dual American-Canadian citizenship, and I was sure as heck He continued buying and improving houses, primarily duplexes

going to use it. and triplexes, using the proceeds from prior sales.

I traipsed down to the review board and told them I was leaving In one case, I bought a duplex on Vine and 15th Avenue, and did
the U.S. The lady at the board looked at me and said you know the deal on the hood of a car, says Bill. It had a laneway house,
you are giving up the greatest gift God gave mankind: American so I moved in there, improved things then sold the property. I
citizenship? Bill grins and says: I replied, lady, I am out of did very well for myself.
here.
But Bills ultimate goal was to begin acquiring apartment
In Vancouver Bill began employment at a mortgage company, buildings. My original plan was not to own houses. I actually
earning $250 per month as a junior appraiser and file clerk. (only) wanted apartment buildings, because the tenants pay
He later attended UBC, obtaining diplomas in real estate and your mortgage costs, says Bill. It just made sense.

An Interview
appraisal.
When the opportunity arose to purchase an apartment property
After four years with Revenue Canada, Bill went into real along the 1000 block of West 12th Avenue, Bill leapt at the chance.
estate, selling and providing commercial appraisals. In 1976, he

with Bill Falcus

opened his own firm, Falcus Appraisals Inc., and spent nearly The seller invited me to his place in the West End, and he fed me
half a century appraising properties. a bunch of rum and cokes, laughs Bill. We settled at $250,000,
for eight suites: four one-bedroom and four two-bedroom. It was
By Bill Goold I had a knack for appraising. When I was eight years old and bought during the Expo year (1986), and the (previous) landlord
living in Seattle, my weekends were spent in my fathers car, filled it with mattresses and building materials. If I needed a
touring open houses, says Bill. So heres an eight year old sheet of plywood, Id just need to walk into the garage. It really
Bill Falcus owns 5 apartment buildings in the South Granville neighbourhood. looking at what designs were, and what was worth buying. It helped us begin to make improvements immediately.
rubbed off.
A seasoned landlord, Bill has plenty of common sense advice

V ancouver landlord Bill Falcus is one of the most interesting

people Ive had the pleasure of knowing throughout my real
estate career. Like many landlords, hell shrug, smile and say
evolution of Vancouvers rental market, and if he has any advice
for newcomers to the industry. And so, I dropped by one of his
apartment buildings, which he also calls home.
During his time as an appraiser and property owner, Bill has
witnessed many changes in Vancouvers real estate market.
for new multi-family buyers and managers. Much of it relies on
exercising good judgement, and having a hands-on management
approach.
hes just an ordinary fellow. Back in the 70s, we were seeing cap rate percentages in the
Oh, Im not very interesting, grins Bill, unlocking the front 8s and 9s. Nowadays, its in the 3s, says Bill. Of course, the
Aside from a near half-century career in real estate appraisal, lobby door of his building, a Union Jack flickering overhead. I mortgage rate percentages in the 70s were in the 20s, which If youre buying apartment
Bill is a proud owner of several collector cars, one of which is an wouldnt know what youd even write about me. eventually caused the real estate market to collapse in the spring
award-winning Mustang convertible; and, he is a former pipe Stepping into the building is like entering another world. of 1981. Nobody saw that one coming. buildings, stay in one area. Have
player whos played for numerous pipe-bands, including the Treasured trinkets adorn armoire shelves, and visitors are
Vancouver City Police Pipe Band and the RCMP E Division. greeted by Queen Elizabeth IIs portrait. The hallway stretches Bill was always keenly aware of ongoing changes in the rental your properties within a close
towards a brightly lit atrium and a glistening chandelier market. Between 1963 and 1970 Vancouver rents were very
Bill is a man who marches to the beat of his own drum just like hanging from its ceiling. Impeccably kept and comfortably economical. In the mid-sixties, I was paying $75 monthly for radius, says Bill. Youll be able
most property owners Ive gotten to know. As an owner of five appointed by Bill and his wife, Mary, the building is proof of the a one- bedroom plus den suite with a fireplace, says Bill. But
buildings in Vancouver, I can always count on Bill for interesting pride that they take in their buildings. They truly go above and tenancy agreements, credit reports and references did not exist. to check on them every day.
anecdotes or insights on Vancouvers rental market. beyond for their tenants. I just believe in keeping things simple The professionalism in the industry, brought on by new, engaged
and professional, smiles Bill, welcoming me into his suite. property owners (and managers), was still in its infancy. Youll always keep them tidy and
Whenever Im passing through the South Granville
neighbourhood, my eyes are always searching for the little Bills forays into real estate began south of the Canadian Bills first real estate purchase was in 1963 a single family presentable just like the tenants
Union Jack flags flying over the doorways of Bills apartments, border. Raised in the Seattle area, he attended the University of home in Vancouvers Shaughnessy neighbourhood.
or the Foo Dog guardian statues that dutifully greet visitors at Washington in the early sixties. When military drums began youll want to live in them.
the entrance. beating, he set his sights on Vancouver. I wasnt thrilled about I paid about $68,000 ($536,000 adjusted for inflation) for 1406
Mr. Kennedys little Bay of Pigs foray against Mr. Castro, says West 40th Avenue, says Bill. Last time it sold, it was for two-
I wanted to learn more about Bills business, his thoughts on the Bill, sliding into a chair. My father was a British soldier, so I had and-a-half million dollars. Continued...
 Set high standards for yourself and your
buildings. Youll then rent to tenants wholl
meet your standards, stresses Bill. If you
compromise your values, youll compromise
your income.

He adds that landlords have to work hard at attracting good While many would consider this approach to be unconventional,
tenants, and not take them for granted. Bills apartments are the only ones I know of that have hallways
lined with antiques and portraits, none of which have been
Set high standards for yourself and your buildings. Youll then stolen or damaged. That speaks to the quality of his tenants.
rent to tenants wholl meet your standards, stresses Bill. If you
compromise your values, youll compromise your income. A lot of landlords will tell potential tenants, I can tell by talking
to you that youre a good tenant. I believe that to be a fallacy,
Bill credits the self-managed model for his success as a landlord, says Bill. I know many people wont agree with me, and thats
adding that family-management is beneficial for the building fine. But through the years, I have learned first-hand that people
and its residents. arent always who they appear to be.

My wife Mary can probably tell you more about roofs or A number of Bills tenants have resided in his buildings for
electrical than anyone else in the world, laughs Bill. We take years. He credits this low turnover to treating people well, and
care of the rent, administration, and the maintenance. But we being a fair landlord.
also establish real connections to our tenants; both parties have
a personal stake in a propertys well-being. But, hes quick to I know I may come across as sounding picky, but all of my
mention that not everything is always roses for landlords, as tenants deserve a clean, quiet building. Its a landlords duty to
we all know. He says inexperienced and new landlords can take provide that, says Bill. I typically dont give rent increases. One
steps to prevent future issues. tenant whos been with us for nearly two decades, has never had
a rent increase.
Landlords often make the mistake of renting to fill a suite,
instead of renting to suit the property, says Bill. This leads to He also advocates that new property owners join LandlordBC,
potentially undesirable tenants occupying those suites, making so they have a resource in case they need assistance with tenant
life unpleasant for your good tenants. The good ones leave and issues or navigating the Residential Tenancy Act.
youre caught in a cycle, impacting your bottom line.
Bill also cautions against putting too much faith into credit As Bill and I step outside and begin saying our goodbyes, I turn
checks, saying theyre only part of an overall vetting process. and gaze appreciatively at his buildings sun-soaked, manicured
garden. Its properties like his that really help me appreciate
Even with those systems, and references, you need to do the the work and ingenuity of the landlords I have the pleasure of
legwork. I cant emphasize it enough. says Bill. For example, working with.
if someones on our potential tenant shortlist, Ill drive by their
current residence and have a look at its appearance. Ill look Well Mr. Goold, you think you have a story out of me?, asks
for garbage, poorly maintained cars in the lot, and unkempt Bill, the sun gleaming in his eye. Ill be surprised if you get a
landscaping. paragraph. After all, youll find Im not very interesting.