New to this, starting in Vancouver BC Canada. Looking for help

Member since 2020 · 7 posts · 0 votes

Hi there, I am a firefighter in Vancouver, and have been wanting to get into real estate investing for a while now, but prices here are very expensive with mortgage rates that can only be fixed for 5 years. Is there anyone here who is doing real estate investing and is able to help?

My wife is American, and we have been thinking of looking at doing some down there as well but unsure how that would work.

Thank you,

Ryan

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Account Closed

Investor · Member since 2020 · 33 posts · 12 votes

Originally posted by @Account Closed:

Hello Ryan,

Metro Vancouver is not a great place to invest for cash flow unless you really want to under-leverage (i.e. large down payment). Our biggest challenges are 1) tenant friendly (impossible to increase rents to keep pace with market) 2) High price per door 3) Poor rent to price ratio

If your approach is to gamble on appreciation, Metro Vancouver may be a fit, but I've found better overall returns elsewhere.

I second that Chris, that is why I'm looking at other markets, where are some markets that you have found success in outside of Vancouver? Currently I'm looking at chicago ill. and columbus ohio.

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Marlon FongPro Member
BiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes
6y
Hi @Ryan Valdes

Welcome to BiggerPockets and great to have you here! Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...

Read Beginner’s Guide: http://www.biggerpockets.com/r...

Check out BP Money Podcasts: https://www.biggerpockets.com/...

Wishing you the best!@Ryan Valdes @Ryan Valdes
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Ryan Valdes
OP
Member since 2020 · 7 posts · 0 votes
6y
Hi @Marlon
Thank you for your suggestions. I will check those out.
Ryan
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Justin Crawford
Real Estate Agent · Courtenay/Comox · Member since 2018 · 19 posts · 8 votes
6y
Hi Ryan,
I am an investor and a Vancouver realtor. Interesting times right now with the market. Could be some interesting opportunities for investors that were unable to get in previously because of the high Vancouver prices. Prices haven't softened yet, but I could see that changing. There are good deals in any market, but I think we could see more of them in the coming months. Let me know if you have any questions or want more information on the local market.
Justin
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Hai Loc
Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
6y
Originally posted by @Justin Crawford:
Hi Ryan,
I am an investor and a Vancouver realtor. Interesting times right now with the market. Could be some interesting opportunities for investors that were unable to get in previously because of the high Vancouver prices. Prices haven't softened yet, but I could see that changing. There are good deals in any market, but I think we could see more of them in the coming months. Let me know if you have any questions or want more information on the local market.
Justin

You think people are going to panic and sell? Do you think there are a lot of overleveraged owners in Van City? Isn't a lot of property free and clear from cash owners?
0 Reply
Craig CurelopBusiness Member
Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
6y
Welcome to our group BiggerPockets, Ryan!

This is the place where you can meet RE investors. A lot of information are here for your consideration in your investment. I am sharing some basic tips as you study our BiggerPockets site:

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in Your Area

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer Questions!
All the best in your real estate journey! See you around!

Best regards,

Craig Curelop

[email protected]Podcast Guest on Show #350
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Account Closed
Investor · Member since 2020 · 33 posts · 12 votes
6y
Originally posted by @Ryan Valdes:
Hi there, I am a firefighter in Vancouver, and have been wanting to get into real estate investing for a while now, but prices here are very expensive with mortgage rates that can only be fixed for 5 years. Is there anyone here who is doing real estate investing and is able to help?

My wife is American, and we have been thinking of looking at doing some down there as well but unsure how that would work.

Thank you,

Ryan

Hi Ryan,
It's a pleasure to e-meet you! Honestly I have been saving to get into realestate as well but Vancoucver prices are through the roof. That's why I am currently researching markets outside of Vancouver, mid-eastern states in the US to be more specific. You should definitely look into investing out of state, especially if your wife has an American citizenship, that may allow you to structure your business in a more strategic way. I'm hosting a realestate meet up in vancouver as soon as this covid stuff is over, let's connect and I'll send you the invite once it's rescheduled, would love to meet you and discuss further in person.
Take care,
Arshi
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Ryan Valdes
OP
Member since 2020 · 7 posts · 0 votes
6y
That would be great! I would love to learn more about investing in the states. It would be a pleasure to meet you and talk about this in person.
What made you look at the mid-eastern states?
Talk soon,
Ryan
0 Reply
Hai Loc
Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
6y
Originally posted by @Account Closed:
Originally posted by @Ryan Valdes:
Hi there, I am a firefighter in Vancouver, and have been wanting to get into real estate investing for a while now, but prices here are very expensive with mortgage rates that can only be fixed for 5 years. Is there anyone here who is doing real estate investing and is able to help?

My wife is American, and we have been thinking of looking at doing some down there as well but unsure how that would work.

Thank you,

Ryan

Hi Ryan,
It's a pleasure to e-meet you! Honestly I have been saving to get into realestate as well but Vancoucver prices are through the roof. That's why I am currently researching markets outside of Vancouver, mid-eastern states in the US to be more specific. You should definitely look into investing out of state, especially if your wife has an American citizenship, that may allow you to structure your business in a more strategic way. I'm hosting a realestate meet up in vancouver as soon as this covid stuff is over, let's connect and I'll send you the invite once it's rescheduled, would love to meet you and discuss further in person.
Take care,
Arshi

You mean mid-west? Like OH IND KEN
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Account Closed
Investor · Member since 2020 · 33 posts · 12 votes
6y
Originally posted by @Ryan Valdes:
That would be great! I would love to learn more about investing in the states. It would be a pleasure to meet you and talk about this in person.
What made you look at the mid-eastern states?
Talk soon,
Ryan

A huge piece is affordability, and growing economies and population growth are also very important. For example I'm looking at Columbus Ohio and Chicago to name 2 areas.
2 Reply
Account Closed
Investor · Member since 2020 · 33 posts · 12 votes
6y
Originally posted by @Hai Loc:
Originally posted by @Account Closed:
Originally posted by @Ryan Valdes:
Hi there, I am a firefighter in Vancouver, and have been wanting to get into real estate investing for a while now, but prices here are very expensive with mortgage rates that can only be fixed for 5 years. Is there anyone here who is doing real estate investing and is able to help?

My wife is American, and we have been thinking of looking at doing some down there as well but unsure how that would work.

Thank you,

Ryan

Hi Ryan,
It's a pleasure to e-meet you! Honestly I have been saving to get into realestate as well but Vancoucver prices are through the roof. That's why I am currently researching markets outside of Vancouver, mid-eastern states in the US to be more specific. You should definitely look into investing out of state, especially if your wife has an American citizenship, that may allow you to structure your business in a more strategic way. I'm hosting a realestate meet up in vancouver as soon as this covid stuff is over, let's connect and I'll send you the invite once it's rescheduled, would love to meet you and discuss further in person.
Take care,
Arshi

You mean mid-west? Like OH IND KEN

Yes Midwest, I'm looking at Chicago Ill. and Columbus Ohio specifically.
1 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
Originally posted by @Account Closed:
Originally posted by @Ryan Valdes:
That would be great! I would love to learn more about investing in the states. It would be a pleasure to meet you and talk about this in person.
What made you look at the mid-eastern states?
Talk soon,
Ryan

A huge piece is affordability, and growing economies and population growth are also very important. For example I'm looking at Columbus Ohio and Chicago to name 2 areas.

Columbus, Ohio is killing it with economic and population growth
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
Website View Page
2 Reply
Account Closed
Rental Property Investor · Port Coquitlam, BC · Member since 2017 · 520 posts · 527 votes
6y
Hello Ryan,
Metro Vancouver is not a great place to invest for cash flow unless you really want to under-leverage (i.e. large down payment). Our biggest challenges are 1) tenant friendly (impossible to increase rents to keep pace with market) 2) High price per door 3) Poor rent to price ratio
If your approach is to gamble on appreciation, Metro Vancouver may be a fit, but I've found better overall returns elsewhere.
2 Reply
Ryan Valdes
OP
Member since 2020 · 7 posts · 0 votes
6y
Hey Chris. I’ve been using the property analysis tool for places here and found the same thing. It’s hard to produce cash flow here.
Where are you investing? Are you looking out of province or the states?
0 Reply
Mikhail Abbott
Rental Property Investor · Gig Harbor, WA · Member since 2020 · 26 posts · 6 votes
6y
@Ryan Valdes
Hey Ryan
Yeah Vancouvers a tough market. Im originally from there but now live in work in Washington state as a FF. Have you looked interior? Kamloops, Vernon are growing markets. A lot cheaper.
0 Reply
Zeke Liston
Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
6y
Yeah, Columbus, OH is doing great @Ryan Valdes!
1 Reply
Tom Ott
Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
6y
Originally posted by @Ryan Valdes:
Hi there, I am a firefighter in Vancouver, and have been wanting to get into real estate investing for a while now, but prices here are very expensive with mortgage rates that can only be fixed for 5 years. Is there anyone here who is doing real estate investing and is able to help?

My wife is American, and we have been thinking of looking at doing some down there as well but unsure how that would work.

Thank you,

Ryan

Hello and welcome! Best of luck to you!
1 Reply
Ryan Valdes
OP
Member since 2020 · 7 posts · 0 votes
6y
Thanks for all the advice! Does anyone know someone who works with Canadians wanting to buy in the states?
0 Reply
Robert EllisBusiness Member
Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
6y
Originally posted by @Account Closed:
Originally posted by @Ryan Valdes:
That would be great! I would love to learn more about investing in the states. It would be a pleasure to meet you and talk about this in person.
What made you look at the mid-eastern states?
Talk soon,
Ryan

A huge piece is affordability, and growing economies and population growth are also very important. For example I'm looking at Columbus Ohio and Chicago to name 2 areas.

Very different places in terms of laws. Landlord friendly state (columbus ohio) vs tenant friendly (chicago IL) can make a big diff
[email protected]786-494-6766
Section 8 Launch52 Reviews
Website View Page
1 Reply
Account Closed
Investor · Member since 2020 · 33 posts · 12 votes
6y
Originally posted by @Account Closed:
Hello Ryan,
Metro Vancouver is not a great place to invest for cash flow unless you really want to under-leverage (i.e. large down payment). Our biggest challenges are 1) tenant friendly (impossible to increase rents to keep pace with market) 2) High price per door 3) Poor rent to price ratio
If your approach is to gamble on appreciation, Metro Vancouver may be a fit, but I've found better overall returns elsewhere.

I second that Chris, that is why I'm looking at other markets, where are some markets that you have found success in outside of Vancouver? Currently I'm looking at chicago ill. and columbus ohio.

4 Reply
Account Closed
Investor · Member since 2020 · 33 posts · 12 votes
6y
Originally posted by @Ryan Valdes:
Thanks for all the advice! Does anyone know someone who works with Canadians wanting to buy in the states?

Honestly I think you just need a good lawyer and a great accountant that are based in the markets you want to invest in and have experience in real-estate and with foreign investors. I don't know of any official groups but I've met a few people just off the forums, at the end of the day though it's going to be your support systems that will be doing the heavy lifting with regards to market knowledge, laws and structuring, that's what you're paying them for right?

0 Reply
Ryan Valdes
OP
Member since 2020 · 7 posts · 0 votes
6y
I couldn't agree more. I have bought two places for myself, and have made the most off of appreciation. I don't believe I would have been able to rent it out for cash flow, but I wasn't in that mind set when looking at it. Plus our tenant laws here are so strict, they have more rights than the landlords almost.
0 Reply
Account Closed
Rental Property Investor · Port Coquitlam, BC · Member since 2017 · 520 posts · 527 votes
6y
Originally posted by @Ryan Valdes:
Hey Chris. I’ve been using the property analysis tool for places here and found the same thing. It’s hard to produce cash flow here.
Where are you investing? Are you looking out of province or the states?

We invest in MF in New Brunswick... landlord friendly (no rent caps), low vacancy, and low price per door. I can't bring myself to invest in the USA with the current POTUS that makes decisions on a whim.

0 Reply
Ryan Valdes
OP
Member since 2020 · 7 posts · 0 votes
6y
@Account Closed That's interesting, do you find it difficult to buy out of province? Do you have a team that inspects the places that you buy or do you make the trips out there to check them out? There are definitely a lot of more affordable places to buy instead of vancouver.
0 Reply
Account Closed
Rental Property Investor · Port Coquitlam, BC · Member since 2017 · 520 posts · 527 votes
6y
Originally posted by @Ryan Valdes:
@Account Closed That's interesting, do you find it difficult to buy out of province? Do you have a team that inspects the places that you buy or do you make the trips out there to check them out? There are definitely a lot of more affordable places to buy instead of vancouver.

It's absolutely critical to spend time in province to build relationships and to fully understand the market. Many out-of-province investors believe that they can just pick up the phone, find a realtor, and ask for deals... that's just not how it works if you want to be successful. Once the team is in place, the distance doesn't matter; we are all looking out for each others' interests. My PM and realtor know what properties fit our portfolio and will send these to us for evaluation. I travel to the area a few times a year to maintain connections, but otherwise have no need to be there.

0 Reply
Michael K GallagherBusiness Member
Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
6y
@Account Closed if you're looking to get into the Columbus OH market I'd be happy to make any connections you need in the area or guide you to certain areas/locations based on your investment goals. I am currently house hacking a duplex on the east side of town and am happy to share numbers/specifics for the area.
[email protected]614-362-2231
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