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All Forum Posts by: Chris Muller

Chris Muller has started 17 posts and replied 43 times.

Post: Advice on first multi-family purchase - 5-plex

Chris MullerPosted
  • Rental Property Investor
  • kelowna, bc
  • Posts 48
  • Votes 22

Hey there

Been on the site awhile and pretty well seasoned with single family homes (10 doors and counting), but multi family is a bit unfamiliar.

I have found an off market 5-plex in a smaller community that has low vacancy (as does the whole region I live in here in British Columbia).

The pro’s:

-5 units generating $2800/mo gross rents (which could be bumped up to $3200-3600 with some Reno’s).

-electrical, plumbing updated, re-insulated

-Central location

The cons:

-low income/disability tenants (however have been there for years and seems rent is steady)

-the house was built in the early 1900’s

With a purchase price of $330k - the cash on cash returns look great, I do think it’s undervalued if going off cap rate as most multi is in the 5-6 cap range.

The hard part for me is getting my head wrapped around that old of a building and the tenant profile - usually I focus on Reno’s and attracting high quality tenants....with everyone on here I’m sure some of you can shed some light on your experiences and any advice?

Post: REI in Canada = Not profitable? (BP #214)

Chris MullerPosted
  • Rental Property Investor
  • kelowna, bc
  • Posts 48
  • Votes 22

Hi Jan,

How old is the podcast that you were listening to?

I know a few years back (when the dollar was on par and the U.S. Economy was low) there were some very good deal down that way, but with the exchange rate where it's at and the rise in real estate south of the border it a bit tougher.

As for BC/AB - Alberta is at a low - not sure if they have moved into their recovery cycle yet.

For most parts of BC, especially here in the okanagan we are definitely in our boom cycle.

That being said there will allows be decent real estate vehicles to use as an investment - what I would say is more important is what type of return are you looking for and building a plan around that and long term goals.

There are good purchases you just have to be ps isn't and ready to act when the right one comes up!

Hope that helps a bit.

Post: New investor currently in Yukon, moving to Victoria?

Chris MullerPosted
  • Rental Property Investor
  • kelowna, bc
  • Posts 48
  • Votes 22

Hey - congrats for looking to get into the real estate investment world!  I am not overly in tune with Victoria, but can speak about the Shuswap/Okanagan - where my investment portfolio is.  Depending on price point there are a range of options, although Kelowna is getting quite competitive (as I would assume Victoria is as well).   Always enjoy networking - if you want some info on the market here, what some investment options are and what kind of returns this part of the province can generate - let me know!