I currently own a couple investment properties, looking to deploy capital in the Greater Toronto Area. Any suggestions for neighbourhoods outside the downtown core? Focusing on duplexes and triplexes properties selling for $400K - $500K. I've been finding some opportunities in Barrie. Any other suggestions?
It depends on how far from downtown you're talking about.
Hamilton may have what you're looking for.
But I wouldn't consider that part of the GTA.
Anything closer than that and you're looking at double your budget for a SF let alone a duplex.
@Jon D. You can definitely find what you're looking for in Hamilton for that price range. Wouldn't mind showing you around if you make the trip out or having a brief chat to go over neighbourhoods.
@Jon D. My last two buys were in April & May during the crazy point in the market. One is getting about $350 per month, the other projects at $1300 cash flow per month (after renos, very very unique circumstance). If you're looking for turn key it's really tough.
I usually add a unit or renovate in order to increase rents and get quality cash flow. Would love to chat offline.
Hi Jon - for places outside of Toronto, the areas that you will commonly hear about that have economic growth and are closer to cashflowing than right in the city are Barrie, Hamilton, Kitchener-Waterloo-Cambridge and Durham Region (particularly Oshawa). I think that Durham Region has particular opportunity and I think you can still get duplexes in that price range. Track down Michael Dominguez, who is a real estate investor and agent in Durham and a very helpful guy (I have no personal involvement or interest in making that recommendation). Durham Region is growing, getting better commuter trains into the city, getting 3 new freeway segments and is physically closer to the city than the other three popular investment destinations. If you find yourself investing in that area of the metropolis let me know as I can share my list of tradespeople who do good work for us. Cheers, Noel