As I mentioned in a previous post that when Winnipeg was finally gone then I would start buying here in Vancouver. Well the time has come and I have started looking online at the moment. Even though Vancouver doesn’t cash flow like Winnipeg does you can still find properties that can cover themselves if you can put down 25 – 35% of the price At least this way I can manage the properties myself and I know I will not run into the bullshit that the property manager in Winnipeg had me go through.
What To Buy?
From my own research personally I think that used condos are the way to go. Used condos are cheaper than new condos and they can cover themselves more easily with rent. The price range I am looking at it is $175,000 to $225,000 roughly. I prefer 2 bedrooms over 1 bedroom condos, people will stay longer if they have that extra room.
The best time to buy real estate if you ask me is in the winter because less people tend to buy in the winter months (less competition). The aboslute best time is in December, people are thinking of Christmas not real estate. This factor means less people are buying which will give you the upper hand on negotiating cheaper deals. January is also pretty good, spring is the worst time to buy if you ask me. If you want to sell, then Spring is the best time, obviously.
Goal
I plan on buying 3-5 condos within the next year. Even though prices are going down, 10 years from now they will be higher, so who cares if you pay $10,000 more? As long as the property can cover itself after the initial down payment then you are rocking. My all time goal is to have $20,000 per month in gross rental income, I’m 25% of the way there right now.
Robson street crowd
