All Forum Posts by: Beau Walsh

@michael_sikerka thanks for the advice.  I guess my worry is that if a correction happens then I'll have cash flow but no way out of the property or way to buy another one. And cause prices are so high it may take me 6-8 years to buy another property at 20% down with out the help of appreciation.  Where I live you can only have one property with less then 20% down.  So would need the first to be paid down by 20% or some appreciation before I can get another or even my own place.  Not sure the best move.  

I'm currently trying to decide what to do and would like some advice. I've sold my live in flip and it didn't go as planed. You can see my other post for more details. Now I'm looking at a different strategy. I've identified an area out side the city that is in my budget that I can cash flow on with 5% down. It's a three bed three bath townhouse. Because it's a 5% down mortgage I would live in it for the minimum amount of time I have to till I can rent it out and then move out and rent somewhere cheaper to save money. My only concern would be this area hasn't appreciated because all the new products being built.  My girlfriend purchased a townhouse in this area 8 years ago and it's worth $20k less then it was from new 8 years ago.   It seem like a lot of new product is priced at the same as the older town homes but are about 100-200 square feet smaller.  I can find other areas closer to the city that have  appreciated about 7% per year but they don't cash flow.   Do you think it's a better choice in these other areas that might appreciate a bit more because there's a new skytrain linking  the downtown core coming in 2016 but don't cash flow ? 

So my neighbour came to me with an interesting idea. I'm looking to see if anyone's done this before.

He wants to sell the whole building to a developer. Our building is in prime location in Vancouver and has the air rights for ten floors. Currently there are 44 units and the building has 4 floors. It's a large foot print and could support a tower. I guess the hard part would be getting the support of everyone in the building. But with all the upcoming work that needs to be done it might be a easier sale.

Has anyone else done this before?

thanks everyone for the replays and keep you all posted.  

@Tanya Braun thanks for the support, I feel you will get a boost in the tri city area when the sky train is finish, hopefully it's enough to get you out of your sistuation.  

@Will Barnard  I too look forward to hearing your story. I'm stresses enough losing a relatively small amount of money, I couldn't  imagine how much stress you have if its over six figures.  

So I think I've decided to wait one more week before going a head with a price drop. My reason is with the new unit in my building being listed this weekend, is $60k more then mine and it not being renovated it will make mine more attractive. I have already seen an increase in showing request. So if still no offers after this week I'll proceed to drop it to $375k and cut my losses.

Yes I love audible and have many books from there. I also listen to the real estate guys podcasts and it's not too bad but they pitch some of there events, but I get it. Also sometimes Rich dad radio show but I don't find it as useful as BP.

I have listened to all the Bp podcasts and was looking for some recommendations of other real estate podcast or business. I have a job where I can listen to podcasts all day long so I eat them up. Thanks

@Nick Stango it's been listed since November.  I originally listed for $424k under a different agent.  I've since changed realtors and is now at what I feel is a reasonable price.  However I just got an email a few minutes ago from my agent saying the unit that sold on my floor for $430k is now being put back on the market cause the owner go transferred.  It's now related for $449k.  It's square feet is 866 and mine is 749.  That puts it at $518 per sq ft compared to mine at $522 per sq ft.   Maybe it's my inexperienced but I feel like missing something if he wants me drop it to $360k 

@Dana Whicker yes agreed if I had a choice I wouldn't invest in any more hoa's.  

This is my place.