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I don’t have much there yet. Have been talking to mortgage brokers and agents. Looking mostly at BC at this stage. Will give it a go and see what happens. Thanks.
Thanks Robert. I will be borrowing most of the money from Canada (65%) but I understand that currency exchange rates will add another unknown into the equation. Still something I will pursue unless I get some good reason not too.
John.Thnaks Kiwi-fulla. Sorry reply has is now old, just back onto the computer after net crashed. I still think i’ll try Canada as deals seem so good there, and i need to try somehting. Will let all know of progress.
Thanks crj, I’ll go look for that post now.
Thanks again with all the help from everyone. I realise that formulars such as the 11 secound rule are guides rather then the one thing I need to give the green light on a property. With the expenses such as land tax, rates, etc, how do I find those out. It that something the real estate agent can give me a guide on or do I have to go somewhere else for that?
The properties I was looking at are in BC. I know a few of the suburbs a small bit, I think one might be in a dodgy area, but I think the rental demand might still be there, and it isn’t a mining town or anything like that, but there may be students contributng to the rental demand of the area, which I know will fluctuate throughout the year.
Had another look at what was explained to me and I finally get it. The price should be equal to or below the number given by using the 11 secound rule. ie $100,000 (price) is less then $161,500. I get it.
A bit slow on the uptake sometimes.
Thanks again to everyone.
If they are good via the 11 secound rule, how am I doing the maths worng? Is the asking price suppost to be ABOVE rent /2 x1000? Please show me the formula again. Very confused but thankful
Hi again,
Thank you all for your help/ I have tried the 11 secound rule as told to me, that is ‘Weekly rent/2 (ie halve it) X 1000.
If the cost of sale is equal to or below the figure offered for sale it is a good starting point. I have been told the following figures are good according to the 11 secound rule:1) Price $100,000 rent is $323/w
2) Price $36,000 rent is $121/w
3) Price 120,000 rent is $461/W
Yet if i use the 11 secound rule for 1) 323 %2 x 1000 = $161500. But the purchase price is $100,000. How it was explained to me the figure ($161000) should eb equal to or below the price to be good, whoich it is not. Did I miss undestand something here, is 1) a good deal or not?
Confused but still handsome,
JRWThanks for your help guys (I use ‘guys’for both sexes, don’t want anyone getting offended). What method did you guys figure out the numbers for yourself? I have heard about the 11 second rule but don’t know what it is.
Also, how would you go about finding out if the rental market is good, besides asking the real estate agents? Will the agents show you a copy of something proving the rental of the particular property in question? Can a buyers agent do that sort of research for you?
I’ll stop there because it annoys me when someone asks 20 questions like that.
The prices were Canadian dollars.
Thanks again for your help.
