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).

[ad#ad-1]