Wanted to start a thread to introduce local BP members with each other... So if you are from the lower mainland or Vancouver Island day hi, intoduce yourself and maybe mention who you hope to meet through BP....
I have just recently joined BP and it has quickly become a favorite resource of mine. My wife and I live in Vancouver, but we recently bought a duplex in Courtenay BC as a rental property. Although we love Vancouver, I was having no luck making the numbers work in Vancouver for a small multi family. Our goal is to buy another home in Courtenay/Comox with a suite that needs some work in the next year and actually move over there.
My goal with BP is to meet other investors who might be interested in partnering on a small multi family or participating by helping to finance a purchase. I am also a real estate agent that would love to help other BP investors with questions about local properties.
Thanks for starting a local thread.
Thanks for starting this thread. There are quite a few BP members from Vancouver Island. There is a very active meet-up group in Victoria that meets monthly. @Randy Molland is a contact.
I am a property & strata manager in Victoria.
@Justin Crawford that’s awesome. Sari and I have though about Courtney as well. I grew up on the North Island, so I’m pretty familiar with the area. We should keep in touch, I can see is being interested in partnering as early as this summer on a multi-family up there. Would likely be looking for a 6-12 door unit if we were going up there. But you never know, if it makes sense we may be interested in something smaller too.
If you have any interest in my neck of the woods let me know.
@George Holmes I actually attend Randy and Steve’s meet-up regularly, it is a great resource and they are extremely knowledgeable. I’m in the middle of my PM licence course and am looking at transitioning from the Navy to residential PM this summer.
Hello everyone, I'm in the mid island area and would love to meet up with people. I've got a rental in Port Alberni and am looking for another. @Kris Bucci , if you are looking for a 6-12 plex, I just viewed a 6 plex in Port Alberni. I have all the financials and info on it if you want to know more.
I am the event organizer for the Nanaimo Real Estate Investors Group on meetup.com if anyone wants to come out to that. I know Randy Molland hosts them in Victoria, and I'm sure they are bigger and better there, but Victoria is a long way for me.
If anyone is ever up the mid island area, let me know, I'd love to meet some more people and see what's working for them!
@Jason Ridout first off nice to meet you. Sari and I will for sure keep in touch and check in with you when we get up island again. Our kids play a lot of Hockey and Baseball, so we get to Nanaimo and Parksville on a semi regular basis. As well, I'll check-out your meet-up group and see if we can stop by a meeting sometime. Likely when it warms up a bit so we don't need to travel the Malahat during the winter nights.
If you don't mind sending me the info on the Port Alberni 6-plex we would love to have a look. Not sure we are in a position today to jump, but if we like what we see, we could be interested in a deal with you down the road.
I am an Investor from Vancouver Island. I have done everything from flips, BRRR, multi family and are currently working in the development area as well. We have studied and put in a ton of work to become experts on Vancouver Island, as well as now moving out to other parts of BC.
I love providing as much value as I can to people and coming up with creative solutions to help get them their goals! It is one of my favourite things to do.
I host a monthly meet up here in Victoria where we provide some of the most experienced real estate service providers to investors to help them get to the next step of investing. As well we building out a community on facebook to help keep each other accountable and provide as much FREE information to Canadian investors as we can! (You can check it out on facebook under "The REInvestors Community")
Looking forward to connecting with each of you and seeing how I can help you :)
Hi and Happy New Year!
My name is Shaidah and I live in Richmond.
I am an investor that keeps getting priced out of areas. We wanted to own rentals in Sechelt but quickly got priced out after our single purchase, then Nanaimo, and recently Campbell River. Even CR is getting too high as nothing is in the price range of my recent purchase. It just means we need to make better deals now.
It is our plan to move to the island in the next few years (once we sell our primary residence for redevelopment to townhouses). Similar to @Jason Ridout , I want to buy acreage (I dream of having a hobby farm) with two houses. I also want to get into a small multifamily but would like to wait a year to pay down some debt (HELOC) and see where the market and interest rates are going.
I also work for the City of Surrey in Land Development Engineering in case anyone wants to reach out with local land development questions:)
@Shaidah K. Sari and I are beginning preparations to allow further development on our land near Sooke BC. We own 12 acres of land (mountainous/forest) that currently has 2 homes on it. We plan on selling (Strata) 2x2.5 acre lots/homes. Unfortunately based on the local zoning we can’t sell bare land, so we will need to either build ourselves then sell or finder a buyer, enter into a contract to build and transfer title on completion. The Strata wound be small and only common property it would be responsible for is the driveway. We are open to suggestions or requests.
You are livin' the dream! Acreage with an income property to pay the mortgage!
Just so I understand, you are planning to subdivide your 12 acres and create 3 lots? 2 lots with 2.5acres, and your remainder parcel of 7 acres? Every municipality has their own zoning bylaw with their own zones and requirements of each zone.
Why are you planning to create stratafied lots? How about rezoning to a zone that allows you to sell buildable lots? Subdivision and Rezoning (usually) trigger the same upgrades and pretty much the same amount of time, the difference is that rezoning needs Council approval. In my municipality, we don't really do any stratas like that, more like condos/ townhouses/ and commercial stratas. But the stratafication process always comes in later, after the rezone/ subdivision. I am not sure if I am providing any useful info to you, sorry. My expertise is in urban areas. Perhaps a new thread for this topic for the community to comment on.
We are actually looking at 3-2.5 acres and 1 with the remainder of the land which will eventually have our retirement house. We plan on keeping the 2nd Strata lot and as mentioned sell off two.
As for the why, we are doing it that way is based on guidance from the district, who have told us based on the zoning and covenants we are unable to subdivide.
@Kris Bucci , it seems much more common place on the island here to turn larger lots into strata units instead of subdividing. Not sure why, but the RDN and local municipalities don't like subdividing much. I've dealt with many strata lot acreages around me. Some don't share anything, even a driveway. Separate wells, septics, driveways, and everything. You'd never know they were the same piece of property.
Ya, pretty much our entire area is broken into Strata lots. Mainly the only thing shared are driveways. It’s all fine, just harder to sell of portions as you need to build the house before creating the Strata. Not impossible by any means, just. It’s complicated.
Hi Everyone. We are in Duncan and looking at real estate as an investment beyond our own home. We currently have a small acreage with a rental on it, and are looking for more.. I'm thinking a full duplex or something, but in this market I'm not sure the rents would cover the mortgage. Maybe we need to start smaller? Or somewhere else where it isn't so expensive?
@Sara Lamont First off welcome to BP and congrats on being one of us who has the amazing opportunity to call Vancouver Island home.
Regarding cash flowing properties, we have found a suite spot of mainly up/down duplexes that Cash Flow (after everything paid and money set aside for maintenance) between 1200-1500 per month.
Purchase price for these properties are anywhere between 450-650k and range from small nice neighbourhoods to executive homes.
Feel free to send us and message if this may interest you or you simply want to chat further, or you can cheque out our webpage through our profile to learn more about us and what we have been doing.
Kris and Sari
I am new to BP and am still learning about Real Estate Investing, but it's great to see so many local people to me! I live in Victoria and it's encouraging to see that the methods taught in BP (as a US resource) work for Canadians as well. Has anyone from here ever invested in the states or do you prefer to invest locally?
Looking forward to connecting!
Hey @Sara Lamont !
Welcome to the investing world!
Im so glad to see you are starting to look at real estate as a tool to help you grow your wealth!
I am very well researched on Vancouver Island, especially in the Duncan area! I would love to chat with you about the opportunities that we have seen there! I will send you a message :)
Sara, as for your question about cash flowing properties in this market, it's tough for most areas on the island. I've moved my focus onto Port Alberni. It's one of the few places you can easily find cash positive properties with only 20% down. You can find deals that work in most markets, but it's easier to find one in Port.
I host real estate investment meetups in Nanaimo the third Monday evening of each month if you are interested in coming out and @Randy Molland hosts some in Victoria. Great sources for local information and networking opportunities!
@Randy Molland , @Jason Ridout - My husband and I have been looking and realized we may have overlooked a pretty important thing, which will likely change our next step. We built the house we are in, and put a legal suite in it, which we haven't rented out. We also have a mobile on the property, which is currently rented out. We could buy another house for us to live in, rent out the suite and the main part of the existing house, as well as keep the mobile rented. And then we have ourselves a three income property without having to do so much. Have I overlooked anything?
@Sara Lamont , that's a great idea, and a good option.
Just know where you plan to go in the future as far as investing in real estate. A property with 3 rentals on it is a great start and will be a great asset for years to come, but choose your next property based on what you'd like to achieve with real estate. Buying another house to live in that has a secondary suite, or the potential for one is a great way reduce your cost of living, opening up more options down the road to buy more properties. Your primary residence is one of your biggest daily expenses, finding a way to generate income or reduce expenses from your primary residence leaves more cash flow, and capital for future investing.
Sounds like you have the right idea are in a great position to set yourself up for success in real estate!
New to Bigger Pockets, but I have been into Real Estate Investing for a couple years now, based in Abbotsford out in the valley. I have a number of strata units in Abbotsford and Chilliwack doing the ol' buy and hold. Looking to get into the Airbnb space with some recreational property that will pay for itself!
Always open to meeting like minded people, so if you are out the valley, drop me a line.
Have been on Bigger Pockets for a little while but haven't been very active as of lately. Living in Vancouver and have one investment property in Vancouver that is very close to cash flowing but not quite there! Did a BRRR - (Buy, renovate, rent, refinance). Was hesitant to purchase far away from me and so this is the strategy I went with. Strongly considered some properties in Abbotsford along the way. Now looking to move on to the next steps of investing in something new again with cash flow as the goal!
Looking to move outside of the Vancouver market of course because it is very unlikely to find a cash flowing property here. Just starting to do some research in Victoria and Abbotsford. Also interested in vacation properties and Airbnb!
@Dan Zupancic sending you a message with some questions I have about your current properties!
Getting to be close to tax time, does anyone have a recommendation for a CPA that has experience with real estate investors? Open to working with them remotely if out of the Vancouver area!
Nice to be in touch with other local BC investors!
@Madison Nobbs welcome to the Forum. Sari and I currently live and invest in the Westshore area of Victoria. (Langford/Sooke). We have have found a niche of bulletproof investments that are high cash flowing with great long term returns.
Feel free to touch base with us to discuss the properties we invest in, the Victoria area or just Real Estate in general. We also have numerous contacts in all sectors here in Victoria if you are looking for anything in particular.
Send me a PM if want to connect.
Kris and Sari