New to REIN

[rickbc]

Hi to all

I am new to REIN and am overwhelmed! I attended the ACRE meeting earlier in Vancouver this year. It was great and I felt motivated when I left there. Got back home and went through my binder again and felt overwhelmed. So many forms and so much information. Since then I have been struggling and can not make up my mind as to where I should look for investing (duplexes or single family with suites). I have the list of top 10 towns in BC to invest in but it is still overwhelming. I live in Kelowna and would like to buy here due to the fact that it is on the list (nu 5) and obviously because it is where I live. I find most duplexes don`t cash flow here. Any opinion out there about Kelowna and possibly a good realtor/investor I could use?

Next: do I send my Investment Binder to a mortgage broker before I start looking for a property or not?


Would appreciate some advice!

 

[tahani]

Hello Rick.

Welcome to the best Real Estate investment net work in Canada.
I would suggest you go see/meet a mortgage broker and understand where you stand first financialy.
Then pick an area and do a drive by, talk to other investors about it and talk to realtors about it.
I can understand that there is so much to learn and understand but it will all come in time. One step at a time.

I would also suggest to keep attending the REIN meetings as you get meet others who are like you and ones who have bought and can help you with process or recomendations.

Just remember Rome was not built in one day. Relax and enjoy the learning and take action.

Wish you the best.
ps REIN space is a great source to ask and find answers like your doing now.


QUOTE (rickbc @ Nov 28 2010, 05:11 PM) Hi to all

I am new to REIN and am overwhelmed! I attended the ACRE meeting earlier in Vancouver this year. It was great and I felt motivated when I left there. Got back home and went through my binder again and felt overwhelmed. So many forms and so much information. Since then I have been struggling and can not make up my mind as to where I should look for investing (duplexes or single family with suites). I have the list of top 10 towns in BC to invest in but it is still overwhelming. I live in Kelowna and would like to buy here due to the fact that it is on the list (nu 5) and obviously because it is where I live. I find most duplexes don`t cash flow here. Any opinion out there about Kelowna and possibly a good realtor/investor I could use?

Next: do I send my Investment Binder to a mortgage broker before I start looking for a property or not?


Would appreciate some advice!

 

[Thomas Beyer]

QUOTE (rickbc @ Nov 28 2010, 03:11 PM)
...Would appreciate some advice!


Kelowna will cash-flow .. but more than 20% down is required !



IMHO Kelowna is NOT a great market as prices are way too high for the (poor & cyclical) economy .. nor is BC in general as HST adds cost .. rent control .. weaker economy than AB or SK .. more

moisture/mold .. higher prices/lower CAP rates ... even a new NDP government is a possibility ...



better is AB or SK .. but if you must buy in BC go to Surrey, Maple Ridge or Abbotsford, the top 3 BC towns !



Related reads:



5 ways to make money http://myreinspace.com/public_forums/General_Discussion/61-3347-5_ways_to_make_money.html



How to get started http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html



Other success criteria for real estate: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-16722-Love_what_you_do_-_Do_what_you_love_.html

 

[ChrisDavies]

Hi Rick,

Welcome to the club. I`m a former Kelowna resident with one unit there still and now I`m back in Edmonton (which is home). I`m a Realtor here, and I`d be happy to answer some questions about Kelowna vs other areas, and what your next steps are.

Tahani and Thomas are right, there`s a little planning to be done, and talking to a mortgage broker is probably the best next step. Some of them will be able to give you a good quick snapshot of what needs to be done without the intimidating amount of work required in making the binder.

Cheers,

Chris

 

[rickbc]

Thanks for all the advice - I appreciate it!

I will finish my binder, get in contact with a broker and take it from there.

I read your articles Thomas, and they gave me good insight!

Thanks, once again.


Rick

 

[okanaganrentals]

Hi Rick

We have managed to find a few properties in Kelowna and Vernon that have a fairly good cash flow...they are out there you just have to dig a little to find them. If you need the name of a good broker in Kelowna send us an email and I`ll forward her information. Good luck, and don`t give up on the area.

Vic

QUOTE (rickbc @ Nov 30 2010, 01:21 AM) Thanks for all the advice - I appreciate it!

I will finish my binder, get in contact with a broker and take it from there.

I read your articles Thomas, and they gave me good insight!

Thanks, once again.


Rick

 

[kboughen]

“ do I send my Investment Binder to a mortgage broker before I start looking for a property or not?”
-------------------------------
Hi Rick,

Choosing a Mortgage Broker now and providing them with your Investment Binder will assist you in a couple of key ways;

• Your Broker will be able to identify anything that needs to be addressed in order for your financing to be approved

• Your Broker can start building your file now, so that when you have a conditional Offer, you are better positioned to meet the financing waiver time frame