Monthly Archives: November 2008

Craigslist Finds Me Another Great Tenant

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Craigslist does it’s magic once again and gives me a great tenant. 3 different people came out to look at it and I ended up choosing a young family with little girls. I called their references and everything seems fine. It’s better to judge people in person because they can use anyone as a reference. So far my personal judgement of tenants has been good, and I have had few problems overall.

When I first started with rental properties I used to advertise in the Vancouver Sun, this was before Craigslist existed. The Vancouver Sun is a dinosaur like all newspaper classifieds. The Vancouver Sun was expensive and lame, now I advertise for 100% online. Craiglist is the best way to get tenants hands down. I placed over 30 images in my Craigslist rental ad (the ones from this site), so the tenant knows EXACTLY what the place will look like even before they call me. What I did before Craigslist I don’t know, wasted lots of money I guess.

And there you go, bought a condo and rented it all in under 7 days, you have to love the Internet once again. Now onward and upward to the next investment property.  I hate moving slowly, once I find something I like then I move like lightning to get it done. If you waste to much time analysing, then opportunities will pass you by. You make a decision and stick with it, simple.

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Inspection on The Poco Condo Today

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Today is inspection day. I hired an inspector (something every home buyer should do) to do a inspection of the condo. I don’t want any surprises after I own the place, so I do my home work before hand.  It costs about $400 but it’s worth just for peace of mind. I already went through the strata minutes and everything seems fine but it’s better to be 100% safe than sorry.

I also placed the ad on Craigslist and have rental showings today and tomorrow. I like to move fast and get it rented ASAP, so then I have one less thought on my mind. By Monday everything should be done and then we just sit and wait for the closing date when I get the keys. From there it’s off to the next one, bada boom!

The reasons I am liking condos more is a few reasons:

  1. I don’t have to worry about the exterior of the building (painting, cutting grass, landscape, draining, gutters, etc…)
  2. The prices of houses is too much now for them to be able to cover any type of mortgage you have.
  3. I plan on having at least another 10 rental properties and if they are all houses it’s WAY more work than owning 10 condos. I want my rental income to come easy not hard.

I really want to get things moving for me in my real estate portfolio, so I plan on probably putting a low ball offer on another 2 bedroom condo in Burnaby for $170,000 (asking price is $208,000). It’s not as nice as this penthouse loft however it is still updated nicely with laminate flooring and modern colored walls.  Low ball offers are usually rejected but some people are very motivated to sell and sometimes they will take your offer even if its way below asking prices ($208,000).

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We Own A 2 BedRoom Loft in Port Coquitlam Now!

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Well…. We Got it! There was a bit of a bidding war and we actually had to pay $200,500 and the asking price was $200,000. We own a 2 bedroom loft  penthouse suite in Port Coquitlam now! We ended up paying $2,500 over asking price but it’s a great deal. Considering people are selling 1 bedroom units in the exact same building for $200,000. Our 2 bedroom should have been sold for around $220,000. Overall I am happy with the purchase, now we need to get it rented!

I put it on Craigslist last night, asking $1600 for rent. I got 1 email so far, I reposted the ad this morning so my ad can appear at the top of the list.  I have to get the place inspected as well, but it should all be fine. We went through the condo “minutes” (a log of all meetings of the strata council), to see if they discussed any problems with the building at strata council meetings. The minutes were fine, nothing wrong with the building (no leaky condo problems especially).

One thing I found out that was interesting, is that since this a penthouse suite, we can actually build a bedroom where the outdoor patio area is located (see pics in my last post). I have NO intention to build another bedroom, way too much work however it’s good to know that it is allowed for.

A couple things I plan on doing to the loft:

  • install laminate flooring where the carpet is now (carpet is a bit rough)
  • paint the walls with some light modern colors

The better shape your rental unit is in, the better type of renters you will attract. If you place looks like hell you will be in for hell from your tenants. A good rule of thumb is to decorate as you would your own home, treat it as if you were going to move in.

I already told my realtor to be on the lookout for another 2 bedroom but there is nothing else out there compared to what we just bought. I mentioned looking into Surrey for condos (they are cheaper there), however she said that the quality of tenants are worse in Surrey, hmm. We will see, I have this on my plate for now. Next month is Christmas, we will see if we find something before Christmas. Anyways that’s all to report for now.

I Put An offer On A 2 Bed Room Port Coquitlam Condo

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I put the offer on the 2 bedroom condo in Port Coquitlam. Unfortunately there is another person interested in it as well, so now we have to sit and wait  for the vendor to decide which offer he likes better.  This is a 2 bedroom loft/ penthouse suite for $199,000. Over 1000 square feet with a sweet  patio up top that is awesome. I really love this place and I would have no problem moving in myself (If I was single). The loft has amazing vaulted cathedral ceilings that gives you a really open feeling.  Anyways I took a bunch of photos so if/when  we get the place I can list it on Craigslist right away for renting. It should rent for $1500 – $1600. You can see the photos of the condo below, looks pretty sweet right?

Profit Over Fear – Investing In Vancouver Real Estate

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So we went out condo shopping with our realtor yesterday afternoon. I told her my price range is around $200,000 for a 2 bedroom condo. We ended up looking at 4 different condos, 2 near Brentwood mall and 2 other condos near Lougheed mall. All 4 condos are located near amenites such as food shopping, as well as public transportation (SkyTrain). The condos rent between $1200 – $1300 per month which makes them perfect to cover monthly costs (strata fee, taxes, monthly mortgage). Square footage is between 750 – 850 square feet, not a bad size.

Now my realtor is going to check the minutes of the stra council (to see if there are any problems in the buildings). The last thing you want to do is buy a leaky condo, so you need to check the strata minutes to see what was discussed at strata meetings.

Some people reading this probably think I’m crazy to buy right now, but sitting on the sidelines for the bottom of the market to happen is even more crazy. As long as the rent covers everything, then it’s a NO BRAINER. Real estate is simple either you buy it or you don’t. If you don’t buy it and sit on the side lines I can promise you that you will regret in the years to come (ask your parents).

A couple times I got nervous about buying houses but I bought them anyways and they have appreciate 100% in the past 5 years. Fear is normal but you need to control it, don’t let it control you. It’s easy to get scared trust me, but you need to be logical about things. Don’t let your emotions run your life.

That’s all for now folks.