Great information in this thread, thank you, everyone, for your thoughtful posts!
Does anyone have any opinions/thoughts on Langford near Victoria? It's been described to me as Surrey but for Vancouver Island with lots of growth in the area. For reference: my realtor sent me this pre-sale opportunity recently below:
I have only invested in condos to date so this is up my alley, however, I've never done a presale before. I know the risks involved in a presale but several things interest me including the low rental rate, the rental "pool" (as they call it) and the reasonable prices for some of the units. I'll be taking a drive out to the island in the next month to visit Langford but curious to get thoughts on anyone actually living out on the island!
@Alex Butz My wife and I currently live and invest in Langford and would be more than happy to share what we know and have learned. Currently we are focused on up and down duplexes as they make the most sense for us and the partners we worked with or are speaking with. If condos is your preferred investment method as you say, then I would highly recommended Cheri Crause and her team at The Greater Victoria Property Group. Her and her team are not only Realtors, but they are investors and developers focusing specifically on the langford area. They are an awesome group, that know all about pre-sales and will be able to advise you one what to look for and stay away from.
If you simply want to ask questions about the area or are open to other investment options, feel free to contact me directly. We can share contact information through a private message.
@Randy Molland is absolutely correct. You cant look at a rental market and say "gee, I should be able to get that much rent based on current conditions" you must look at the property and say "I need this much rent to make it work" and then go out and find a way for the market to meet your demands. There are so many deals to be had all over the island, but you wont find them by searching the MLS and even if one appears, it will be gone in a day to a ready and waiting investor who can spot a "deal" a mile away. We have to learn from our neighbors to the south and follow the lead of the real sharks!
Nice to see this thread going strong after 2 plus years. Not a lot of attention gets paid to the island, which is just the way we like it!
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