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All Forum Posts by: Wendell Fong

Wendell Fong has started 2 posts and replied 84 times.

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

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

I read an astounding article today regarding rent increases in Prince Edward Island.

https://ca.yahoo.com/news/forged-lease-document-leads-house-204956798.html

Essentially if a tenant leaves a unit and you rent to a new tenant.. you can only increase the rent by the % set by the province.   Can someone that owns RE in PEI confirm this?

Post: investing in Vancouver Island

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

Try Jason Ridout for information on Vancouver Island investments. 

Post: Looking to network and invest in Calgary

Wendell FongPosted
  • Investor
  • Vancouver BC
  • Posts 87
  • Votes 60
Originally posted by @Waqas Abla:

@Wendell Fong Hi there! Thanks for your comment. I'm curious to know why did you choose Edmonton over Calgary?

In multi family +10 doors, Edmonton price per door is maybe $120,000/door just North of the river and mabye $150,000 South of the river.   In Calgary, you are probably looking at 150-200k/door.  Edmonton has better cash flow, and the corresponding reduction in appreciation potential.    If you are looking for just cash flow and know how to manage repairs&maintenance then Edmonton is the better bet.    Just don't expect any gains from appreciation.

Post: What 2021 accomplishments are you proud of?

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

Biggest accomplishment of 2021 was extracting myself and three other investors from a failed JV. It took a lot of creativity and brainstorming to come up with a possible solution. Then it took a ton of hard work with the help of accountants, appraisers, and lawyers to get it done.

All of the accomplishments i have read so far are all purchases or upgrades. Mine was learning a ton from a giant failure.  There is a long story there, but you wanted 50 words so that is 50.

Post: Investing in Vancouver

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

DM's sent. 

Post: Investing in Vancouver

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

Welcome to BP.

There is a meetup on Oct 20, 2021 06:30 PM in Edmonton,  5:30 Vancouver.  It is both virtual and in person if you prefer.   Send me a message and I will forward the link.  The topic this month is the Smith Maneuver, which is advanced investing techniques.  I find the networking that happens at the beginning and in the break more fun and valuable.   

Post: Is Cash Flow really King?

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

Welcome to BP Christopher,

If you are buying an investment property, yes cash flow is king.  It allows you to ride out the market when there is a dip.   You still make gains by positive cash flow and equity gains with every mortgage payment and you are not in jeopardy of losing the property if you lose your job.

Post: Buying an Office Space - Which Square Footage to Use?

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

I was going to explain this in my own words, but i found a decent explanation and just cut and pasted. Your answer is at the bottom, it is the gross or rentable sqf.

https://42floors.com/edu/beyon...

A commercial office building is not made up of private offices and cubicles alone. Corridors, meeting spaces, lobbies, stairways, restrooms and so on are used by all building tenants, and landlords charge for the use of this space as well. Rentable office space means the usable square feet of the office space plus a pro-rata share of building common areas. Pro-rata means that tenants pay for these common areas in proportion to the amount of space they lease in the building.

Load Factor

To calculate rentable square feet, landlords use what is called a load factor (also called a common area factor, or an add-on factor). This number is based on the percentage of common areas found in the building. If a building has a total square footage of 100,000, with 85,000 usable square feet (which is to say 15,000 square feet of common areas), the load factor would equal to the rentable square feet divided by the usable square feet, or 1.15.

Building Rentable Square Feet ÷ Building Usable Square Feet = Load Factor

100,000 ÷ 85,000 = 1.15

This load factor is then multiplied by individual tenants' usable square feet to come up with the total rentable square feet. If a company desired to lease 5,000 usable square feet, for example, this number would be multiplied by the load factor of 1.15 to reach the number of rentable square feet:

Tenant Usable Square Feet x Load Factor = Tenant Rentable Square Feet 5,000 usable square feet x 1.15 = 5,750 rentable square feet.

The rentable square foot amount would then be multiplied by a rental rate to come up with the company's total annual or monthly rent.

Post: House-Hack in Abbotsford or any other suburbs of Vancouver

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

My advice is to look at the first time home buyer's program and see what the requirements are.  Wait at least until after the Federal Election in a couple of weeks to see if there is a new program or changes to the existing one.  Do either you and/or husband qualify for the program?    

Post: Private owner sale

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

Is this for a primary residence or a rental?