All Forum Posts by: Peter Cudmore

Yes, strata fees = Canadian HOA fees essentially. If you're not a Canadian resident then you'll likely need a 35% down payment. If you're planning to AirBnb, you'll need a 'Phase I' property (no restrictions on owner usage/freedom to do short-term rentals) and there's nothing below $1m for a 1BR in the main Village or Benchlands right now. You might be seeing condo-hotel style properties in that price range, but you wouldn't be able to AirBnb those.

I sold my self-managed village property a few years ago (and that ROI would be unobtainable nowadays), but still help clients invest in the area. Occupancy rates (and ROI) will typically be higher for village properties as they are desirable year-round (where many of the Benchlands aren't desirable once the snow melts). Aspens would be the exception to the rule in my opinion.

Have you looked at financing yet? Many lenders are hesitant with short-term rentals/GST-deferred properties. Phase II (condo-hotel style) properties are turn-key, but ROI is typically 2-4% and financing is even more difficult.

Two smaller Glacier's Reach 2BR/2BA's recently sold for $1.1m and I'd expect that they could gross ~$100k/year if well-managed with some updates. Estimate ~$12k for strata fees/property taxes/Tourism Whistler fees. There are so many variables and a lot of sub-par management companies so it's difficult to give an average ROI.

Can anybody recommend an agent in the area? Open to a fixer-upper or something a bit more turn-key. I've managed my own AirBnb in the past and looking for opportunities in other areas while I'm in AZ for a few weeks. Would likely start with something in the $100-200k range (LOC ready to go) and I'm assuming a smaller detached house is the way to go? Open to any advice. Thanks!

I'd suggest talking to a mortgage broker before making any decisions. Lenders can take total income (line 15000) into account and not solely net income. Every private lending option I've seen seemed nearly predatory, but it could be a shorter-term solution. Finding an investment partner might make the most sense. For full disclosure, I'm an agent in Squamish.

Hi Wayne and Michael,

If you are looking at the Whistler market, nightly rentals are the real key to making the numbers work, plus you get the added bonus of personal use when it is vacant.

I previously managed my own nightly rental in the Village and have helped several clients purchase and remotely manage their own investment properties. Prices are still near record highs, but I do believe the highest occupancy rates and returns are on the smallest properties. Happy to answer any questions and best of luck.

Peter

Looks like the link didn't post, but the recent sales at 95 and 115 E Cortez Dr seem like a perfect fit. Smaller 2BR's in the $170's. Any issues with these? I realize there are no active listings in those buildings right now.

Would STR's not be allowed here?

I've seen a few recent sales in the area (and also on AirBnb)

Can anybody recommend a good realtor in the area that is familiar with STR's? Have financing in line, hoping for a condo/townhouse in the $100-200k neighborhood. Will be visiting the area in a couple of weeks.

I have experience with AirBnb'ing one of my properties for a few years and work as an agent in Whistler, Canada.

Thanks!

Doubt it's Whistler as nothing has been on the market for that long here. I'd suggest trying credit unions as they are usually flexible with the minimum size. My client found financing for a sub 500sf studio in Whistler through CIBC before.

Can anybody suggest a good agent in Sedona familiar with nightly rentals? Already have one in mind that looks suitable, but hoping for a 1-2BR condo or townhouse.  Also open to other areas if the numbers are better.

I've managed my own nightly rental property in the past and I've got financing sorted already. Just hoping that we can shoot up for a day trip sometime between Sunday-Tuesday while I'm visiting family. Thanks!