Recently I have had several viewers ask me my opinion on buying an investment unit in the Whalley area of Surrey. My advice would be: If you’ve done your homework on the numbers, and you’re willing to buy and put a tenant in there for the long haul (ie 10, 15, 25 years or more), then go for it. You just can’t lose on that type of long term buy and hold strategy. With 20% down your tenant’s rent check every month will be enough to cover your interest payment on the mortgage, your maintenance fees, property taxes and repairs and at the current 2.3% 3 year mortgage interest rate, most of your principal payments as well.
An area that I have been bullish on and selling to a lot of first time buyers and investors is New Westminster. Right on skytrain 30 min to downtown Vancouver and you can buy renovated concrete units for around $400 a sq ft.
I encourage my viewers to drop me an email with your questions and I will do my best to address them in a future video blog.
If you want to voice your opinion or get in touch with me, please email me at firstname.lastname@example.org or comment/message me on my YouTube channel.
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Viewer Mailbag: Buying An Investment Unit in Whalley, Surrey #buy #RealEstate in #Canada