Tag Archives: Burnaby 2 bedroom condo

My 2 BedRoom Is Almost Ready

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I’m still working from my newly purchased rental condo in Burnaby, as the renovations go on. The painting is going at a pretty fast speed, and they are doing a great job. I was worried at first because I found these guys through Kijiji.ca and sometimes you don’t know the type of workmanship people have if you have never used them before. I would recommend these guys to everyone, awesome people.

I’m doing good on time and might possibly be able to get this place rented for the 1st of June. It’s possible but I won’t hold my breathe. Overall the cost of this quick condo update is about $4,000 which is pretty damn good for how nice it is starting to look. I went with the basic taupe/mocha color style.  Initially I chose a light green for the bedrooms but they looked retarded, when I saw them painting it so I told them to stop and use the “lulled beige” color instead, which looks like a mocha (see pictures below).

This is my RRSP (registered retirement savings plan). I love having real estate, I get a paycheck every single month and I will continue to do so until I die, and then my wife and kids will keep getting the checks. It might not sound glamorous having rental properties, but who cares? Call me Mr. Roper or whatever but in the long run money is money. Its easy to run rental properties and the maintenance is basic stuff. And the returns can’t be beat, in 5-10 years from now this place might double in price.

Enough for now , back to work.

work site

my office at the condo

kitchen cabinets being painted

We Bought Another 2 Bedroom Investment Condo, In Burnaby This Time

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Well, either I’m completely nuts or I just made another smart move? I bought another 2 bedroom condo  (this one is closer to home) in Burnaby near the Lougheed Mall area.  Rent for this 2 bedroom should be between $1300 – $1400, and I bought it for $185,000. Personally I follow what Ozzie Jurock preaches which is the 0.75% rule. Your rent should be 0.75% of the purchase price. If you do the math 0.75% of $185,000 is $1,385.00.  If I get rent of $1300 – $1400, then I am following the rule.

What the hell does the 0.75% do?

If you can get rent of 0.75% of the purchase price then the rent will be able to cover all costs, such as taxes, strata fee and monthly mortgage. So you put your down payment and the renters will over time pay your condo in full, all you do is put down the down payment of 25% and the rent does the rest. Once again 0.75% of $185,000 is $1,385.00. Get rent of $1,385.00 or better and your investment covers itself nicely.

This my friends is how to build a real estate portfolio the RIGHT WAY. I don’t care if the real estate market goes down or up because my rents will cover all my expenses, through good and bad economic situations. As long as I can find renters then I am safe. This is a bullet proof way of retiring early, nevermind the B.S stock market. And f*ck RRSPS, just another scam if you ask me.

I lost $5,000 in the dot com stock crash back in 2000 and I learned my lesson for good. I will ALWAYS stick with real estate. Being a landlord might sound boring but it will make you wealthy in the long run, and it’s the safest investment as long as you have a clue what you are doing. It’s not that hard, all you need is a good realtor and they will do all the work for you. This condo gets me 1 step closer of my goal of having $20,000 in rental income per month.

And if you’re one of those people who think that renters will ruin your house and burn it to the ground it can happen. But don’t come crying to me when you’re 64 years old and still working for the man. Nothing in life is a cake walk, but realistically this is probably the quickest and safest way to get to financial freedom. Everyone needs a place to live and they always will.  Don’t tell me about the economic depression either, blah, blah, blah.  If you believe every word of the news then you’re the BIGGEST SUCKER out there………………

Get off your ass and make your life what you want it to be!

Anyways I am tired this evening, my daughter kept me up in the wee hours of the morning. It’s time to go relax and take a bath. Let the stress wash itself away.

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