All Forum Posts by: Julie Cho

A couple from my gym and my RMT and his girlfriend moved to Cumberland this summer. I hear its starting to be busy out there. I'm just starting out with one investment property in Burnaby, would love to look at opportunities on the island soon.

Quote from @Shanea Fulks:

Yes your parents can gift you some of the down payment. If you go with an FHA loan, the requirement is 3% down payment, however many states have Down Payment Assistance programs to help first time home buyers. Find an amazing lender who can help you get the most out of your first mortgage.

And I agree with the above comments, if you can find a home where you can house hack and have renters help you pay your mortgage, that is the best option. Then after a year, move out, buy another home and rent the first home. 

Its 5% down for owner occupied and 20% down for investment properties in Canada. And no assistance programs. A typical 1 bedroom condo starts at $700K in some Canadian cities, probably closer to $300K where he lives. 

@Julie Toh

How close is the condo to a skytrain station? ... its at The City of Lougheed Tower 1, so its right at Lougheed Station. STR... I don't think it is allowed by strata but I'm not 100% sure.

 This is a good question, have you done any research into MTR? I don't know if that market exists in Canada. Traveling nurses doesn't seem like it's a big thing in Alberta. I'm curious what you find. 

From my research, traveling nurses isn't really a thing in Canada. From the prices nurses are willing to pay and market rent here for a one bedroom (unfurnished, utilities not included) starts at $2500... not sure nurses would be the target clientele. I think even corporate travel has been slow because of remote work being the trend. Seems like there is a market in insurance claims and work relocation. There are local MTR management companies and more seem to spring up, so that would indicate a demand? Still doing research.

I am going to take possession of a pre-sale condo in Burnaby, BC in August. It is one bed, one bath, "luxury", around 600sq ft. Purchase price was $380K, similar units are now selling at $650K so I have built up some equity already. I am trying to work out if MTR would generate positive cashflow. For a LTR, I could probably get $2500-2800 per month. Is it worth the investment into turning it into a MTR? I am thinking of using a home staging company for furnishing and have a budget of $10K to work with. I am estimating mortgage to be around $1900 per month ($2500/month including condo fees, utilities, property taxes, insurance).

For some background... I am currently living in a condo in Kitsilano, but I am mortgage free for my primary residence. I work full time in STEM and make a low six figures, so I can tolerate some volatility in the rental market. 

Thanks!!