All Forum Posts by: Kris Mcfarlane

@Cameron Robinson that was a joke. 

The best time to buy RE is always last mo. because it is always going up . . .

Now compared to 3 mo's ago it is insane, well more crazy . . . 

Da roof, da roof, da roof is on fire . . . we don't need to water let this . . burn (well you get the idea . . . )

Insane in our market is an understatement, if you aren't buying cash 5- 10%+ over asking (minimum) you aren't being taken seriously.

I haven't met Ozzie, but I've heard good things. 
Fun fact he was a lion tamer in the circus I think. 

GMT is wicked - 100% investor focused. 
If you had to refi 4 properties to purchase a fifth, well it's just another day for them . . .

Our last (current one) is a Chilliwack BRRR.
Deep value add. 
1.1M purchase. 
2.5M list if we sold now
Put in 120,000k in material 
C2 zoned/wedding venue now. 
3-plex. 
$1000 for 4 hrs, $5000 a weekend, or $8000 a week as a wedding venue. 

I average a transaction every 3 years, live-in flip/BRRR. 
I can't qualify for more properties unless I JV'd.

What market are you in? 

@Christina Joe have you heard of, or worked the Green Mortgage Team (greenmortgageteam.ca)
Might want to put that morg. broker on your radar if it isn't already. 

They are A+, focus on investors (weird right . . .), and are one of Canada's largest morg. brokerages. 

They got me out of some dirty hard money loans a few years back when no one else could. 

@Conor Kelly
We buy/rent B +/- rentals in B + to A- neighbourhoods. 
Sandyhill/Bateman area. 
Whatcom area
Hatsic Bench Mission (however you spell it) 
Rosedale (what-what). 

Cashflow is great, no complaints. 
Bought everything a while back (past Rosedale) but you can find deals in any market. 
Most properties I buy I turn into cash cows. 

I was doing 5k on a property 5 years ago on Empress, purchased for 737k lol. 
Thanks Ledcor ;) 

@Rohit Bhagat I would second what @Conor Kelly said. 

To expand on your points: 

1: I actively invest in 1M markets and hit the 1% rule. I rent luxury style rentals though to dog friendly exec's who don't mind paying the extra money. Also rent furnished to oil/gas workers (they'll pay 15% higher market rent for furnished/dog friendly). 

2) Yes, the BRRR method is to get equity, if the property has negative cash flow I'd look at other creative items around it. Rent trailer parking $100/mo, garage storage $400 a mo, etc.

3) Rinse and repeat quicker (although flipping will just become your job like it did mine . . . it's stressful and time consuming - I swear I've been doing reno's on properties I own for 10 years outside of working full time and now raising a family).

With a 500k PP if you are looking 1 - 2 years out don't hold you breath. 

The best time to buy real estate, especially in our market, was last month. 

Although it might not be the news you were looking for hope it helped. 

Cheers,

@Christina

@Christina Joe I buy and hole in the Fraser Valley - we recently started a wedding venue in East Chilliwack as well actually . . . we have 7 doors in the FV. 

I've heard of the book, haven't read it yet. 

What do you invest in and where do you primarily flip?

@Christina Joe

If you can't drive to it within 3 hrs it's a no for me and preferably anything more then 20 mins is a no. 

Owning SFH I HATE apartments specifically strata.
When you have your own place you are the king of your domain so to speak. 

Want to put in new flooring, renovate, or what ever . . . good to go. 

@ryan valdes - I invest in Abby/Mission and done alright for my self. If you are willing to put in the work there are properties that fit my investment criteria here. I've been suggesting anything in the Sandyhill area for 10+ years. 650 PP; 2500 upper and 1600 lower or the ballpark there of. 

I've owned 5 doors out this way for 10 years, never had an issue and all my tenants are over 60.