Real Estate Agent · Ottawa · Member since 2018 · 10 posts · 2 votes
Hey, I'm newish to the BP community and looking for advice to grow my rental business. Little backstory on me; I received my real estate license in Ontario and purchased my first rental unit September 2017 in Cornwall On. I discovered BP through the podcasts and really like the BRRR strategy. I just wanted to know if there was anyone in the Cornwall or Ottawa area who has done this and how you went about finding deals. Any advice is greatly appreciated
Ottawa, Ontario · Member since 2014 · 33 posts · 16 votes
7y
Kijiji or Realtor for finding deals using a similar method as flippers do (x% ARV)
Cornwall is tough because there isn't a lot of inventory and the product that appears affordable is in the east end (usually government assistance). The other product is usually fully priced (in my opinion) because investors from Montreal and Ottawa view it as a discount to their local markets. That doesn't mean you can't find a deal - it might have more hair on it. For example there was a decent side by side duplex (3+3) in a decent area listed a few months ago (4-6?) that needed new everything on the inside (paint, bathrooms, kitchens, doors, most flooring) and had foundation issues. It was listed at $120k and was gone under two months. Not necessarily a great deal by any means. There are a few large buildings on the market owned by the same owner that are fully priced with no movement to little movement on sale price.
When refinancing, the banks/appraisers usually undercut your value to be conservative. I've had substantially renovated properties (kitchens, baths, wiring etc.) appraised over a 1% RV when the one 2-3 blocks over (or on the same block) was under 1% RV.
Happy hunting! Feel free to DM me for any other questions.
Real Estate Agent · Ottawa · Member since 2018 · 10 posts · 2 votes
7y
I thought about house hacking and wouldn't be opposed to it. Since my current living expenses are very minimal and I have a unit generating income I would much prefer the brrr strategy. Difficulty I'm having is finding good deals. I thought about driving around and door knocking, or sending mail-outs to specific properties. Have you or do you know someone who has tried either of those methods?