Hungry Newbie from Kelowna, BC, Canada

28 Replies

Hello Bigger Pockets Community! My name is Eric Allan Wilson, I'm 26 and moving to Kelowna, BC, Canada at the start of December working for Big White Mountain Resort this year and intend of living there for a few years. I've become obsessed with the idea of using real estate to achieve financial freedom and to fuel my adventure travel lifestyle. 

I currently have ZERO experience. My plan is to build my network over there which includes a  Investor Realtor, Mortgage agent, property manager and contractor.  My experience is in the tourism industry that I'd like to develop in BC. 

My first investment property I'd like a Single-Family home where $300K I'm confident I'll be able to qualify for.  

Fingers crossed that this is the path to financial freedom. I look forward to being apart of such a strong community!

Hi @Eric Wilson ! Welcome to the BiggerPockets family! You came to the right place to learn all about real estate investing! Here are some recommendations for you:

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Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast

Hi, Eric! Welcome to BP. Everyone here started with zero experience, so you're amongst friends ;)

Sounds like you have a solid plan of attack to build your network. If you haven't already, take a listen to the BP podcast - it was a huge part of my education as I started in REI and will give you so much confidence to tackle this new venture.

Best wishes on your journey!

Christina - thanks for welcoming me!

Robert - Yes. I understand the the average price of real estate over there is over $650,000. I'm willing to buy outside the city. If it's unrealistic to have this goal, I'd love some input to get a bare bones starter single family home. 

Originally posted by @Robert Gunther :

Hi Eric, just to clarify you are looking for a single family home in Kelowna and your budget is $300,000 ?

 kind of wish I never sold my home at Okanogan  golf club.. I think I paid 200k CD which at the time was about 140k US

and it was a new construction looking down on the course and a great view across the valley.. 

I also had a seasons pass at Big white.. had a nice year there..  

@Eric Wilson a true single family house in Kelowna is not going to happen at that price. I just did a search for a stand alone single family, it is technically in Kelowna but most would not really consider it to be in the city. MLS number is 10162840 @ $319,000 asking. New construction 2 bed / 2 bath.

It is possible to get a townhouse in that price range for sure though, so you may want to consider that.

In general the cheaper properties around Kelowna will be in Rutland and on the West side (West Kelowna) will be found in the Glenrosa area.

Check out realtor.ca and you can get a feel for prices.

The city has seen a massive increase in prices since 2016 (double in many cases).  Things have slowed down a lot, days on market are increasing but prices have not really come down yet... but they should start coming down I think (hoping).

Originally posted by @Jay Hinrichs :

 kind of wish I never sold my home at Okanogan  golf club.. I think I paid 200k CD which at the time was about 140k US

and it was a new construction looking down on the course and a great view across the valley.. 

I also had a seasons pass at Big white.. had a nice year there..  

 Thanks for the input Jay. It's definitely an adventure lovers paradise! 

Originally posted by @Robert Gunther :

@Eric Wilson a true single family house in Kelowna is not going to happen at that price. I just did a search for a stand alone single family, it is technically in Kelowna but most would not really consider it to be in the city. MLS number is 10162840 @ $319,000 asking. New construction 2 bed / 2 bath.

It is possible to get a townhouse in that price range for sure though, so you may want to consider that.

In general the cheaper properties around Kelowna will be in Rutland and on the West side (West Kelowna) will be found in the Glenrosa area.

Check out realtor.ca and you can get a feel for prices.

The city has seen a massive increase in prices since 2016 (double in many cases).  Things have slowed down a lot, days on market are increasing but prices have not really come down yet... but they should start coming down I think (hoping).

Thanks for the input Robert. I'll re-evaluate my strategy moving forward. Until I arrive in the area I don't feel I'll have a great grasp of the market down there and exactly where I'd look to invest. 

This has been a great start for me and I very much appreciate it! 

Welcome @Eric Wilson

I am from Kelowna and started investing 3 years ago and already reached our 3rd property. (A condo in Kelowna across the beach, a Townhome in Rutland and just bought a condo in Victoria)

As mentioned above, prices in Kelowna skyrocketed ever since (I.e. we bought a Townhome for 295K in 2015 and now is valued around 450K) so take your time. Perhaps focus on cash flowing condos as an easier entry or team up with another investor in a JV relationship.

Wishing you a prosperous future and ongoing success 

Edison  


Hi Edison, thanks for the advice. After looking in the prices in Kelowna I see what you mean. I got a job at Big White and looking buying to condo there so I can easily take care of it and dip my feet in short term rentals.
Thanks for the heads up and look forward to speaking with you more.    
Originally posted by @Edison Reis :

Welcome @Eric Wilson

I am from Kelowna and started investing 3 years ago and already reached our 3rd property. (A condo in Kelowna across the beach, a Townhome in Rutland and just bought a condo in Victoria)

As mentioned above, prices in Kelowna skyrocketed ever since (I.e. we bought a Townhome for 295K in 2015 and now is valued around 450K) so take your time. Perhaps focus on cash flowing condos as an easier entry or team up with another investor in a JV relationship.

Wishing you a prosperous future and ongoing success 

Edison  

Nice to hear from your @Eric Wilson

Big white is a good place to invest (for the price) but be cautious about short term rental policies up the hill. Several years I was planning to buy a condo there and manage my own STR gig but I found out they don't allow it . Big white has the monopoly and STR rentals need to go through their pool and they craw 50% of your daily rates.

Cheers

Edison 

Hello! @Eric Wilson

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp



The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)

Welcome @Eric Wilson  ! I'm pretty new to BP as well :)  Keep in mind that some Big White properties can have ridiculous strata fees for a two bedroom condo ($700+/mo). I got a nice half-duplex last year for $400k in West Kelowna with 2 suites which is cash flowing pretty nicely, so there are decent finds still out there. 

@Kieran Tether

Thanks for the advice Kieran. I’m actually looking into Kelowna more now because the markets gone down a bit here. I’d sent a connection request and if love to talk about how your drunken in West Kelowna is doing.

Thanks in advance!

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