House hacking(MY FIRST HOME)

[Aditya Soma]

Hi Everyone,

I'm planing to buy a multi Family House(Foreclosures) in Windsor, ON. with the inspiration/knowledge by @Brandon Turner book(RPI) and many other books suggested by @Brandon Turner, In specific looking to follow HOUSE HACKING approach. 

Can someone please suggest/share experience about HOUSE HACKING approach in Windsor, ON Canada 

Also answers for couple of my questions below very much appreciated  

1. For a beginner is that OK to get a multiF house(> 5 units)???

2. In Windsor area how much can I spend on Duplex(4+ BDRMS 2+ BathRMS) / 4 -1BHK Units House(for OLDER Building && for < 30Year age)???

 3. good areas in Windsor ?

4. Do's/Don'ts when looking for a good deal(MF Houses) ?? 

5. Do's/Don'ts in General for a beginner in REI??  

THANK YOU VERY MUCH for being patient in reading/answering my post

Have a wonderful day Everyone

[Matt Geerts]

1-2 unit owner occupied house: 5% down.

3-4 unit owner occupied house: 10% down.

1-4 unit non-owner occupied house: 20% down.

5+ unit commercial: Depends on the lender and the deal. This is complicated. If you want to get into larger residential, grab onto the coattails of someone who is already doing it. Bring them their morning coffee. Offer to take pictures of properties and sweep their hallways if that's what it takes to get them to talk to you about it. 

General newbie advice: 

1. Save a LOT of money.

2. Figure out how to do a deal where you end up with all of your money back out (ie, BRRR strategy).

A good chunk of cash can buy houses forever. No cash can't buy anything.

Oh yeah, and you recently missed Windsor liquidating tax-sale houses. That was about 3 months ago. So keep learning and keep an eye on the Ontario Gazzette for Windsor's next tax sale. By the way - don't wait for the sale. Contact the owners and help them get their back taxes paid in exchange for a deal.

Oh, and forget everything until you've spent at least 20 hours studying the RTA and LTB.