All Forum Posts by: Erika Holmes

Hi Frankie, 

Once you have renters in the property and it is ideally positively cash-flowing, lenders will then take that rental income into consideration when calculating your new debt to income ratios. So over time, once you have built up enough equity in your home through market appreciation, principle pay-down and adding value through renovations, you'll be able to refinance that mortgage to whatever the new 80% loan-to-value is and use that equity as a down-payment on your next purchase. With the rental income being used to offset the debt.

Hopefully that helps!

Hi @Ockert Kruger, I hear ya, finding a CoC return of 8%+ can be quite difficult here in BC (in my opinion). You may have a better chance of finding this in the more northern communities (for instance Prince George). Due to housing being fairly expensive on the west coast, principal paydown and capital appreciation seems to be the way, while still positively cash-flowing!

Hello all on BP,

I've been listening to BP podcast for years, but only recently discovered these forums - what a great hub for real estate chat and connecting!

I live in the Comox Valley but have been investing in both Victoria and Comox Valley for the past 7 years, condo and multi-family, naturally fallen into the BRRRR and house hacking methods, looking forward to adding more to my portfolio in 2022.

Just wanted to start a new forum for anyone who might have questions about real estate opportunities on the island! Feel free to ask, comment or just connect.

Cheers, and Happy New Year!

@Theresa Harris Oh how awesome, Qualicum and Parksville would be beautiful areas to retire!

@Chris Shea Hi Chris, yes this is actually my first multi-family! I started my investing primarily house hacking in a more expensive real estate market, and then brought that equity into an area where multi-family is more accessible :) 

@Chris Muller Hey Chris, happy to connect if you still have some questions about the island. In my opinion, I'm preferring to invest more north island since the demand for rentals is very high and vacancy rates are sitting at about 0.9%. Although housing prices have appreciated quite a bit in the past 3-5 years up here, I'm finding it still a great area to invest and buy-and-hold. Lots of BRRRR potential. Shoot me a message if you want to connect!

@Ray Odendaal Hey Ray, happy to answer any questions you might still have about investing on the island. I hold properties in both the south end of the island and more north, condo & multi-family. So I'm happy to answer any questions or just give some advice :)

Also, I noticed you're from Langley - I was born and raised in Walnut Grove and oh how that little area has changed so much since I left 10 years ago!

@Theresa Harris Thanks Theresa, it really is! Do you also live in the Valley?

Hello all on BP,

I've been listening to BP podcast for years, but only recently discovered these forums - what a great hub for real estate chat and connecting!

I live in the Comox Valley but have been investing in both Victoria and Comox Valley for the past 7 years, condo and multi-family, naturally fallen into the BRRRR method, and looking forward to adding more to my portfolio in 2022.

Just wanted to start a new forum for anyone who might have questions about real estate opportunities on the island! Feel free to ask, comment or just connect.

Cheers, and Happy New Year!

@Paul Moquin Hi Paul, so fun to read your post about real estate in the Valley 8 years ago - oh how things have changed! I have a close friend who is SAR in Comox - Nigel Donely?

Curious to know how things are going for you now?