Back In The Real Estate Game

As a single mother, I faced numerous challenges. Documenting hours on a permanent teaching contract was no small task, especially as I commuted to Merritt three to four days a week, enduring four-hour drives from Glenmore starting at 6:00 AM during winter months on one of the most treacherous roads. All to work in a room by myself online where in the interview they said I'd be working from home. I digress!

Fast forward to today—I purchased a condo, my third piece of real estate, which has proven to be an excellent investment as a rental property, although the losses from divorce and some bad decisions with the exit of what I've made from my first 100K in my condo in Sask. and not getting that out from my house.

I have faith in this venture and plan to acquire another property as soon as the opportunity arises. Growing up, I was immersed in discussions around the family business; my family immigrated from the Czech Republic, and my father's dream was to own a hotel. He achieved remarkable success in his endeavors. Although the COVID-19 pandemic has presented challenges, with Motel 6 being recognized as the best motel in Canada in 2019 yet now facing staff layoffs, I am confident in our resilience. We are Czech Canadians from Saskatchewan, and we always find a way to bounce back.

I anticipate that property values will align with competing developments nearby. After extensive reading—an obsession that has fueled my passion for learning—I have formulated a game plan that resonates with me. I envision owning multiple suites while renting out my townhome or condo to generate cash flow. While I could buy now, I think it prudent to wait for the next market downturn, perhaps around 2030, to maximize my investment. Right away my AirBnb was producing 2800/month in rent as a micro suite.I will ride the wave while it lasts.

With the recent loss of my jobs, I find myself contemplating my next steps. As I embark on my journey to become a Realtor, I wonder how much of this I can share publicly. I may need to consider B lending, which typically comes with slightly higher rates. However, when viewed in context, how significant is a 5% increase? It's essential to consider the ratios involved; B lenders often require a 50/50 split, but aiming for a 70/30 arrangement is ideal if feasible, meaning you would provide 30% upfront. Additionally, it's wise to avoid renewal fees from the bank. Once you secure a loan, try to work directly with the lender, or consider reaching out to Dominion Bank. All I do is the next best step. I sure make a lot of misteps. But all in all, real estate always seems to go up in Kelowna. I should remember to sell high like I have always done. But someone told me that its the real estate you keep. What do you think?

Regardless of the path you choose, focus on saving diligently for that down payment. Keep your eyes peeled for that exceptional deal! Prices are high..but places like Czech Republic, they save for the whole amount and often don't buy until they are 40 or 50. Maybe they are on to something. Its hard to get approved. It is often what we save, keep, invest and advice to myself, not spend on clothes.

I have invested a lot in personal development and see a huge improvment in so many ways. Spent a lot on experiences with my daughter which I will never regret. You never know when its time to go. But gosh..hoping the cards line up easier one day.

Grateful though for the journey!

Wishing you all the best,

Jes