In this episode, Scott Street and Nick Derksen, owners of Summit Pacific Properties, discuss how to build a rental property.
And don’t forget to check out the bonus audio here:
– Advantages and disadvantages of building your own rental.
– How to finance your construction project.
– How to choose where to build…Focus on areas that have special or unique value.
– Construction costs can change drastically depending on where you buy your dirt.
– The cost vs. rent ratio
– Know the demographic and what makes them happy.
– Determining what will work best today and in the long term.
– Less maintenance means more cash flow and happier tenants.
– What to consider when building suited homes.
– Understanding timeline and risk.
– It won’t go as easily as you think it will, it will probably cost more than you think it will, and it will be more stressful.
– Make strategic decision now, so that you’re building a product that will sell at the best price possible in the future.
– Cheaper cost is not always less money out of pocket.
Summit Pacific Properties was founded in 2010. Nick and Scott had previously worked together and because their strengths meshed together so well they were looking for another venture to excel at. They both saw tremendous opportunity in the real estate world to create the wealth to fulfill their personal goals. They also believed that real estate could help them create a great rate of return for those they partnered with on projects.
Nick and Scott both share a passion to build teams, create win-win relationships, work hard, and to build a business that allows them to give back to their communities and world in significant ways.
Nick Derksen is a co-owner and the Construction Manager of Summit Pacific Properties. Nick is also a licensed Real Estate Agent with Century 21 Creekside Realty Ltd in Chilliwack.
– He has a passion to see his skill at construction be used to make a difference in the world. He has done this by leading 2 trips to Mexico to build houses for those without a suitable place to live.
– Nick started in construction in 1996 giving him longevity in the industry and a tremendous amount of experience, ranging from custom finishing carpentry, framing, and project management. He also has a B.A. in Religious Education.
– Nick was asked to and participated as an expert panelist with the Real Estate Investment Network at a training event for real estate investors. The panel focused on strategies for successfully investing in real estate.
– He is married to an amazing woman named Courtney. They love to be active, play, and explore the world. They have three sons named Micah, Wyatt and Westin that bring joy to their lives.
Scott Street is a co-owner and the Business Development Manager of Summit Pacific Properties. Scott is also a licensed mortgage broker with Complete Mortgage Services.
– He has a driving passion to see others prosper and the world changed. He has lived this out by being actively involved in his community through mentoring youth, volunteering with Youth at Risk, working on committees to promote youth issues, and also by coaching sports.
– Scott has an MA in Leadership from Trinity Western University and a Bachelor of Theology from Ambrose University. Scott has also taught a class entitled “Leadership in the 21st Century” at Trinity Western University for both the graduate and undergraduate level.
– Scott has twice been featured in “Canadian Real Estate Magazine”.
– Scott has participated as an expert panelist with the Real Estate Investment Network at various training events for real estate investors. The panels have focused on various topics including: the economics that drive real estate values, property management, and getting unstuck in your journey.
– He is married to an incredible woman named Jody with whom he greatly enjoys talking and laughing with. They have two children, named Caelan and Macey, that they love deeply.