I'm looking into purchasing my first investment property. I live in Toronto Ontario and I am thinking of buying a duplex close to the University of Windsor. I found two duplexes, both close to the university, need some TLC.
Since this is my first, I'm still trying to gather information nessisary to make a more informed decision.
Any advice when looking for your first property? Looking for some guidance on my first purchase.
Much appreciated! 🙏
You'll want to get an estimated rehab budget, purchase price and rent amount for each one. Go to rentometer.com for the rent amount, bring a contractor with you to see each property to get a rehab estimate. Then use the BP calculators (at the top of this page, under the "tools" tab) to run some numbers. Hopefully the results of using the calculator will help bring some clarity to your decision!
You might also be able to eliminate one of them just by walking through with your contractor - for example, if you find out that one of them has foundation issues or a lot of asbestos or something like that.
Thank you @Clark Kirkpatrick ! Ill be viewing properties in two weeks time. Getting basic numbers from agents until then :)