Canadian New to Real Estate Investing

Canadian New to Real Estate Investing

North Bay, Ontario · Member since 2016 · 5 posts · 2 votes

Hi everyone!

My name is Matt, I currently live in London Ontario. I am new to the real estate industry but have been reading lots of books on real estate investing and trying to learn as much as possible. I plan to buy my first property within the next two years, so I've been trying to gather as much knowledge as possible before then. My goal is  to buy either a duplex, triplex or fourplex and live in one of the units while renting out the others. I just graduated from University and will be taking my CPA accreditation next fall, which should assist me in evaluating properties worth and provide me with ways at which I can reduce taxes. My method for investing will be to buy and hold properties and earn passive cash flow which can then be used to purchase additional properties in the years following. I'm open to any tips or suggestions from anyone on obtaining financing, start-up or any additional resources that anyone feels would be useful to me at this point in my journey.

Regards,

Matt 

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Member since 2016 · 13k+ posts · 12k+ votes
9y

Study the Ontario landlord and tenant regulations. They are your business bible. Ontario is extremely pro tenant and you need to be extra diligent when screening. Steer clear of any and all welfare recipients as the government has deemed them to be untouchable. When they stop paying rent the government does not allow you to collect.

Take the time to attend the LTB hearings in your area to get a feel for how the adjudicators operate and how they treat landlords. Their mandate is to prevent evictions. 99% of the tenants taken to the board by landlords are welfare or low income, 99% of the tenants that take their landlord to the board are welfare or low income. Remember that when investing in properties in Ontario.

Adjudicators will tell landlords that it is the landlords fault if they have a bad tenant for not screening better and force them to live with the tenant. Screen, screen, screen because evicting is nearly impossible.

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  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    9y

    Welcome to BP @Matt Czaikowski . Have you already bought and read Brandon's book on Investing with no or low money down and the book on Rental Property Investing? Those two books would be a good resource on creative financing and buy and hold investing. 

    BiggerPockets
  • North Bay, Ontario · Member since 2016 · 5 posts · 2 votes
    9y

    Nope, I haven't read those, I will look into them. Thanks for the advice!

  • Member since 2016 · 13k+ posts · 12k+ votes
    9y

    Study the Ontario landlord and tenant regulations. They are your business bible. Ontario is extremely pro tenant and you need to be extra diligent when screening. Steer clear of any and all welfare recipients as the government has deemed them to be untouchable. When they stop paying rent the government does not allow you to collect.

    Take the time to attend the LTB hearings in your area to get a feel for how the adjudicators operate and how they treat landlords. Their mandate is to prevent evictions. 99% of the tenants taken to the board by landlords are welfare or low income, 99% of the tenants that take their landlord to the board are welfare or low income. Remember that when investing in properties in Ontario.

    Adjudicators will tell landlords that it is the landlords fault if they have a bad tenant for not screening better and force them to live with the tenant. Screen, screen, screen because evicting is nearly impossible.

  • Investor · St. Thomas, Ontario · Member since 2015 · 692 posts · 312 votes
    9y

    1) Heed Greg's advice. 

    2) Try to buy a house in a way that you end up with all or most of your money back in your pockets shortly after. Read all the articles about BRRR on this site to see how.

    3) Come to the BP meet-up at Tiger Jack's on the 13th. 6:30pm.

  • Investor · North Augusta, SC · Member since 2016 · 43 posts · 20 votes
    9y

    Since its going to be a lil while read here !   https://www.ic.gc.ca/eic/site/csbfp-pfpec.nsf/eng/...

  • North Bay, Ontario · Member since 2016 · 5 posts · 2 votes
    9y

    Thanks everyone for all the feedback, much appreciated! 

    @Matt Geerts Is the BP meeting taking place in London? 

  • Real Estate Investor · Edmonton, Alberta · Member since 2016 · 35 posts · 9 votes
    9y

    welcome on board Matt. My business associate visited London a while back to venture into the market there. All the best!

  • Investor · St. Thomas, Ontario · Member since 2015 · 692 posts · 312 votes
    9y

    @Matt Czaikowski yeah, check out the events page, you'll find it. Tiger Jacks is at the corner of Wharncliffe and Southdale. Very informal meet-up.

  • Wholesaler · Hamilton, Ontario · Member since 2016 · 8 posts · 3 votes
    9y

    Hi Matt,

    Welcome to the BP family, I am a Real Estate Wholesaler in the Hamilton, Niagara area, I have access to properties all over Ontario including South Western Ontario. If you have any questions or are looking find some Investment properties send me an inbox and we can talk about how we can help each other,

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