All Forum Posts by: James Ma

Rent prices and real estate values can certainly go down as well. Real estate is a better ROI overall but will take a lot more work than passively investing in index funds.

Real estate and stocks are different types of investment vehicles and both should be utilized by the intelligent investor

There's no wrong answer to whether investing is better or spending to enjoy life now - it really is a matter a personal values. Some people will give up a rich life to be able to take a couple of vacations each year and not work long hours. 

Sounds like she's not necessarily supportive of you working towards your goals cause to be honest any goal you work on and are committed to is going to have to take time away from family but that doesnt meant that you still cant spend a bit of time with them after work.

I think the only way this can get resolved well is to have a talk with her about how the two of you can develop a plan together (compromising essentially) so that you can invest in real estate but still be able to go on trips (which I assume is her talk of "memories"). Investing in real estate doesnt have to mean you put away every dollar into investments - you can still take trips each year. Discuss how much the two of you want to set aside each year for purely making memories

In January I bought a 2bd2ba 10 year old condo for $209K and it should've been listed for at least 20-30K higher. Snapped it up the same day it was posted.

Property values were on the rise this year so was worth about 300K in the summer but now worth about 270 to 280K as the markets are cooled due to stress tests and rising interest rates.

It's renting for $1400/mo which makes it cashflow positive for $120/mo after all expenses and assuming 5% vacancy and 20% downpayment

Etransfer from bank is usually my go to. As I scale up, I would find a digital solution with low processing fees. It's 2018 and no reason why you can't leverage technology to streamline processes and enhance productivity.

RE markets dont have to crash unless there is something wrong with the way the country is managing the economy or when a great depression hits and many homeowners are left unemployed and no longer able to pay the mortgage resulting in a huge influx of foreclosures and homes hitting the market.

In BC where the prices have been skyrocketing in recent years, they've anticipated people buying properties beyond their means & taking on too much debt. The government have implemented an extra 2% "stress test" qualification to prepare people for the anticipated future interest rate raises so they are not stretched beyond their means - while you are not currently charged that 2% extra mortgage interest, it significantly affects how much the banks are willing to loan for the mortgage and how much people will qualify for as they are testing your income against the current interest rate + 2%

You've had 50 inquiries so it sounds like price isn't the problem at all. Only 10% showing up for a viewing sounds weirdly low did you scare them off in the prescreening somehow?

I've found usually about 70% of people I prescreen and set up a viewing for usually show up.

They've paid rent on time for 3 years... kind of harsh to fine them one time they forgot or messed up especially if they are good tenants that you want to keep (since they've paid on time for 3 years Im assuming they're pretty great!)

Let them know it's a one-time thing and not a regular thing you will allow. If they were newer tenants it would make sense to enforce it to let them know that behaviour is not acceptable.

I think cold calling is going to be a difficult route to go since people are typically a lot less trusting than it used to be. Someone pitching to me on the phone who I've never met has about a 0% chance to get any of my money.

I would focus on trying to get into REI events, conferences, workshops etc. to meet someone in person and start a conversation and build a network that way. Set up a followup meeting to showcase why you're a good wholesale agent. As an investor, that's what would make me feel comfortable working with someone. From there you can get referrals and grow your business.

Never a bad investment opportunity if the income generated from the property will cover all related expenses. Many people do end up breaking this rule in hot markets so they can aquire a place or just because they purely speculate on rising values

@Beau Fannon I agree, most people I've seen posting don't take into account all expenses related to a property.

It would be helpful to know what the rent is vs their income.

Good credit is the most important thing. Most stories I've heard from other landlords who had many problems with tenants was that they can have fraudulent references/ rental history so unless you can verify through a legitimate PM company it doesnt carry much weight.