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Where would you buy your money-making condo(s)


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#21 Mike K.

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Posted 03 April 2016 - 10:38 AM

See how easy it was to be helpful?

Ovovov, you're in good hands here.

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#22 dasmo

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Posted 03 April 2016 - 10:44 AM

If you want the straight goods on the Victoria market definatly go to househuntvictoria.ca
There you can consume Leo's automated graph porn that is pure stats. You can also read input from a wide range of opinions from the biggest bears to the largest bulls....
Leo get's huge props for putting these auto graphs together and keeping that blog alive!

#23 dasmo

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Posted 03 April 2016 - 10:45 AM

....

Edited by dasmo, 03 April 2016 - 11:29 AM.


#24 Mike K.

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Posted 03 April 2016 - 11:30 AM

Right, as HHV's followers found out by waiting for the real-estate crash that never came.

I'm glad to see the blog has taken a far more balanced approach to real-estate in Victoria than it did when under the control of the bubble guy (who eventually bought a home despite years of telling his followers to hold off).
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#25 dasmo

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Posted 03 April 2016 - 04:00 PM

Right, as HHV's followers found out by waiting for the real-estate crash that never came.

I'm glad to see the blog has taken a far more balanced approach to real-estate in Victoria than it did when under the control of the bubble guy (who eventually bought a home despite years of telling his followers to hold off).

HHV helped me buy in 2012 because it gave me the only clear optics that the market sucked. The knowledge and experience shared there gave me the confidence to negotiate hard. Which I did successfully! Go there now you will get a much different impression even though there are still mega bears. It's at least impartial....

#26 ovovov

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Posted 03 April 2016 - 06:27 PM

I must say: your guys are extremely outgoing, bold and helpful.

 

I have a way better idea where I should spend in next 1-2 years.

 

my original thoughts were to buy 5 condos and fully utilize airb&b to make it cash positive.Now, after read HHV and inputs here, I am more confidence  to put it to action.

 

 

and if I may, I like to invite you all to a club and all beers on me in the summer-who is in? and where should we go? Canoe?



#27 insanelydeadlydisease

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Posted 03 April 2016 - 07:39 PM

I can see the headline now. Several HHV members knifed in bar by stranger met on interweb.



#28 MarkoJ

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Posted 03 April 2016 - 10:02 PM

I must say: your guys are extremely outgoing, bold and helpful.

 

I have a way better idea where I should spend in next 1-2 years.

 

my original thoughts were to buy 5 condos and fully utilize airb&b to make it cash positive.Now, after read HHV and inputs here, I am more confidence  to put it to action.

 

 

and if I may, I like to invite you all to a club and all beers on me in the summer-who is in? and where should we go? Canoe?

 

Your are going to pay through the roof for an airb&b city zoned building right now and you ran the risk of government intervention.  Government could crack down on a lot of disruptive businesses like airb&b, uber, etc.


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#29 dasmo

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Posted 04 April 2016 - 07:53 AM

I must say: your guys are extremely outgoing, bold and helpful.

I have a way better idea where I should spend in next 1-2 years.

my original thoughts were to buy 5 condos and fully utilize airb&b to make it cash positive.Now, after read HHV and inputs here, I am more confidence to put it to action.


and if I may, I like to invite you all to a club and all beers on me in the summer-who is in? and where should we go? Canoe?

Your going to have to outbid me because I'm shopping for 10 with 100k extra to overbid on each! Better hurry! I get up early!!!

Edited by dasmo, 04 April 2016 - 07:53 AM.


#30 LeoVictoria

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Posted 04 April 2016 - 05:41 PM

See how easy it was to be helpful?

Ovovov, you're in good hands here.

 

Given that you run citified (don't you?) I was hoping for some advice on which buildings are best for investors these days.   Now that would be a super cool addition to the database.  Some sort of analysis of rent potential.


Edited by LeoVictoria, 04 April 2016 - 05:43 PM.


#31 LeoVictoria

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Posted 04 April 2016 - 05:42 PM

Your are going to pay through the roof for an airb&b city zoned building right now and you ran the risk of government intervention.  Government could crack down on a lot of disruptive businesses like airb&b, uber, etc.

 

Is there such a thing as airbnb zoning?   I thought people are just putting their places on Airbnb regardless.



#32 dasmo

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Posted 04 April 2016 - 05:47 PM

It's called "transient accommodation"

#33 Mike K.

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Posted 04 April 2016 - 05:54 PM

Given that you run citified (don't you?) I was hoping for some advice on which buildings are best for investors these days. Now that would be a super cool addition to the database. Some sort of analysis of rent potential.


In this market you really can't go wrong with a rental in the core, especially in the downtown area and periphery.

What it comes down to is how much you're throwing down as a down payment. If you buy a $275k unit outright you can easily get $1,500+ in rent and the unit won't even be listed for a weekend before qualified renters start calling. It's crazy out there.

Avoid buildings with short term rental restrictions and buildings with rich amenities as that can erode returns as amenity costs get adjusted.

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Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#34 Rob Randall

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Posted 04 April 2016 - 06:46 PM

Any building where there are no red flags after reading at least a year's worth of minutes.

"[Randall's] aesthetic poll was more accurate than his political acumen"

-Tom Hawthorne, Toronto Globe and Mail


#35 lanforod

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Posted 04 April 2016 - 06:47 PM

^ I'd make that 3 years. That bit me... I'm still dealing with the fallout.



#36 Mike K.

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Posted 04 April 2016 - 07:10 PM

Yikes, yeah, as far back as possible is a good idea. I knew one fellow who bought a condo that a couple of years later was assessed for major leak repairs, but the previous owner, who was on strata, did not disclose to him that a decade earlier an engineering report concluded that remediation would be required at some point but slapstick measures could work for several years.

The fellow took the previous owner to court. And won. But it all came down to him miraculously finding minutes that dated back to the year the engineering report was received and tell-tale signs of strata doing what it could to avoid the major remediation bill.

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Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#37 ovovov

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Posted 27 July 2018 - 08:39 AM

sorry to dig up this old post.... it's been two years... dipped into three condos..... era, legato and 989.(closing soon in next year) and I will be cash out soon for the first two.

 

it is difficulty to maintain the roi where i got from ERa and Lagato.... I get it almost tripled the amount  i paid as down payment in three years

 

 

the next move i am going to try to purchase some land in Lanford( as looks like it is going to run out of land soon, looked at Latoria) and start to building a new home around 170/sqft. Will keep updating while I move along, hopefully I could retire early at 40 and drive a teals.

 

about 2 years ago, a standard land lot was about 250k, not same size lot asking for 350k-370k,I did not have sufficient funds to put down back then. otherwise I would have gone thru that route.

any comments is appreciated!!!


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#38 Nparker

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Posted 27 July 2018 - 08:47 AM

...the next move i am going to try to purchase some land in Lanford...

Say hello to the Connors for me.  ;)


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#39 tjv

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Posted 27 July 2018 - 09:26 AM

Yikes, yeah, as far back as possible is a good idea. I knew one fellow who bought a condo that a couple of years later was assessed for major leak repairs, but the previous owner, who was on strata, did not disclose to him that a decade earlier an engineering report concluded that remediation would be required at some point but slapstick measures could work for several years.

The fellow took the previous owner to court. And won. But it all came down to him miraculously finding minutes that dated back to the year the engineering report was received and tell-tale signs of strata doing what it could to avoid the major remediation bill.

The problem with taking someone to court is enforcing the order if the person doesn't have any assets.  I have an order for 7 figures that I can't collect on even thou the person makes 100k a year.  Even multiple lawyers say good luck

 

I don't think I would ever buy a condo with all the problems that occur or deferred maintenance just leaving it until the next owner to pay for



#40 ovovov

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Posted 27 July 2018 - 09:38 AM

Say hello to the Connors for me.  ;)

Langford! see that's why I am not able to move up where I work ;)


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