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All Forum Posts by: Wendell Fong

Wendell Fong has started 2 posts and replied 84 times.

Post: A Newbie on the block

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60

Hi Jhonny,

Welcome to BP.  

Ask lots of questions. 

If you are interested in Vancouver B.C. try attending a zoom meeting from Mogul Mastermind every last Wednesday of the month. (Google Mogul Mastermind)

Cheers

Post: Cross border tax and accounting recommendations

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60
Quote from @Marty Howie:

Hello,

I am a new member from Vancouver, B.C. I’m looking to purchase my first investment property in San Diego, California. 

Currently looking for tax, accounting referrals so I can gain some more info on the process. Any info is welcome.


thanks

I live in Vancouver BC and use Larson Gross in Washington State for my US tax returns/filings (various states).  If I need to (only 3-4 times in about 10 years) I can drive to their office in Bellingham.
https://larsongross.com/

Post: New member in Vancouver, BC seeking Alberta

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60

Hi TK,

Try looking up Mogul Mastermind. It is all RE investor focused.   Offices in Edmonton and Vancouver. The next meeting is November 29th, 2023 5:30 pm PST / 6:30 pm MST.

You can go in person if you are in Edmonton or by zoom if elsewhere.

Cheers

Post: Midterm rental for positive cash flow in Vancouver area?

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60

for LTR, lookup Padmapper or Zumper.  Enter your address and 1+1 bed/bath and take a look a the photos and asking of units near your location, or even better, units in your building.   You should be able to narrow down your  range. 

Post: First Fix & Flip - How to Create a Scope of Work?

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60

Welcome to BP Jefferson.

You need to give more background on the project.    Do you already own the unit?  If it is a condo in Vancouver, you should start with getting a copy of the Strata Bylaws and see what you can do without requiring the Strata's approval.  ie. anything that involves structure, plumbing, electrical and needs a permit will likely need the SoW you describe and it to be approved by the Strata before you can proceed. 

In my opinion, you are going at this backwards. You should have a fixed budget, and a list of items that you really need to fix and those that you want to fix. You also want to consider what items on the list will give you the biggest lift and highest ARV.

From the way you ask the question, it seems like you have a bottomless pocket full of $.

Best thing for you to do is to keep asking questions.  You also need a plan B for not being able to exit or flip the unit.  We are going into a rising interest rate environment, which may make it difficult for new borrowers to purchase your unit.  (reduce the pool of buyers) 

Post: Newbie investor doubts

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60

Welcome to BP.  Keep asking questions. 

Post: Looking for Cross-Border Legal and Accounting Referrals!

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60
Quote from @Karen Lee:

Thank you everyone for the great info!

@Nathan Chase would definitely be interested in discussing markets! PM'ed you.

@Joe Zabawa Thank you for the recommendations! It looks like each of them specialize in helping cross-border real estate investors.  Definitely going to interview a few of them.

For those based in the Vancouver, BC area, would anyone like to do a meetup to discuss cross-border investing?


Welcome to BP.

I use/recommend Larson Gross in Bellingham for my US Tax filings.

Post: Accountability for your 2022 investing goals

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60

Hi Philip, welcome to BP.  Try 

Jason Ridout he holds meetups for RE investors on Vancouver Island.   The one in December, he had Kyle Green (Mortgage Broker) as the guest speaker.
Cheers. 

Post: Fighting craigslist scammer using my home and photos?

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60

Thanks for all the tips.   I use Craigslist all the time and never thought of putting a watermark on the photos.

Post: PEI Rent Increase is Fixed even after tenant leaves?!?

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60
Originally posted by @Zach Denny:

@Wendell Fong

Hi Wendell,

Yes, unfortunately that's accurate. Rent increases are locked to the unit, not the tenant. IRAC (the regulatory board) sets the allowable annual increases, which typically range from 1-3%. It can make finding the right deal difficult, because you have to be very sure that the numbers work at the current rents. Though it's definitely still possible to find cashflowing properties. There are two ways around it:

1. 'Renovictions'

2. Application to IRAC to increase more than the recommended.

In both cases you have to submit an application to IRAC which may be approved or denied, though I've never done this.

Aside from this, I still think PEI is a great place to invest. You can still find cashflowing deals, especially single family that were previously lived in by the owner, so you purchased

it, convert to a rental and set the rents. The homes are affordable and have lots of appreciation upside. I own one and am closing on another in January that will cashflow well.

 Thanks for the detailed explanation. Guess I will not be buying in PEI.