New Investor From Guelph, Ontario, Canada

New Investor From Guelph, Ontario, Canada

Investor · Ontario · Member since 2016 · 14 posts · 5 votes
My name is Connor McGuigan from Guelph, Ontario, Canada. I have a couple posts on BP already but have not introduced myself, so here I go. I am 21 years old working full time as a truck driver, making what I would consider good money. I am looking to get into real estate, particularly rental properties with positive cash flow to start. I've been pre-approved for a mortgage and I am researching more and more every day. Whether it be listening to podcasts while driving, browsing the forums, looking at news related to the market, browsing the MLS, analyzing deals, I keep busy. Of course no one knows for sure where the market is going but as everyone says, pulling the trigger for the first time is the hardest part... So I'm looking to get in now. I am looking at house hacking a 4-plex to allow only 5% down while, hopefully, achieving positive cash flow. I still have a long way to go in improving my analyzing process but I have a spread sheet half set up that I've been using so far. Do to the nature of my line of work, I travel a lot. This makes me comfortable with buying somewhere not so close to where I'm from as it wouldn't affect me nearly as much as if I had a family or other things tying me down (I am open to relocating for a good cash flowing primary residence deal). Although I never took business classes in high school and I do not have any post-secondary education, I've always loved business in general since I was just a little kid. I started a property maintenance business of my own (self-employed, essentially just 'giving myself a job') for about a year, a few years ago (part time). If I stop trucking full time, which I could see happening in a couple years, I would also strongly consider starting a property management company as long as whatever area I am involved in has a need for a QUALITY PM company (it sounds like many areas are, in general). I have always had a tenacious work ethic and love building wealth.
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Investor · St. Thomas, Ontario · Member since 2015 · 692 posts · 312 votes
10y

Hey @Account Closed that you are in a VERY enviable position! Since you know how to swing a hammer and you won't be home all the time anyway, you can always buy a 4-plex and move into the worse unit to fix up, or ask the previous owner which tenant is the biggest pain in the *** - kick them out and move into their unit and fix it up.

I'm just "down the road" in London and we're getting some traction here with a very eager group of BPers, so feel free to join us for a meet up or pick brains on the forums.

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  • Real Estate Agent · Guelph, Ontario · Member since 2015 · 20 posts · 6 votes
    10y

    Welcome Connor. I'm also from Guelph and have invested both in Guelph and Hamilton. I am also a licensed Real Estate Salesperson. If you ever want to sit down and chat just let me know.  You are in an amazing position to start out, especially if you don't mind moving around a lot in order to acquire more property using only 5% down.

  • Los Angeles, CA · Member since 2014 · 2k+ posts · 515 votes
    10y

    Hello @Account Closed and welcome to BP. BP is a great place to connect with other real estate investors while learning more about real estate. I wish you all the best. You are not alone in your real estate ambition. 

  • Investor · St. Thomas, Ontario · Member since 2015 · 692 posts · 312 votes
    10y

    Hey @Account Closed that you are in a VERY enviable position! Since you know how to swing a hammer and you won't be home all the time anyway, you can always buy a 4-plex and move into the worse unit to fix up, or ask the previous owner which tenant is the biggest pain in the *** - kick them out and move into their unit and fix it up.

    I'm just "down the road" in London and we're getting some traction here with a very eager group of BPers, so feel free to join us for a meet up or pick brains on the forums.

  • Real Estate Agent · Kitchener-Waterloo-Cambridge, Ontario · Member since 2013 · 408 posts · 90 votes
    10y

    @Account Closed You're on the right path my friend! Thats how I started now iam 23 with 3 cash flowing multi unit properties! 

    REIN is a great educations resource!

    The investment group I host is having a bus tour of investment properties in Kitchener,Waterloo and Cambridge. Feel free to reach out if interested got 2 seats left, this Saturday from 10-2. You're welcome to check it or my next REI workshop is on May 2nd if interested

  • Investor · Windsor, Nova Scotia · Member since 2015 · 128 posts · 34 votes
    10y

    best of luck!!!   

  • Investor · Ontario · Member since 2016 · 14 posts · 5 votes
    10y

    Thanks @Kory Hodgson, @Jack Butala, @Matt Geerts, @Samuel Sedore, and @Paul MacInnis. I look forward to taking my investment portfolio to a new level and obtaining a great deal of knowledge along the way.

  • Giuseppe PavonePro Member
    Specialist · Orlando, FL · Member since 2015 · 183 posts · 83 votes
    10y

    best of luck Connor!  Sounds like a good plan in place.

  • Guelph, Ontario · Member since 2015 · 6 posts · 1 vote
    10y

    Good luck Connor! It sounds like you've got a good head on your shoulders, you'll do well in this business! 

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