Nischal Ram-Freedom 40 Investments Inc - March 2022 - Edition 78

Nischal Ram - Real Estate Investor,Real Estate Coach and Realtor

Freedom 40 Investments Inc.

Nischalramrealestate@gmail.com
604 308 6404
http://nischalram.com/

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Your Fraser Valley Real Estate Market Update

 

Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February.

Here is the summary of the market for February, 2022

Total Sales Processed  - 1,824

Total New Listings - 3,742

Total Active Listings - 3,790

For the Fraser Valley region, the average number of days to sell an:

Single Family Detached - 13 Days

Townhomes - 11 Days

Apartment (Condos) -12 Days

Of the total transactions Fraser Valley Real Estate Board processed:

684 were Single Family Detached

448 were Townhouses

519 were Apartments (Condos)

HPI Benchmark Price Activity

Single Family Detached

Benchmark Price - $1,670,800

Price increased  43.6% compared to February 2021

Price increased  6.5% compared to January 2022

Townhomes

Benchmark Price - $840,900

Price increased 40.1% compared to February 2021

Price increased 5.6% compared to January 2022

Apartments/Condos 

Benchmark Price - $614,800

Price increased 36.3% compared to February 2021

Price increased 7.1% compared to December 2021

For the most updated market information on what is happening in your neighborhood, give me a call at 604 308 6404 or e mail at RealtorNischal@gmail.com

The support of a real estate expert goes a long way when navigating a busy market in the Fraser Valley..

Reminder: As you know that I am in real estate investment and sales and my passion is to bring buyers/sellers together. Who have you talked to in past couple days that might be thinking about buying/selling in British Columbia or anywhere in Canada (I am blessed to be a part of a huge network that I meet/talk-to on regular basis which is the backbone of my business that my clients benefit.

Also, we offer a $500.00 referral fee to anyone that leads to successful completion of a sale.



10 Things You Can Do to Feel Empowered

 

Here are the 10 things you can do to feel empowered.

1. Open the floor.

At your next big meeting, make sure to create time for everyone to speak, regardless of their roles or tenures. Bias can be subconscious and not intentional, but should be taken seriously.

2. Make it purposeful.

This weekend, take some time to consider the closest relationships in your life, both at home and at work. Jot down three ways to help each person along their own journey.

3. Think long-term.

Trust the process. If you aren’t getting the results you want just yet, don’t be discouraged. Take some time instead to analyze your methods and adjust if necessary. Patience is a virtue.

4. Make reservations.

Ensure that you are setting occasions to spend quality time with your family that promotes everyone’s health—that could mean a nutritious dinner or a weekly appointment for outdoor exercise.

5. Have faith.

A difficult step for leaders is learning to let go and trust your team to carry the load farther than you can on your own. Make some time to purposefully reflect on your people’s strengths.

6. 10-10-1.

Too often we have big dreams in our hearts, but we don’t give them the energy and focus they require. We might also try to accomplish all of our dreams at once, not realizing that big dreams require uninterrupted patience and dedication. Here is how the 10-10-1 concept goes:

10 Years - Imagine the best version of yourself in 10 years. 

10 Dreams - Next, write down the 10 dreams that would need to come true in order for you to be that person that you just imagined. 

1 Goal - To sharpen your focus, imagine one goal that would bring you the closest to your 10-years-from-now ideal self. 

7. Eliminate excuses.

Spend some time journalling tonight about why you’re waiting to start a big project or initiative. When you’re done, think honestly about whether there is really such a hurdle.

8. Phone home.

Your parents know you better and love you more than anyone in the world, and they know just what to say. If you haven’t already, create a habit to give them a call at least once a week.

9. Hit the road.

The next time you take a trip, scout ahead. There may be business opportunities for you at your destination, from a potential new client, to the possibility of blogging about your travels.

10. Trust your gut.

The next time you have a big idea, explore it as far as it will go. Don’t let anyone talk you out of it until you have done all the research and planning. You never know where your instinct will take you



Attitude of Gratitude

 

"The things you take for granted.  Someone else is praying for." - this quote resonates with me.

Not because I take things for granted but know where I came from and what sacrifices my parents had to make becoming a refugee immigrant.  Leaving our homeland, friends and family to start a new life.

I count my blessings and am eternally grateful for everything that has been bestowed on me in this life.

I am grateful that I am surrounded by the most amazing people in my life.  I have the best clients, colleagues, friends and family that anyone could ask for.  

Without your support, the success I have achieved would not be possible.  I am eternally grateful and feel privileged to have been a part of your journey.  I feel on purpose doing what I do and count my blessings everyday.

With Thanks Giving fast approaching, my family would like to wish your family a joyous occasion, a life filled with an abundance of joy, propserity, health and love.

Please remember to give unconditionally and be thankful for each day ...because the things you take for granted, someone else is praying for...



Multi families For Sale in British Columbia

 

Surrey - 2 to 4 Units
Surrey - Multifamily
North Delta - 2 to 4 units
Abbotsford - 2 to 4 Units
Abbotsford - Multifamily
Mission - 2 to 4 Units
Mission - Multifamily
Langley - 2 to 4 Units
Chilliwack - 2 to 4 Units
Chilliwack - Multifamily
Burnaby - 2 to 4 Units
Burnaby - Multifamily
New Westminster - 2 to 4 Units
New Westminster - Multifamily
Vancouver East - 2 to 4 Units
Vancouver East - Multifamily
Vancouver West - 2 to 4 Units
Vancouver West- Multifamily
Maple Ridge - Multifamily
Maple Ridge - 2 to 4 Units
Port Coquitlam - 2 to 4 Units
Richmond - 2 to 4 Units
Prince George - 2 to 4 Units
Prince George - Multifamily
Fort St John - 2 to 4 Units
Fort St John - Multifamily
Northern BC - Miscellaneous - 2 to 4 Units
Northern BC - Miscellaneous - Multifamily
Prince George - 2 to 4 Units
Prince George - Multifamily
Fort St John - 2 to 4 Units
Fort St John - Multifamily
Northern BC - Miscellaneous - 2 to 4 Units
Northern BC - Miscellaneous - Multifamily
Kamloops and Surrounding Areas - 2 to 4 units
Kamloops and Surrounding Areas - Multifamily
Kootenays - 2 to 4 Units
Kootenays - Multifamily
Dawson Creek - 2 to 4 Units
Okanagan and Surrounding Areas - 2 to 4 Units
Okanagan and Surrounding Areas - Multifamily
Vancouver Island - 2 to 4 units
Vancouver Island - Multifamiy



Routine Repairs vs. Capital Expenditures (CapEx)

 

For some residential investors, capital expenditure terminology — CapEx for short — is unfamiliar.  Capital expenditure reserves are common in the commercial real estate sector but lesser known in the residential real estate space.

CAPITAL EXPENDITURES

A capital expenditure is something you can capitalize over a certain time period.  It adds to or upgrades a property’s physical assets.  It is typically a one-time major expense.

Examples of capital expenditures include a new roof, appliance or flooring. Capital expenditures can be identified as:

1. Improvements that “put” property in a better operating condition

2. Restores the property to a “like new” condition

3. Addition of new or replacement components or material sub-components to property

4. Addition of upgrades or modifications to property

5. Enhances the value of the property in the nature of a betterment

6. Extends the useful life of the property

7. Improves the efficiency of the property

8. Improves the quality of the property

9. Increases the strength of the property

10. Increases the capacity of the property

11. Ameliorates a material condition or defect

12. Adapts the property to a new use

MAINTENANCE AND REPAIRS

Repairs such as move-out painting, touch-up painting, or patching a wall or floor fall into the routine category.  The cost of routine maintenance is typically covered by an investor’s annual operating budget, not from the capital expenditure reserve.

The easiest way to identify routine maintenance is to ask yourself if the repair is something that tends to be reoccurring.  Examples include repair of existing appliances, cleaning the carpets or patching a worn section of flooring.

Repairs can be identified as:

1. Improvements that “keep” property in efficient operating condition

2. Restores the property to its previous condition

3. Protects the underlying property through routine maintenance

4. Incidental repair to property

Hopefully these examples give investors a clear idea of the difference between capital expenditures and routine maintenance.



8 Pros & Cons of Including Utilities With Rent for Your Investment Properties

 

One of the many factors that must be analyzed when considering an investment property is the cost of utilities. Usually with every investment property, there will be some utility costs associated with it. Sometimes these costs may be minimal, as they may be with a single family rental. Other times, they may be significant, such as with a 24-unit apartment building with a central boiler for heat and hot water.

As landlords, we want to maximize our cash flow. Maximizing cash flow often means passing on those utility costs to the tenants who use them by including utility costs with the rent. But should you include utilities with the rent? The answer to that question will depend on many factors. Here are some thoughts on the topic.

Why Include Utilities?

1.Your building is not separately metered. I find this a lot in older buildings, especially those that were single family houses that have been converted into multifamily units. It is simply cost prohibitive to retrofit and meter all of the units separately.

2.You don’t want the double hassle of sending out utility bills and then collecting the utility payments. A utility reimbursement program that divides up utilities on square footage can really be a pain, especially when tenants complain that “they did not use that much heat/water/electricity,” etc.

3.You can potentially make a little more money. I have talked with landlords who include the utilities in the rent and charge a bit more for the service, even if the units are separately metered. This can improve their cash flow.

4. You can’t charge a “per person” fee, as this may be construed as discriminatory against larger families.

Why NOT Include Utilities?

1. It makes your life easier. If you can require your tenants to get utilities in their own name, you do not have to bill, collect payments or take the phone calls. It just makes your life easier.

2.Your utility expenses will increase. When utilities are included, there is no incentive for the tenant to conserve. I have seen it time and time again where the tenant has the heat turned way up and the window open to cool it off.

3.You might get better quality tenants. It has been our experience that those tenants who can get utilities placed in their names are simply better tenants. They pay their bills and are generally more responsible. Your local market may vary.

4.You spend less time dealing with the local utility. This can be a real time and headache saver.

While you can potentially make a little more money including utilities, their inclusion can be a real killer of your time and can increase the level of stress in your life.

Your market or your style may be different. You may have to include utilities, or it may be common practice to include them. Either way, that is one of the beautiful things about the real estate business—there is no one or right way to do it.



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