Finally tomorrow the condo hunting begins. I have been waiting for prices to come down and cool off and now is the time to find that “deal of a lifetime”. Prices may drop you say? I say so what, as long as the rent covers all my expenses I will have a condo that is paid for by my tenants. And now is the time to negotiate deals with anxious sellers, it’s a buyers market now. Finally! If the rent covers the monthly expenses (strata fee, taxes, mortgage payment) it’s almost a no brainer to buy it, as long as it’s a solid building in a good area, with a low vacancy rate (which greater Vancouver has).

Tomorrow this Burnaby 2 bedroom condo will be our first stop,  then we start checking other condos around Burnaby in New West after that showing, as I mentioned in a previous post. Most people get excited buying a new computer or a car but I really love buying real estate. I guess for me I think about how much that condo will help me and my family for the rest of life. I will get monthly rent forever, who needs mutual funds? My retirement income will be my rental income, safer and way more stable than mutual funds, RRSP or the Canadian pension (will there be a Canadian pension when I am 65?).

A cool real estate quote I heard from Ralph Case:

“buy real estate and wait, don’t wait to buy real estate.”