Buying in Port Alberni

[slaydown]

Hi guys,
Covid messed up my previous plans of buying a 2nd house, but now we have everything lined up and are ready to go. I was leaning pretty heavy towards Chilliwack but I have been getting advised to look on Vancouver Island. I eventually wish to retire there but not necessarily this house I buy. I have a friend who just moved to Campbell River and he said vacancy rates are low and tons of people he knows looking to rent. So that's an option but from people I know investing, Port Alberni was mentioned as a really good investment with good cashflow. I have absolutely no knowledge of the town or the people there other than passing briefly through to my trips to bamfield. We stopped at McDonald's on the way home in August for a quick bite and it was sketchy as
F##k, with junkies in the bathroom and at a bunch of tables. But I know better to judge such a beautiful place on just that. I'm curious about the schools, work etc.. any info is appreciated


Cheers

 

[Thunder21]

I’ve been here a couple years. I would recommend only shopping in north Alberni or out towards the lake. Avoid south at all costs. Rent is high, cost to buy is reasonable. Good fishing In Barkley sound, good hunting , unreal lakes and rivers, close to Nanaimo and the west coast. It has a bad reputation but I like it.

 

[Deejray]

I looked at investing there a couple years ago. The issues I found were vacancy rates as most renters were there for forestry (contract) or government (contract). Both spelled high turnover which is not good for investment properties. Property values there don't really change too much so basically you're looking at only monthly cash flow as your return. Not to say there isn't a gem of a property and gem of a tenant.
Not sure your level of real estate investing knowledge but remember all your costs beyond mortgage, property tax, utilities, repairs, management fees (if using a property manager) to name a few. If you want to want to dive a bit deeper let me know. On another note, we did invest on the island just not there.

 

[Dogbreath]

An old friend of mine was a social worker there for a number of years-let's say his perspective was 'unique' and he knew the place inside out- that's why he eventually moved to Parksville & commuted back & forth each day rather than live there.(hint, hint)

 

[Olde School]

The most affordable town on the coast that has all of the amenities and recreation opportunities close by.
Powell River would be my 2nd choice.

 

[Wild Bill]

Love CR!

 

[banger17]

What others said, and:

can be rough and tumble In many spots
Lower cost to buy
Slower/lower appreciation On value over the years, at least historically
Great outdoors
No airport
Stop over town for tourists
Things stagnant since mill shuttered for the most part

look towards the lake or beaver creek area

 

[leaseman]

Get hold of Ironnoggin...he has been there for awhile now!

 

[IronNoggin]

Get hold of Ironnoggin...he has been there for awhile now!

Yep. About 20 years or so now.

Kind of a sleepy backwater, but we like it.
Not swamped in the way of TDM's, and they tend to shy away from big dogs

Shoot a pm if you wish to chat / know more. Have a couple buddies in the real estate game here that can likely lend a hand if desired.

Cheers,
Nog