Buy&Hold Montreal, Quebec
Hi Everyone,
My name is Carlo I am 23 years old and live in Montreal, Canada. I joined BP about a week ago because I am looking to become a real estate investor and use the buy&hold strategy to build a passive income. This summer I managed to buy my first rental property (5-Plex) on the island of Montreal. Getting my feet wet in real estate investment has really unleashed a passion in me to continue investing and to start learning more! I’m looking for some guidance and help on how to analyze the Montreal market. I’ve listened and read a lot on BP on how to do this already but I can’t seem to find a property in Montreal that fits the criteria.
Currently I’m using these numbers:
Vacancy: 2%
Repairs: 2%
Cap ex: 10%
Management: 5%
Also I’ve found a way to get the approximate insurance, tax, and welcome tax.
If I use these exact numbers which I got from Brandon Turner on BP I can't seem to find a property that give a COC over 3%. If you have an advice for me please let me know as I'm ready to start buying properties I just want to make sure I do this properly.
Thanks Bigger Pockets,
Carlo