Just a note on the leaky condos in Vancouver. Things to watch for are stucco exteriors. It doesn’t breathe well in the moisture we have here. Also look for how much of an overhang there is. Most leaky condos don’t have much of one. Lastly, most people don’t know that the very same problem affects detatched houses as well. Single home owners don’t have the resources that condo associations have, it is not mainstream knowledge. So don’t think this problem is limited to condos. Ask for guarantees or include subject to’s in your offers for newer houses.
As for clubs I to have been looking for something in the Vancouver area. R.I.N.G (Real Estate Investors Networking Group) is the only organization I am aware of but I understand it disbanded in the wake of the Eron Mortgage fiasco. I have received a few emails from people who are interested in forming a club. if others are interested, please let me know.
Looking for help in B.C., Canada!!! - Posted by Cory Hunter
Posted by Cory Hunter on July 27, 2001 at 02:21:54:
I live in the area of Vancouver and interested in pursuing real estate investing. I have purchased the “FAMOUS” Carleton Sheets Courses read it about 2 or 3 times and ever thankful that I managed to find this website. I was about to inquire about the so-called 1-on-1 coaching and could have blown money that I couldn’t really afford!!! Thanks to everyone that has explained the goods and the bads about this course. I am more than willing to go to some of these real estate investment club meetings in the Vancouver area but need a little guidance. I am young, energetic, and have good negotiating skills as I am an account manager for a large company, but looking for a faster way to retire!!! Please email me with a way of contact for you. I would like to meet or talk with someone sooner than later as this B.C. economy is going to sky-rocket soon I don’t want to miss the boat!!! Thanks, in advance to everyone that responds.
Buying RE in the Vancouver area is very, VERY expensive. You might have to try on the Island, the Kootney’s or even the Cariboo. Correction, you WILL have to try those areas. As far as the leaky condo problem is concerned, I stay away from those myself. I won’t even touch them. The amount you pay to buy a leaky condo, it will cost you about that much just to fix it up. Read this site for more ideas on how to invest in Vancouver real estate. Look especially at this site http://www.real-estate-online.com/mm-53.html – the title is “You Can’t Do This Where I Live!” I found this to be very good. Also, listen to Michael Campbell on CKNW, on Sat’s at 8:30 AM. He has some good topics about real estate. Once in a while he has Ozzie Jurock on. Ozzie is a BC real estate expert (self proclaimed that is). Or try his site at http://www.jurock.com/ . There’s lots on info about Vancouver and BC real estate
Cory, You have read the Sheet’s course…that’s good. I have never seen the course, but assume there is some good information in it. Reading these sites will also give you some good ideas. Read Johnboy’s post under title of “Clueless” and as many of Ron Starr’s as you can find. Of course there are other great “post”. Find them and read them. You have some great “guidance” on these sites. Sooner or later you wlll decide what area of R/E interest you. After you determind your area of interest, then ask for “guidance” in that area. Ray
Re: Looking for help in B.C., Canada!!! - Posted by Cory Hunter
Posted by Cory Hunter on July 28, 2001 at 24:14:59:
Thanks for the post Ray. I have kind of determined the area of my interest. It would be residential such as condominiums. As you may be aware, there have been thousands of condo buildings in the Vancouver area that have suffered from interior wall leakage by water. Therefore there has been numerous foreclosures and people just simply walking away from there places. In most cases you can pick up a condo for about 20-30 thousand dollars below original purchase price. Most of these buildings are an average of 1-4 1/2 years old. Another area of interest is picking up single family residentials for below market value and doing “some” fix-ups to sell or rent the property. If there is anyone else in the B.C. or in specific, Vancouver area, that is willing to give a little guidance on the first purchase, please contact me as soon as possible. Thank you all in advance!!
Cory, I am aware of the water problems many properties have. I couldn’t get a handle on the reasons. Was told that it ws just bad construction. if that is the case the problems will involve more than just roofs and piping. I was looking to buy some small apartment houses, but ran into that problem. I am still interested in looking at the “west end” area. I think your Government “hand out programs” are good for landlords. Also, the US $ is strong, so think there is a good “up side” in ths area. Started to work with one of your local contractors, but he turned out to be more “con” than tractor. Ray
Re: Looking for help in B.C., Canada!!! - Posted by Cory Hunter
Posted by Cory Hunter on July 28, 2001 at 02:33:14:
Ray, Do have any names of people that you would recommend that I talk to or that would be willing to talk to me? Do you know of any Real Estate Investor Clubs in the Vancouver area? Thanks for responding so soon.
Cory. Sorry don’t know any REI groups in your area. Just have a couple email friends there. Suggest you call the Real Estate Board. They should know. Meanwhile I will check to see if any of the groups I have belonged to has a web site. That could lead to finding some related club in your area. I was looking at the Mount Pleasnt area but as I told you had bad luck with a contractor. Ray
Ray