Where can you buy cash flow properties around Vancouver? Cynthia Aasen from Investment Revenue Realty joins Adam and Matt to discuss an amazing new opportunity in the fastest growing municipality in British Columbia, Langford! These properties are starting at under $275,000 and they cash flow positive, but they won’t last. So, listen up and get in touch ASAP!
If you want to learn more, please get in touch.
or sign up for the tour on February 22, 2020 HERE.
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Can you tell us a little bit about yourself?
I’m a managing broker with Investment Revenue Realty and co-founded it five years ago. Our focus is on real estate investors. We also have a turnkey rental management program and organize tours of properties. We’ve seen many of the challenges that real estate investors face. It’s easy to invest in the stock market. We want to replicate that same ease in real estate.
You represent Western Canadian Properties Group and their project in Langford called Pinnacle. Can you tell us about the community?
We try to identify markets where there’s a shortage of workforce housing, looking at affordability. Langford hits a lot of our checkboxes with many people looking to move both up and down in the market. It’s a beautiful place to live. Langford is the fastest growing community in BC. The tech industry is also growing rapidly, attracting many long term well paying jobs to the city.
There’s a ton of demand as well. We’ve already rented out 17 of the 45 units for occupancy for May 2020. We have a show suite done that potential clients can look at to see all the finishing touches.
Can you talk about the vacancy rate in Langford?
There’s not a lot of housing. There’s a much higher demand than there is supply. We also have many features in Pinnacle that aren’t common in the area such as single floor entrance, fob entrance, video surveillance and underground parking. The competition isn’t even close.
What about starting prices?
Starting prices are from $274,900 to $469,900, depending on unit size. It’s really attractive to people who have retired and are looking to stay in Canada, but live somewhere not so cold.
Can you talk about the rental management program you offer?
With our rental management program, we manage the building and the strata for investors. As a landlord, the rental tenancy act is very biased toward tenants, and you need protection on your side. We mitigate the problems so you don’t have to deal with them personally. For $65 a month, your investment is well looked after.
However, if you do want to be involved, you can join the strata board and help make decisions. But our management team is very proactive as well, keeping you informed with the goings-on of the building. Every month you get a full report with the direction of the market and the general trend.
What about strata fees?
It’s based on the size of the unit, with fees being between $170 to $235 per month.
People are very interested in the cash flow in markets outside of Vancouver. Are investors able to make a profit after subtracting their mortgage and other fees?
It’s positive cash-flow on the units from day one. We’re pretty confident that we’ll be able to fill the building by May 1st as well. If you’re interested, we have a website where you can see every unit with its availability. On February 22nd, we have a tour of the building where you can meet the developers, and really get a feel for the property and surrounding area. It’s in the heart of a great community.
Is this a product for end-users as well?
Yes. Our finishes have been built for the owner-operator, so that it’s not an obvious low-cost rental property. It’s built to a high standard. This also helps to keep the vacancy low, as owners will be living in the building as well.
If someone’s on the fence, why should they buy at Pinnacle in Langford?
Price point. There’s a limited supply in the market and even if you sell in just a year or two you’ll be able to make a great profit.