new investor from British Columbia, Canada

New Member Introductions
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new investor from British Columbia, Canada

Daryl Foot
Contractor · coquitlam, B.C · Member since 2015 · 5 posts · 2 votes

hello!

My name is Daryl, I live near Vancouver, Canada. I am 24 years old and currently have 2 single family homes, 

I started investing when i was 22 and absolutely love it, I hope to make it a bigger part of my life. As you may know Vancouver is not a affordable place to live, let alone grow a portfolio. 

I was able to buy 2 roughly $500,000 properties that cash flow well, however now I am stuck, appreciation in the area and market demand has pushed all of the homes into a price range that doesn't allow for the numbers to work! houses are going for 100,000$ over asking in some cases.

So I am looking to increase my knowledge about buying properties out of the lower main land of B.C.

I briefly looked around your guys site, love the ease of navigation and the fact that you can get started for free! That doesn't happen very often! 

I am wondering if there is a group of Canadian investors on this site or anyone who has experience in the Canadian market. I am very excited to grow my portfolio here in Canada and abroad ( eventually )

Thanks for reading!

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  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    10y

    @Daryl Foot

    Welcome to Biggerpockets. Great to have you on the site. Check out the local forums, we have one for Canadians. 

    BiggerPockets
    0Reply
  • Cal Ewing
    Investor · Calgary, AB · Member since 2014 · 182 posts · 32 votes
    10y

    @Daryl Foot Welcome to BP. 

    One thing you can do to find other Canadian investors, or threads discussing specific topics you are interested in is to set your keyword notifications. Go to your profile page (top right), then select "key word alerts", on that page click on "Key Word Alert Settings". 

    For example, I invest in Houston and I am into investing in Tax Deeds but am also interested in conversations about Calgary and Canada so I have all 4 of those as keywords and I get an email any time those words are mentioned (which is how I found your post). 

    There is probably a Bigger Pockets meet up group in the lower mainland that meets regularly, I would definitely check one of those out if I were you, or start one if there isn't one happening yet.

    Best of luck,

    Cal

    0Reply
  • Samuel Sedore
    Real Estate Agent · Kitchener-Waterloo-Cambridge, Ontario · Member since 2013 · 408 posts · 90 votes
    10y

    I know REIN has monthly meeting in BC if you join. Also try meetup.ca for local REI groups all of this along with the forum you should be able to reach out to some people and make connections.

    Great job on being 24 with those 2 single families in BC, tough entry market. Especially now with the new down payment law you might see some drawback on FTHB activity. Just curious what does a 500k single family home rent for?

    0Reply
  • Daryl Foot
    OP
    Contractor · coquitlam, B.C · Member since 2015 · 5 posts · 2 votes
    10y
    Originally posted by @Samuel Sedore:

    I know REIN has monthly meeting in BC if you join. Also try meetup.ca for local REI groups all of this along with the forum you should be able to reach out to some people and make connections.

    Great job on being 24 with those 2 single families in BC, tough entry market. Especially now with the new down payment law you might see some drawback on FTHB activity. Just curious what does a 500k single family home rent for?

    Depends on location and size/finishes. 

    Where my homes are in the lower main land anywhere between 1700 to 2600. 

    In Vancouver a single family home can easily rent for 4000$ plus if it is nice and in a good area. 

    Also thanks for the insight I will for sure check out all the things you mentioned. I have heard of REIN. In fact I read dr Campbell's books and that's how I got started. 

    Thanks again ! 

    0Reply
  • Rich Nickel
    Real Estate Investor · Houston, TX · Member since 2014 · 40 posts · 11 votes
    10y

    @Daryl Foot   welcome to bigger pockets.  I grew up in the lower mainland.  That has always seemed like a tough market to start a rental portfolio.   Moving to Houston was a complete change in thinking with regard to real estate.  Although property has appreciated substantially in the past few years,  that is definitly not the norm for this market.  I'm a buy and hold investor.  I manage a few properties as well.  Would like to hear more about your goals and what specifically you are looking for. 

    @Cal Ewing  What kind of systems have you used to keep on top of your rental properties at a distance?

    Good to meet you gentlemen!

    Rich

    0Reply
  • Jett Rao
    Flipper · Calgary, Alberta · Member since 2015 · 99 posts · 15 votes
    10y

    Welcome to BP! @Daryl Foot

    0Reply
  • Lydia S.
    Real Estate Agent · Albuquerque, NM · Member since 2015 · 542 posts · 193 votes
    10y

    @Daryl Foot

    Great start and welcome to BP!

    Wishing you much success on your next venture.

    0Reply
  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    10y

    @Daryl Foot

    Welcome to Bigger Pockets. It is great to see you hear.

    0Reply
  • Cal Ewing
    Investor · Calgary, AB · Member since 2014 · 182 posts · 32 votes
    10y

    @Rich Nickel 

    Hi Rich, at this point I have only rehabbed in Houston. I have a partner there that helps me manage my rehabs and he has managed rentals before so if we were to keep some as rentals he has me covered up to a few properties. Growing a larger portfolio, I would have to hire a management company.

    0Reply
  • Shaidah K.
    Rental Property Investor · Richmond, British Columbia · Member since 2015 · 41 posts · 7 votes
    10y

    Welcome!  My husband and I have been looking outside the lower mainland to expand our portfolio, but even Abbotsford, Chilliiwack and the Island are getting out of the question.  My parents just sold their home in Surrey.  It was on the market barely 3 days and offers came in from 3 real estate agents so it didn't even make it to the public yet and they got more than asking price.  Good luck and I am looking forward to hearing about your deals!

    0Reply
  • Peter Crisp
    Engineer · Surrey, BC · Member since 2015 · 50 posts · 22 votes
    10y

    Hi Daryl,

    I'm in the same boat living in Surrey. My wife and I have a rental house in Surrey (our first real income property, and our former house) plus a legal suite, and a half-share in an apartment we rent out part-time on AirBnB. I don't consider that an income property but it's done well. I realized early that to meet my goals, and to diversify risk, I'd have to go outside of the Lower Mainland, since the main ways to make money here are redeveloping land or speculating in hot neighbourhoods, and I don't have the money to play in these areas. Executive rentals might be a good niche to look at in the Lower Mainland, or you can find someone in the business who can chase the 'hot deals' and hand them cash. In the meantime, you can use what you have and refinance them to fund other ventures (we've done a couple of refinances but not recently).

    We've gone into other markets - Windsor ON and NB (specifically Dalhousie NB). NB real estate is the polar opposite of here - the right property can generate good cashflow vs. the price paid, but appreciation, other than perhaps forced appreciation, isn't in the cards. Closer to home, WA and Victoria/Nanaimo might be good bets but I haven't gone there (yet anyway). Even the Island is expensive.

    Perhaps we Lower Mainland types can aim to meet up somewhere in 2016?

    -Peter Crisp

    0Reply
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