All Forum Posts by: Kris Mcfarlane

I didnt read through all the responses as there are so many and are they informative and very detailed. I believe in the KISS method. Keep it simple stupid. 

My experience journeyman carpenter 10 plus years experience, contractor, ect. 

If you want to keep it cheap what you do is you get a general contractor to come in and itemize everything with his prices. Than use that as a base to sub everything out off craigslist or what ever you want to use. Price the material your self, if you can find deals, ect and just have the trades people come in to do the work. Way cheaper! I don't know about you but I don't pay someone 60 bucks an hr to go to the plumbing store to chase the dogs around while there getting items. 

Just an idea, some people may not agree with it but it'll save you huge!

If your looking for a property with a relatively low cash flow a month but with a buy and hold strategy in place Chilliwack may work well for you although with the price tag of 300 your not going to get a whole lot. If you bumped it up to 400 a lot more doors would open. 

From Calgary to Japan to vancouver all have so many different things to offer; great profile btw!

@Madison Nobbs sounds good and it takes a lot of time and a lot of work. Between work up north and work here I'm probably doing 28 days a month three days off. A good read is free from corporate America. It talks about a main income maker and having a side hustle which is what generation x/y have to do to make it. 

@Account Closed we do set aside some money for expenses, but our income allows us to put the rent back into the house as I don't have money sitting around to finish a full renovation on a house from footings to the roof. My exit strategy is if things go south to sell off houses and take the money and run, or occupy a house if it doesn't sell/rent for that reason I haven't been interested in mission but I'm siren out an a see more affordability probably similar to then wack. Regarding then expenses if your doing footing to roof reno your looking at prob 60-80k just in material if you do the majority off work yourself. 

@maddison nobbs @Account Closed 

Ok, so this is like Instagram for tagging people; so many social media platforms so little time - could we all just use snap chat to communicate or is that unprofessional? Yes that was a joke for anyone wondering. 

This is specifically regarding the Abby/Chilliwack market. By no means am I a expert; I just know the lay of the land, with growing up here and watching the market and by buying and having rentals over the last couple years. 

To summarize the market from a novices opinion, meaning me, the Abbotsford area dose not have a lot of potential in entering the market at a 400k price point and being cash flow positive. In chilliwack yes you would be positive or close to at that point . . probably just breaking even actually. In easy Abby you want a purchase price of 450 and than suite it out and you'll be positive. Chilliwack 450 would get you a house that is positive by around 800 a mo.  

 The area that I focus in Abby is East Abby, the highway one to Abby mission connector and upwards onto the mountain. You can get a house for 450 mark which will need some work and depending on how handy you are would determine what you have to obviously put into it.  Purchase price of 450 with a suite in east abby would give you 1600-1800 for the upstairs, meaning three bed two bath within walking distance to all levels of school and it would be rented within a few weeks on a one year lease but finding that house in todays market is insane! I am currently looking in the 600-700 market and offers are anywhere from 3-5 percent over asking no subjects. I'm looking at houses via FaceTime while my wife shows me properties, signing offers on my phone and still working 84 hour work weeks, driving across provinces  and playing landlord and contractor on the coast when I am not on shift. 

The Chilliwack market is good, better than abby's in my own opinion if your buying or looking to buy I really like the promontory area, up on the hill especially if you can buy in east promontory. The property prices in that area are that 440-500 for a ten year old house 3000 sq ft 6 bed and four bath. There is no rentals, you can get 2000 for upstairs on a one year lease and 1000 utilities included for a 2 bedroom basement on a one year lease.

When you get into rent at the 2000 price range I find tat you get the c to c plus tenants. The we "make 100 k a year but have other priorities than paying rent. I've gone to my tenants house and they are riding around in a 40k car with 4000 dollar rims and can't pay rent." I drive a 4000 dollar smart car myself. 500 kms for 10 dollars! If you keep it at that sweet spot of 1600 for rent I find you get a better quality of tenants. These properties will be cash flow positive from 800 - 600 a mo depending on purchase price obvs but this is where all the families are moving to! 

Unless you have an income of 100 k plus a year, or have a 100 k sitting in your bank the market in the fraser valley is really hard to get into. Not that I am discouraging anyone I'm just telling you my experience. SFH in east abby are 550 for a turnkey property that is 20 years old and in a nicer you are looking at 700 plus. Chilliwack your looking at that nicer area being 450-500 and it is no where as near as a competitive market.

If anyone would like more info please feel free to shoot me a message on fb messenger so I get it directly or on here. Hope this helps some people! 

Xt as I know I will misspell your name, private messages to other bp members - I am as lost as you are and I am literally computer illiterate! Either I am doing it wrong or people don't want to respond to me, I'm hoping that its the first reason and not the second haha. Listening to all these bp podcasts investing in the states dose sound interesting but what I don't get is how come people in the city don't see the profitability of rentals in the sticks as you city folk call it meaning Abby/Chilliwack? Those markets have been good to me! How do you find the condo market and what is that attraction to buying a multifamily where you are only making 150 a door, wouldn't a local investment where you make on the rehab and 600 cash flow positive on two suites, an upper and a lower, be just as profatable?

I'd be interested in seeing your reason for the overseas multifamily, I do understand why you wouldn't want to buy in Van, you have to have deep pockets for that but there is still reasonably high profit margins out in the sticks on the rehab and also the rent. 

I'd be afraid of having an investment and having it being so far away, just my experience with working out of town and having my rentals on the coast; but thats just my experience anyways. 

Sounds like a great idea, but I don't know anything to contribute but keep me posted! Great thread idea as well! 

This guy is the paint god! I am an industrial carpenter and gees your a walking encyclopedia of paint! 

I'm from Vancouver and actually over at Kearl right now, I live in Abby and own in Abby/Chilliwack area. I'm familiar with the vacancy rates in Vancouver, less than 1 percent,don't  quote me on that. Honestly if your looking for cash flow positive I'd buy in East Abbotsford. You have 1) affordability with houses starting at 400 and change and going upwards of 800. 2) all levels of schooling very close in proximity 3) low vacancy rates. We rent our upstairs for 1600 and its old and original like something you d find in Waterways :/ and our downstairs we get 1000 for. Purchase price was 400 a year ago and is at 525 now. I personally stay away from condos in van, I'd purchase in Abby or Chilliwack. My Chilliwack house was rented for 2000 upstairs/1000 downstairs and there is no rentals in promontory - no rentals! 

I would agree there is a huge gap between the have and the have-nots so to speak, thiose with money made it in real estate buying when it was affordable and moved further out easy in the greater vancouver area. Those that have/foregon buyers/developers buy in the city and those that can afford it buy in the out lining area. 

The fact that the living expenses are so high make s the vacancy rate extremely low. 

I work in the oil/gas industry and of I wasn't up here I d never be able to afford getting started down there, I hope you know what bc stands for right ...? Bring credit...

I didn't know Monton was te most affordable country in Canada, thanks for the respond was well. Very informative!