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.
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.
@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.
Hi Michael, I just send you a connection request, once you've accepted I'll shoot you a message :)
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.
Check out smaller 5+ unit multifamily in Chicago and the burbs. There are some properties you can even make work on a 15 year loan at 25% down and over 10% COC return.
@ryan valdes - I invest in Abby/Mission and done alright for my self. If you are willing to put in the work there are properties that fit my investment criteria here. I've been suggesting anything in the Sandyhill area for 10+ years. 650 PP; 2500 upper and 1600 lower or the ballpark there of.
I've owned 5 doors out this way for 10 years, never had an issue and all my tenants are over 60.
@Ryan Valdes Welcome to the world of real estate and ownership. It sounds to me that you are looking for a term longer than 5 years? I'm curious, what's your reason behind this?