Newbie from Montreal, Canada

10 Replies

Hello BP Community!

I am from Montreal, Canada. More precisely in Brossard. I am 38 and working as an IT consultant.

My wife and I bought our first triplex 2.5 years ago after realizing that we would not get very far by just saving our money for retirement. We had to do something. My brother had already bought a triplex a few years back and when I was young my father had bought a 16 appartment complex but only kept it for 2 years.

After talking to both and reading my books on the subject, we thought we should give it at least a try and if we don't like it, we could always sell the property and move on.

2 years after buying our first, we decided it was well worth it and started looking for a second one. This time, our research took us to a 5 appartment building about 2 minutes walking distance from the first one! We ran our numbers and decided to jump in.

When I realized how the previous owner had set things up, I quickly realized that, even though my first one was not such a pain, things could be WAAAAY better than I thought! We've had this 2nd one for 7 months now and we never got any phone calls for anything and we even get paid in advance!

That is when I realized that I should maybe seek to get better informed and I started to look for a forum where to post questions to other investors like me.

So here I am! I looked for similar forums in my area but although there are groups and associations, none seem to have forums like this one.

My current job is IT consultant in the Business Intelligence domain. We build complex analysis applications for businesses so that they can take better and faster decisions by brigning to light their information in a easy to play with model. (of course, I use this know-how to build my self the same thing for my investments :) )

Recently, the though has been in my mind that maybe, just maybe, if I keep at it, either me or my wife (or both!) could retire early. After reading quite a bit of posts here and elsewhere and reading many books, that though keeps growing!

I always had a feel for being my own boss but am lacking knowledge in area necessary to have a full blown company so I resorted to being an IT consultant (half way to being my own boss). Taking care of the 2 properties I already have, I like it! I like it a lot and I find I am suprised by structure and the help I can get in areas I am not confortable with (mainly accounting).

My hopes, then are to, non-aggresively for now, start buying more properties and educate myself that way through hand-ons practice. Then, when I get to renew my first lease (due in 2.5 years) to refinance that building and buy another one.

I am very glad to have found this site and am looking forward to connecting with the most people I can especially if in my area!

David

@David Laplante welcome to the BP community. I am in a similar spot as you are: I helped to start a construction company, so I've seen what it takes to run the entire company, but there is one head honcho above me to make sure my day dreaming doesn't drift too far from the day-to-day needs of the business.

That being said, I am actively working to become my own boss with my buy-and-hold rentals. Like you, I too realized that I could work 50+ hours per week insulating homes and end the month with +$500 in the bank, but at a max of $6,000/year savings, it would be a LONG road to retirement. I don't want to take that road (I suspect the head honcho at the construction company doesn't entirely agree w/ my sentiments). There is a sense of "Think what we can create here" with the construction company. As I watch my 1year old daughter grow, more and more often I find I am asking asking myself "What am I missing by working longer and longer hours?"

In order to accomplish, see and do what I want to do in life, I have to be my own boss. I have to set up processes and procedures to better automate my business. I simply have to make it work, I can't have someone else dictating my schedule (except my wife...)

Good luck with your endevours.

@David Laplante

Welcome. Sounds like you have a good start. As you found going bigger can add zero's to you cashflow better to have one heating system, one landscape and one roof.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. You might also check the local landlord association meetings for resources.

Are you investing in Canada the US or both?

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Good Luck

Paul

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@David Laplante

Bienvenue chez BP!

Many years ago I lived just south of you (St-Jean-sur-Richelieu) and, then, just north (rue st-denis). I still love going back to MTL when I can.

You are started, which is better than most. You will find lots of experience and useful information here on BP. Much of it is universally applicable, but some of it is very U.S.A. specific - areas such as finance, regulation, and taxation are differ in Canada (and again dans la belle province). There are a score or active Canadians here on BP, so if you have a Canada specific question, feel free to give a shout.

Hi David and welcome, nice to hear someone else from the montreal's suburb, i am fliping a deal right now in greenfield park.

This site is very useful and information almost limitless.

enjoy!

Gabriel

Welcome to BiggerPockets @David Laplante ! Thanks for taking the time to introduce yourself to the community. Glad to have you here. It's awesome to see that you're having a good experience with the properties you have now and are excited to add more to your portfolio.

Hey @David Laplante Thanks for jumping in and introducing yourself! Looks like you have some good experience with real estate! Don't be afraid to jump in and help answer questions or ask some of your own.

Have you setup your "Keyword Alerts" yet? If not - definitely add some. I'd recommend adding "Brossard" so you'll be notified when people talk about your local area.

Welcome David!

Thanks everyone for the warm welcome!

It's reassuring to see that there are a few quebec based members because of the particularity here where the government is imposing all these restrictions on us. So yeah, count on me to ask questions about tenant/landlord relations advice and tips and also about regulations here in Quebec.

@Paul Timmins, I'm investing in Canada for the foreseable future. I wouldn't feel confortable investing in another country before I get confortable investing in my own country and town :)

David

update: how do you guys insert that username mention ?

Welcome to BP @David Laplante

Just put an @ sign in front of the the name you want to mention and start typing the name, at the bottom of the page you will see the persons name appear. click on the name and it will auto insert the name for you.

Hi David L , and welcome to BP! I'm a "fix and hold" investor from the Bay Area in CA, and loving it! But you'll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the "vote" button if you like someone's post or is helpful, and there are "awards" to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!

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