1% Rule in Canada - is it possible?
Hello Everyone,
Hope all is well with you.
Over the past year I have been reading books, watching real estate investment videos, and the 1% rule seems like a common target a lots of investors looking for. It is basically the gross rent should be at least 1% of the selling price.
It is definitely an awesome target to reach, and it definitely will generate great returns. However, I have been looking and looking in BC, Canada, especially in Kamloops, Kelowna and Prince George with No luck so far.
I talked to many local realtors in the areas and asked about the 1% rule, all of them said it is impossible in that market.
So...any suggestion and insights?
PS: I am looking to invest in BC this year, currently I live in Vancouver, with one condo investment. The unit has good potential for appreciation, but cash flow BAD lol