What happened when I finally talked to a real estate agent

I'd been doing research for two months before I talked to an actual agent. The agent I talked to has been writing investment property offers in Kamloops for 11 years. She does about 40 transactions a year, majority investment properties.

On timing

I'd been watching the market expecting to find "the right moment" to buy. She pointed out I was framing this wrong. The right moment is when you find a deal that works at current rates. Stop waiting for rates to fall and start looking for the right deal.

On financing

She walked me through two alternatives I hadn't seriously considered. First, BRRRR (Buy, Renovate, Rent, Refinance, Repeat) — buy distressed at a discount, add value, refinance at the new appraised value, repeat. Second, assuming an existing mortgage if rates were locked lower than market. Less common, but worth asking about on every deal.

On what "the right deal" looks like

I'd been looking for pristine properties with strong current cash flow. She said that's backwards for a first-time investor. The best first deal is often slightly distressed — a motivated seller, property that needs cosmetic work, something the market has overlooked.

Clean properties with strong cash flow have that priced in. You're paying for certainty, and certainty is expensive.