Property Management company in Langley, BC

[josyah]

I'm brand new to investing, I'm going to be moving out of my condo in Walnut Grove, Langley soon. The price hasn't moved much in the 3 years I've been living in it and I figured I would keep it as my first investment property since it is in a unique area that is walking distance to almost every kind of convenience and transit, etc imaginable. There is a lot of development going on around me right now and I figure this could be keeping prices down as the market is saturated. It might stay this way for another 5 years I'm guessing.



What do you guys think of the Walnut Grove area as an investment area?

Also, can you recommend a good property management company in this area?

Should I just manage the property myself since I have the time? I was thinking not, since I have no experience at all right now.

Any other thoughts for a new investor like myself are also appreciated.



Thanks for your help!



Jason

 

[Singh]

What do you guys think of the Walnut Grove area as an investment area?

Also, can you recommend a good property management company in this area?

Should I just manage the property myself since I have the time? I was thinking not, since I have no experience at all right now.


Any other thoughts for a new investor like myself are also appreciated.





Hi,


As someone who works and in Walnut Grove, I would say it is an interesting area, the new bridge really hasn't done anything to spur development in the area as much as I thought it would be. However, I think with the new toll bridge on the Port Mann, you might see more traffic coming in the area.



A lot of the retail shops in the Thunderbird village from talking to the shopowners are saying their struggling, but overall I would say it is a good area, depends on what you have, if its a condos, I'm not too sure, because some of the buildings are all just rentals basically, but SFH can get a lot of rent, surprisingly for south of the fraser.


If your ever interested in doing a JV or anything, feel free to send me a PM. I am looking at investing in Regina/Saskatoon, as the homes are cheap, and the rents are plentiful to BC standards.

 

[josyah]

Hi Singh,



Thanks for the reply. I also heard that many shop owners and restaurants are suffering in the area similar to many other areas right now. Hopefully with all the development going on in Willoughby and more people moving into the community, the economy will pick up.



The rent on my condo is estimated at $1200-1250, which pretty much just covers the holding costs, making for a break even cash flow. Maybe it would be better to sell my condo and purchase in another location?



I don't know much about real estate investing, let alone the Regina/Saskatoon marketplace. How much positive cashflow do you expect out of a property in that area? How much does it cost to buy a place.