All Forum Posts by: Julian F.

Thanks for the replies.

Before purchase, i would definitely come down to check out the property, as well as have a proper home inspection done. I would easily spend $800-$1500 in finding out more about it. You guys are making it sound as if i was investing in the pictures of homes online!

I would definitely consider that, however it wouldn't be legal, since I'm Canadian. I cannot take any jobs away from any Americans, even a property manager for my own property.

i will be taking the time to get those contacts before buying, hopefully through references. It will cost more to meet good people through mistakes... but there isn't this kind of opportunity in my area.

The $70k place i saw is a foreclosure property with estimated $5k in repairs. Houses in the neighborhood were asking $1300 rent for similar size/condition. I found the comparable rents on websites advertising rental units. My numbers aren't rock solid, i was just using this place as an example. Did i really find that good of a deal?

Ok my new plan is to slow down a bit, go there and drive around for a few days. 80% of my info is from online listings and 20% from phone calls.
Maybe my definition of middle class is a bit broad. I just don't want to deal with a low income situation from long distance.

Just to give you an idea, i was in East Vancouver a few months ago looking at a tear-down house. East van is the cheaper side of the city. They were asking $525k and offered to tear down the house if they got full asking.

In Chilliwack, a smaller town about 1.5 hours away that is made up of farms and suburb housing, I did some speculating. Bought a 12,000 sq/ft piece of land there for $195,000, no house. I think the asking price of nearby plots of land are now $250,000, i didnt do too bad there. I think chilliwack has the cheapest land within a 2 hour drive.

Here are a few details on this place:
REO
4bd/2ba, 3 years old
asking $67K ($3k est repair needed)
comps show an average of $79k
local rents average $1300/mo

Im thinking $60k is a little on the high side for this place. Listing agent says i wont get it for much under asking, but who really knows.

What would you offer on that?

I know, its crazy. in my neighborhood, the same house would be worth $600k and the rent would still be $1250.

That's why i have to do this outside my city.

I'm mainly looking at Dallas because property values are so good for the amount of rent... Im seeing a few $60-70k houses renting for $1300. It has a good 6% vacancy rate. According to atlas van lines, the migration rates are very good. One of the fastest growing metro populations in the US. I've read a few good articles like this one from cnn:
http://money.cnn.com/galleries/2007/biz2/0709/gallery.boom_towns.biz2/index.html

I haven't seen anything like this in Canada. I wish there was a great investment area closer to me! Do you guys have another good suggestion?

Im not really into section 8 rentals, I feel that a newer home in a middle class neighborhood would attract better tenants and is easier to up keep from a distance.

I searched Dallas, couldnt find any relevant info...