started.

My long term goal would be to create a passive income allowing me to live forever care-free in all inclusive resorts or on a cruise. Can you imagine never needing to cook and clean? :)

Thank you so much for your response Roy. And for sure I will introduce myself in the Newbie section later today. I'm super excited to be a part of BP.

I agree with you that anything with Strata /HOA fees are not the best investments. As risk increases when there is a lack of personal control. When I do my due diligence on the property I will ensure that the pipes and the roof would have been already done as those improvements would be detrimental to the deal if it was a $20,000 project.

When I crunched the numbers with the calculator, I have set aside 2% for CapEx and 5% and 7% for Management (for the future if I want to bring in a rental management company). If I add all those numbers up it would be $154/month. If I set that aside in another account it would be $1848/year.

As there are initial repairs of 10k already when I purchase the property. Would the $1848 in reserves be enough if we make the assumption that there are no major projects sanctioned by the strata in the upcoming 5 years?

And yes Roy, I have considered looking outside the lower mainland for a rental either in Vancouver Island or in the interiors. I'm just not as familiar with that market and need to find a way to familiarize myself with it. Any tips are appreciated :) 

Is there another calculator that you would recommend for us Canadians?

After being super motivated from Brandon's webinar and deciding to do this within the next 90 days.. I analyzed a bunch of properties in Vancouver that would be in my price range if I bring in a partner.

It's a crazy expensive market here..

Yes.. I know condo's are not the best investment properties, but due to price it does not leave me with much choice

Yes.. I know it is only $50 cashflow if I split it down the middle, but it's a start right?

https://www.biggerpockets.com/calculators/shared/523644/b3c71f81-7f57-4939-bdc6-61b567a2a525