I just closed the deal on a second home today. It was a divorce sale and the home was listed very low last week. It's up in Kelowna right across the street from the beach. Real estate rule #1 is location location location and this property has it. It close to a half acre private lot with huge hedges all around the property, has a 20 by 40 in-ground pool with diving board, fruit trees and a stunning view of Okanagon Lake. It's on Trader's Cove off Westside Rd. Comes with a suite rented for $500.00 a month, main floor will bring another $1,000.00 a month. Mortgage payment is under a grand generating positive cash flow of $500.00 per month in my pocket. It needs some cosmetic upgrades like paint, carpet, flooring and cleaning up the clutter left around the property. Bringing my crew up there in 2 weeks to fix it all up, it's a rental property for me and I may flip it soon for a brand new Viper or Corvette. Keeping the firehawk too. Homes right now are going up 15% a year, that's thousands more every month profit. Can't make cash like that with a labour job. Get into real estate as soon as you can guys if not already. This deal was way more exciting than buying a new sports car.

 

That's great news!

Good luck with it.

 

Congrats man. Sounds like a sweet place.

 

That's great man. My family has a house on Westside, but more towards Vernon and I love it up there. Beautiful location.

 

Nice aquisition

I work for the Real Estate Board, I see a lot of good deals flying through here. Purchasing Real Estate is never a bad choice, it is very rare that you will take a loss, with the current market you can only gain. Anyone who had purchased property before can make a huge profit now. All signs seem to be pointing at prices going even higher.

 

careful guys!

Not trying to bash, but some of the thoughts on this thread are 100% similar to what we all heard in 2000 before the markets crashed. Just because the markets have had amazing momentum, doesn't mean they will contine

Just my opinion but I see us near the top of a huge bubble which will go boom. I am personally waiting for the US economy/dollar/markets to crash, interests rates to rise and banruptcies to go through the roof. Then I will buy, taking advantage of foreclosure fire sales .

Hows that for doom and gloom?

 

Yeah what he said!

 

So exactly when is this going to happen?

 

A lot of people are counting on that theory, but there is a lot more to it I can't share all that info

 

Why not?

 

Ain't that the million dollar question!

Be VERY careful when listening to anyone claiming to know the answer. They might get lucky, but no one has been able to consistently answer these questions. Even Buffet loses money on some of his investments.

 

congrats on the house, sounds awesome, you should keep it rather then flipping it.

 

Gotta agree here. The only one's winning right now are the real estate agents, the banks, and anyone who is selling and downsizing.

Half the people buying now will not be able to make their mortgage payments (IMO) in the next 3 years. Rates change very quickly, but anyone buying now is stuck for 20 years with an overpriced house. Things might hold out for a while with the Olymipcs though...

Not to take away from Drumhawk's purchase though, becuz if you can find a steal right now, those low rates will make it real easy to qualify for a loan.

Congrats Steve. I hear 'house party" being chanted...

 

Personally I think your an a$$hole, those who don't have a house must feel pretty $hitty that here you are buying a second home & talking how wealthy you are. Great job.

 

thems fightin words!!!!