Vancouver BC, Cashflow in this market? Buying today crazy?
Hi All,
I am living in the hot market of Vancouver, BC. I now have some equity in my home because of the crazy market and so I was looking to buy my first investment property. A few questions have come up....
1. Is it wise to leverage yourself into your first investment property?
2. If you are in a hot and possibly peaked market (Things have slowed right down after the introduction of the foreign investor 15% tax) are there any real good opportunities to get cash flow positive properties? Do you wait?
3. With home prices averaging 700-900k in my area, is a townhouse or condo a good second option? I wanted land, but if they are out of reach? So far have not found any that cash flow positive...
4. I could also partner for a multi family/duplex etc... (closer to cash flow positive, about even on a good find.) , but partnerships complicate things...
Any one else in a market like this with similar questions?