New to BP from Mississauga, Ontario, Canada

New to BP from Mississauga, Ontario, Canada

Mississauga, Ontario · Member since 2014 · 9 posts · 1 vote
Hello, my name is Ryan Teixeira and I am new to Bigger Pockets having found the site from a mention on reddit. I have currently gone through the first 25 or so Podcasts in the last couple weeks, loving it so far. I currently do not own real estate but did sign on a pre-con condo before finding BP...ugh. I am from Mississauga, ON but am interested in investing in the Hamilton, Barrie, or Kitchener Waterloo Cambridge tri city area. Basically I would like to invest in up and coming neighbourhoods which are undervalued (if such a thing exists with GTA house prices being significantly higher than USA). Before finding BP I recently bought into a pre con 1+1 condo in the Yorkdale area. I am sort of regretting it now as I could use that capital to purchase something with immediate cash flow rather than having it sit for 2 1/2 years! However, I did manage to get multiple exit strategies: $0 assignment and a leaseback from the builder to rent it out. Could flip it or rent it. It would be pretty much cash flow neutral / slightly positive. Area is appreciating at 7-8% last 5 years which can't sustain, but will see some appreciation. I would appreciate some direction on where to go from here, that's why I'm opening up on bigger pockets. Thanks! Anyways...sorry for the novel, and hello BP community :)
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  • Investor · Boca Raton, FL · Member since 2012 · 1k+ posts · 1k+ votes
    12y

    Hi @Ryan Teixeira 

    A good strategy for the GTA is to focus on Rent To Owns and student rentals, these generally produce positive cash flow and still can be found. Your best bet would be to join a local REI club and learning the ropes there.

    If you're interested, please let me know and i can recommend a good one to get started. They provide ample educational classes, set you up with a coach who will take you out to scout properties, provide quarterly information sessions and monthly newsletter, etc, etc. 

  • Ontario · Member since 2013 · 28 posts · 6 votes
    12y

    Hi Ryan, 

    Welcome to BP! I am from Ontario province also and an owner of a condo investment unit located in the York region . 

    You are right about those places in Ont.Canada as up and rising but these cannot compare with properties in parts of USA in terms of cash flow. The price of real estate stateside is definitely much less as that in the places you mentioned.

    Anyway, good luck to your next move.

  • Real Estate Investor · Ottawa, ON · Member since 2014 · 11 posts · 1 vote
    12y

    Welcome @Ryan Teixeira - Pre-cons in Toronto will be interesting to watch because not all condos will be a bad investment and there are some good gems to be found with some good homework and a good real estate agent. Yorkdale is a good investment all around.

    As for Southwestern Ontario, Ktichener-Waterloo is always the big centre but Hamilton and Niagara is other areas you can look. Guelph has a very good market as well as its smaller than K-W but has a better quality renters market. I have been doing quite a bit of research on Guelph and can provide you with more help  if need be and have a good agent that is very knowledgeable in the area as well who is helping me.

    Walid

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Ryan Teixeira thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.

    Seeya around!

  • Mississauga, Ontario · Member since 2014 · 9 posts · 1 vote
    12y
    Chad Urbshott I would definitely be interested in local REI meetings. I'm planning on attending the Durham one. Any other ones you like? Also regarding pre cons , I think I got a deal I can live with for now, considering that it is also a way for me to save the equity to begin in real estate. I have a pretty boring full time job with the city which pays average. But have been toying with the idea of getting my real estate licence to do that part time (and have the added benefit of learning about real estate from the inside)
  • Mississauga, Ontario · Member since 2014 · 9 posts · 1 vote
    12y
    Susan Velasquez thank you. How have you found your condo owning experience so far?
  • Mississauga, Ontario · Member since 2014 · 9 posts · 1 vote
    12y
    Walid S. Is Guelph mainly student rentals? Are there good opportunities to buy distressed properties?
  • Investor · Stouffville, Ontario · Member since 2011 · 213 posts · 65 votes
    12y

    Hi Ryan, Welcome to BP.... I'm from Newmarket! ! !  I own in Barrie, Hamilton, Oshawa, Ajax, Newmarket, Orangeville and other locations around the GTA. 

    Student rentals are great Cash Flow properties.... Although at the moment Lenders are not financing them so it is very hard to purchase those types of the properties at the moment. 

    BTW, every month I host a meetup in Newmarket.  My next Meetup is scheduled for Sept 17th,,,

    Two amazing speakers, coming to share. April Stewart who is a Paralegal that specializes in the Landlord Tenant Board. Her nickname is "The Terminator".

    Also Jules Mackenzie will be sharing about his experience investing in Barrie / Orillia for the past ten years.

    Sept 17th, 7:00 pm

    Newmarket Holiday Inn

    100 Pony Dr.

    You can RSVP here.

    http://www.meetup.com/York-Region-Real-Estate-Investors-Group/events/191681572/

    You can also check out my website for more info (found in my signature link)

  • Ontario · Member since 2013 · 28 posts · 6 votes
    12y
    Originally posted by @Ryan Teixeira:

    Susan Velasquez thank you. How have you found your condo owning experience so far?

    My condo experience is just OK. It is as I expected. Not a great cash flow property but counting on appreciation to make me  some money when I eventually sell it. I am now 'hacking' the unit to use Brandon's term. My son lives in 1 room while he's finishing his Masters at York University . The other room I am renting to a student from the same university.

    Where I am making some serious cash is in my US investments. Great cash flowing properties out there for the taking at more affordable prices.

  • Oakville, Ontario · Member since 2014 · 8 posts · 2 votes
    12y

    Welcome Ryan!

    I'm a newcomer as well. I live in Oakville and work in Mississauga.

    @Chad U. seems to be describing the REI group I am a member of. They are based out of Oakville. I've been a member just a short time and am finding the connection very valuable. PM me if you'd like their name.

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    12y

    Hey @Ryan Teixeira thanks for introducing yourself! You definitely jump right in the forums here. Also, if you like you can check out this page to get to know more about how to use biggerpockets.com: http://www.biggerpockets.com/tour.

    See you around the site!

    BiggerPockets
  • Unemployed · Dumfries and Galloway · Member since 2013 · 51 posts · 3 votes
    12y

    Hi @Ryan Teixeira

    I'm in Mississauga also and am looking in the Niagara region for a small multifamliy (2-4 units). I don't attend the newmarket or durham events but I go to a monthly one in Toronto (http://www.meetup.com/Real-Estate-Investments-Club...) that is always educational.

    Welcome to BP!

  • Investor · Stouffville, Ontario · Member since 2011 · 213 posts · 65 votes
    12y
    Todor Yordanov who runs the Toronto group is very close friend of mine and you will learns lots there!!!
  • Real Estate Investor · Brampton, Ontario · Member since 2014 · 62 posts · 9 votes
    12y

    @Account Closed when is the next Toronto one? I don't have access to the link here at work.

    Thanks! :)

  • Mississauga, Ontario · Member since 2014 · 9 posts · 1 vote
    12y

    @Gary McGowan I RSVP'd for that event, thanks for posting.  I look forward to the 17th. I have read some of your posts on BP and they are well written and thought out.  How long have you been an Agent? That is something I am interested in doing. 

    @Account Closed I have heard cash flow in the Niagara region can be good on multi family residential. Are you looking at renting to students or family's/singles?

  • Unemployed · Dumfries and Galloway · Member since 2013 · 51 posts · 3 votes
    12y

    @Ajay Kahlon

    There's one next week called "Harry Stinson on Development, Politics of Construction and Financing". Harry Stinson is an entrepreneur/developer who specializes in restoring major historic buildings into condominiums, hotels or rental residential. It's on Tuesday, September 16, 2014 7-9pm at 215 Spadina Ave., suite 120. It's usually $20 at the door with networking before and after. 

    @Ryan Teixeira

    I'm looking at family rentals. I hope to start with a couple 2-4 plexes, then go 8-12 so student rentals don't really fit. Are you looking in the Niagara area?

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