Success with Buy & Hold rental property in the Fraser Valley?
Hello all,
I am a new investor that has been doing a lot of research into REI over the last 3-4 months. Currently I own the condo I live in in Surrey, BC, and am hoping to acquire my first rental property this year. As I have done my research I have been having a difficult time making the numbers make sense for rental properties throughout the GVA, so I have been looking more into the Fraser Valley (Abby, Chilliwack, Mission etc). Nothing I have been finding comes close to the 1% rule. Also, any properties I have tried to analyze for practice, the Cash on Cash returns, cash flow, ROI etc are just a downright bummer.
Now I have only been looking on the MLS, and know that private deals may be out there, but my first little bit of searching has been a bit discouraging!
I have joined a few groups on MeetUp.com that meet within the Fraser Valley/Vancouver monthly to talk various aspects of REI, and hope to attend these over the next few months. I also went to a free REIN info session, but got a tad spooked by the hefty price tag attached to it.
I was wondering if any other investors out there have had success with Buy and Hold rental property in the Fraser Valley Area lately, not taking appreciation into account? Whether it be SFH with basement suites, or small multi-family units (<4), I would love to hear about your stories, and am always open for opportunities to meet and network!
Thanks so much for any advice, tips, or general feedback, it is all greatly appreciated!