All Forum Posts by: Stanley Kong

Hi @Kody Baker, Welcome to BP!

I think you will find a lot of great information on this site for your financial education (especially if you go PRO). 

I'm new as well and I have learned lots from just analyzing deals the past 2 days. 

I'm not as seasoned as most of BP here, but let me give it a try.

My interpretation and what I got from Rich Dad Poor Dad..

1) Accounting.. is knowing what a Liability is vs. an Asset - and you'll get a lot of hands on experience and fun if you play his game CASH FLOW

2) Investing.. The quadrant where you are making money work for you to make more money. Not sure if it was on the first book, but on his second book cashflow quadrant he goes quite extensive on it.

3) Understanding markets. He mentions technical analysis and the ability to study charts in the market to predict the future. Everything has a pattern and has a cycle, if you can understand that cycle you will be at an advantage when making financial decisions.

4) Tax is a very complicated subject that I am still trying to learn and understand. The basis of it to my understanding is that the government will give tax-incentives to people who do what the government wants them to do.. ie. provide housing, provide jobs, provide food etc. 

Have fun on BP!

BTW a tip is to not just read, but to listen to audiobooks/podcasts in your car too to enhance your financial intelligence. Average commute is 20-30 minutes which means everyday you'll get another hour of education from idle time.

@Kody Baker

I updated the numbers on my analysis and went (in my opinion) super conservative with a 10% vacancy rate and 10% CapEx and it is still looking cashflow positive.

http://www.realestateanalysisfree.com/1423-1425-NATION-CRESCENT-1423-1425-NATION-CRESCENT-Prince-George/property-analysis/88914464257171dd1c301b.html

I was told after doing my first analysis that the rental calculator is US market specific. I did it quickly and selected 50% rule. I set appreciation as 1%

Has anyone had any experience in the Prince George market?

I searched the BP forums and it seems like virgin territory. 

I took a look at CL rental prices for one bedroom it is around $550 - $675 (I'm assuming for forestry and UNBC students) for a 3br unit it costs around $850-$1200. 

I did a quick analysis of a duplex on the market and it proved to be cashflow positive.

http://www.realestateanalysisfree.com/1423-1425-NA...

The reason I took interest in Prince George is because my work (TSX:ZZZ) is actually sending me there for a week or so to train some new staff.

At that time I'm going to schedule a realtor to take me around (anyone have any recommendations?) and at the same time check out the local market.

Before I do that tho.. Is there anything that I am missing fundamentally?

Is it just a ghost town that should be avoided in the entirety?

Can't be THAT bad if Sleep Country decided to open shop there..

Looking forward to hearing from all you smarter people.

Hi @Joel Sherlock, 

What is the vacancy rate like in the slower seasons? 

For cashflow..

I made an assumption that it's 200/night in the busy season (3 months) which gross 18000 and in the slower months 1600/month which gross 14400. 

So..

14400 + 18000 = 32400 year / 12 = $2700/month

I did a quick analysis of the deal assuming 10% vacancy rate. Does it look correct?

http://www.realestateanalysisfree.com/Discovery-Ba...

Hi @Edison Reis, you are absolutely correct, it is only one week every season.

Hi BP, 

Since it is near impossible to get any positive cashflow in Vancouver, I decided to look at some vacation rentals in Kelowna (3 hour drive away)

Not exactly sure if this is a condo-tel, if it is then there are more aspects for consideration. 

Here is how I came up with the math for the rental $200/night for 3 months of the year then divided into 12 months and took a 10% assumption for vacancy which nets $1125/month cashflow.

http://www.realestateanalysisfree.com/Kelowna-Wate...

Let me know if my number assumptions are correct. Any opinions? 

@Paul Timmins Thank you for your great advice, going thru your list like homework and having a blast doing it. A lot of the REI clubs have a big entrance fee $2000-$3000, which puts me in a dilemma. Should I be saving for my investment property to get my feet wet first, or should I be investing more in networking and education but risk never getting started?

Thank You everyone for your warm welcomes! 

@Alfred Fraser Check your inbox, let's talk.

@Thierry L. Thank you for your encouragement. Looking to learn a lot from all you pros

@Valerie Hiscoe, thank you, and no I haven't joined any real estate investment clubs yet but I would definitely check that out. How do you sign up for the Facts by e-mail?

@Pawan J. awesome intro video, see if we can work together in the future, lots of shabby looking places in Vancouver :)

Hey guys, count me in as well.