I am new to the investment property space and was wondering if there are any tips or things to watch out for when purchasing in Montreal. I am out of province.
Investor · Montreal · Member since 2021 · 3 posts · 2 votes
3y
Hi, we've only lived here for 3 years and only have a Triplex on the island. But in my experience, most plexes, and even some condos, are very old, with minimal renovations, often foundational issues, and not really up to code. So I'd be particularly pessimistic about your renovation numbers so that you have room for unexpected expenses. I believe some areas still have a lot of potential for appreciation. As far as I can see, cash flowing is only possible with optimization. If you have no previous experience doing renovations, I'd try to find a place that feels a bit safer in that regard. There are other cities near Montreal where a cash flow positive is possible, but they have other risks. Rental rights strongly favor the renter, so I'd really try to learn as much about it as possible, to understand the risks and opportunities, and to better prepare for them. That being said, Montreal is a great city with a lot of students and young professionals, so it's relatively easy to find good tenants provided you're well connected to a subway.
Hi, we've only lived here for 3 years and only have a Triplex on the island. But in my experience, most plexes, and even some condos, are very old, with minimal renovations, often foundational issues, and not really up to code. So I'd be particularly pessimistic about your renovation numbers so that you have room for unexpected expenses. I believe some areas still have a lot of potential for appreciation. As far as I can see, cash flowing is only possible with optimization. If you have no previous experience doing renovations, I'd try to find a place that feels a bit safer in that regard. There are other cities near Montreal where a cash flow positive is possible, but they have other risks. Rental rights strongly favor the renter, so I'd really try to learn as much about it as possible, to understand the risks and opportunities, and to better prepare for them. That being said, Montreal is a great city with a lot of students and young professionals, so it's relatively easy to find good tenants provided you're well connected to a subway.
Hmm yeah that's what I was observing when I was trying to study the market and looked at property. I am not very well experienced with renovations so maybe that's not the right market at this time.I was considering maybe switching over to Quebec city.Where the prices are much lower for the properties and I have more room for renovation and positive cash flow.