Hey, real estate novice here.
Currently a 3rd year business student in British Columbia with an avid interest in real estate.
October 2014, I made my first real estate purchase and I was probably crazy to do it but it's been a year and I'm already looking to do it again. My purchase was a joint venture between my younger brother and I. We purchased a studio apartment in Whistler, BC the main requirements for our purchase was being in the village and purchasing in a building with the fewest rental restrictions possible. Whistler is one of the most restrictive municipalities in BC, each building has differing bylaws and zoning that commonly restrict both long and short term rentals. We settled on our current property and purchased at a great price, for Whistler at least.
My brother is currently the tenant in the apartment in which his rent covers all expenses and allows for a small cash flow. In order to increase our current cash flow we have been renting out the apartment as a nightly rental to guests on AirBnB. Whenever my brother leaves Whistler for a weekend or two we rent it out. Nightly rentals average out at $175 a night for our studio.
Our plan is to purchase once again in Whistler to exclusively rent nightly with AirBnB, VRBO, etc. Since Whistler is a massive tourist destination that's shifting it's image into a four season resort we expect a occupancy rate of 60-70%.
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Thanks Mark, appreciate the advice.
Lately I've been looking more and more into the Whistler market for investing. I have seen some good deals on phase 2 hotel deals, was wondering since you're in the area if you've heard if these are able to cash flow. I am from Ontario so don't have ears on the ground. If not I've seen some under 300,000 that if rented weekly/nightly could have some great returns. Wondering what kind of deal you got on your studio apartment.
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