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Post new topic Reply to topic  [ 6 posts ] 
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 Post subject: Another "Moving to PEI" topic
PostPosted: September 1st, 2013, 9:37 am 
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Newly Created Account

Joined: September 1st, 2013, 7:26 am
Posts: 3
Hi all,

This is my first post and I'd like to thank you all for useful information all of you have been providing here.

I am 48 years old man from South East Asia (SEA) and my wife is 35. We have 2 babies (1 year old boy and 3 years old girl). Tired of crowded mega city in SEA, we are looking for a more quiet, safer place to raise our kids and have more work - life balance. PEI seems to have many things we need and offers an immigration program which we can be qualified for.

Apart from the house we are staying in, here we have apartments (valued at about CAD 600K) for rent which generate about CAD 2K/month. Financially, we can live easy life with that income here, but also with many issues which we don't want our kids have to face.

If we sell all properties here, we can come to PEI with about CAD 800K. I am thinking about buying a home for 200K and invest about 600K in houses for rent or tourism property for our initial income, before we can find other business or work. It'd be a big move for us and I really appreciate if you can share your experiences and your thoughts about my following questions:

- What net ROI we can expect with 600K investment in house for rent/ tourism property in PEI? If it's not better than it is generating here, maybe I should keep our current investment in SEA?
- Will islanders hate us or feel threaten if we bring our money in and buy properties in PEI?
- Is it difficult to live in PEI as a CFA, apart from finding job (which we might not be worry about as we tend to be self-employed)?

Any idea will be welcome.


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 Post subject: Re: Another "Moving to PEI" topic
PostPosted: September 3rd, 2013, 7:28 am 
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Member

Joined: December 30th, 2008, 9:41 pm
Posts: 1398
Location: Queens County
There have been and currently still are a lot of large property purchases by immigrants and the investments are absolutely welcome.

The best rental units are generally held onto pretty tight and the scraps end up on the market. Based on the current vacancies you are going to want to look at at least 6 unit buildings.

As far as tourism rentals go, the industry is struggling and based on what I have been seeing I am not sure If I would be putting my money there unless you are just looking for a personal cottage to generate a small amount of income from and run at a loss.


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 Post subject: Re: Another "Moving to PEI" topic
PostPosted: September 3rd, 2013, 11:28 am 
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Joined: September 1st, 2013, 7:26 am
Posts: 3
arod wrote:
There have been and currently still are a lot of large property purchases by immigrants and the investments are absolutely welcome.

The best rental units are generally held onto pretty tight and the scraps end up on the market. Based on the current vacancies you are going to want to look at at least 6 unit buildings.

As far as tourism rentals go, the industry is struggling and based on what I have been seeing I am not sure If I would be putting my money there unless you are just looking for a personal cottage to generate a small amount of income from and run at a loss.

Thanks, arod! It make sense that if it's a good rental unit then ppl don't want to sell. Maybe we have to buy scrap and turn it into good one.
Tourism industry does not sound encouraging, but do you think it will get better soon?


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 Post subject: Re: Another "Moving to PEI" topic
PostPosted: September 3rd, 2013, 7:06 pm 
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True Islander

Joined: August 23rd, 2005, 11:52 am
Posts: 11991
Location: Summerside
newhorizon wrote:
Tourism industry does not sound encouraging, but do you think it will get better soon?

Next year might be a good year due to 2014 celebrations but I can't imagine any big growth in tourism anytime soon.


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 Post subject: Re: Another "Moving to PEI" topic
PostPosted: September 3rd, 2013, 7:23 pm 
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Almost an Islander

Joined: June 13th, 2013, 8:53 am
Posts: 313
I know of a cottage owner who gets fully booked May 1 to September 30.
As long as you don't buy a dump, with a good location it should rent out.
The more higher end, more amenities, larger property the easier to rent.

I see $1000/week cottage rent out good, and even a $5k/week 'cottage' rent out no problem to high end clients.

And I know of some cottage owners who have a bit of trouble renting (ie looking for people to rent).

Don't buy a dump. Easier to build new (saw this happen to someone recently) :)

I assume you should buy somewhere to live on PEI, then spend time researching and driving around to see cottages/properties to buy.
There are lots of cottage properties for sale (empty lots, existing cottages). A lot to choose from. Existing older cottages can be had for around $100-150k, but I'd suggest better.

As poster above states, I'd expect tourism to peak next year for 2014 celebrations. I've already advised cottage renters to expect more inquiries about renting, and maybe extend their season a bit.

newhorizon wrote:
- What net ROI we can expect with 600K investment in house for rent/ tourism property in PEI? If it's not better than it is generating here, maybe I should keep our current investment in SEA?
- Will islanders hate us or feel threaten if we bring our money in and buy properties in PEI?
- Is it difficult to live in PEI as a CFA, apart from finding job (which we might not be worry about as we tend to be self-employed)?


1. No idea on ROI, you'd have to do research on that. I'm not in the rental industry.
2. I don't think islanders will hate you for buying properties. You're helping the economy etc. Just don't buy a property and let it turn into a dump, I've seen that happen several times and the dump properties are big eyesores for the community.
3. I assume CFA is Chartered Financial Analyst?

The more English you can speak the better :)
But based on your post, you can write great english, which I assume means can speak well.

EDIT:
Never mind, you can get decent cottage properties for $150k, just checked MLS.ca.


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 Post subject: Re: Another "Moving to PEI" topic
PostPosted: September 4th, 2013, 4:50 am 
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Joined: September 1st, 2013, 7:26 am
Posts: 3
balkoth wrote:
...
3. I assume CFA is Chartered Financial Analyst?
...


@balkoth: I like your sense of humor. Let's re-define the term CFA = Chartered Financial Analyst :)


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