New member from Toronto, Canada

New Member Introductions
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New member from Toronto, Canada

Abby Soe
Mississauga, Ontario · Member since 2016 · 4 posts · 0 votes

Hi guys, 

I graduated from University of Toronto 2 years ago and I've been working a 9-5 since then. While I mostly love my job, I know it's not the way to build wealth (and actually have a life). So I've been doing a lot of reading and research into real estate and I am really excited to learn more and start. 

I live in Toronto but the housing prices are a little daunting, I must admit (>450k!). I listen to BP podcasts and when I hear others talk about 70k duplexes I'm so jealous. I'd like to start off with a Duplex/Triplex - where I can either live in and get some landlording experience, or just rent all the units out. I'm trying not to tell myself 'I can't afford this', but instead to ask 'how can I afford this'. So I have a couple of questions and I'm hoping to get some help:

  • As a beginner, should I be looking outside the GTA (London, Waterloo, Hamilton, even Gatineau totally outside ON?) where it might be more affordable - (<300k). Seems like there are a lot of triplexes in Gatineau for sale (from the ads on kijiji)
  • If not, what are the best ways to find these deals in the GTA
  • Can you recommend any meetups in Toronto/Mississauga/Oakville?

At this point, I'm still trying to learning so I'd even be willing to do some work for an experienced investor for the opportunity to learn.

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  • Thomas Lorini
    Real Estate Agent · Irvine, CA · Member since 2016 · 224 posts · 142 votes
    9y

    Welcome @Abby Soe! Tons of great info and support with the BP community. Nice hearing from another Torontonian! I feel your pain regarding the Toronto/GTA market. Your def not going to find 70k duplex anywhere in Ontario and probably anywhere in Ontario. I personally invest in Hamilton and prices have been steadily rising since 2011 when i first got into that market. 

    If your interested in Hamilton I can provide you some support. 

    Other cities to consider driving distance from you are: Barrie, Orillia, Oshawa, Brantford, Windsor, St Catharines, Kitchener, London. 

    Also plenty of other investors across the nation if your considering other provinces. 

    Investing in the states right now formtou would be tough especially with the current exchange rate. 

    There is a local meet up held in Newmarket that you may want to attend held by @garymcgowan. 

    0Reply
  • Roshni Patel
    Wholesaler · Toronto, Ontario · Member since 2016 · 35 posts · 11 votes
    9y

    Hi Abby, 

    I am in the same boat as you. I personally have some  investments in Ontario (Waterloo, Hamilton and London) and some in other parts of Canada. The London market is pretty hot as is the Barrie market but they give decide returns. 

    My friend has started in a Meetup in Mississauga for Hamilton properties. Let me know if you are interested. 

    0Reply
  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    9y

    @Abby Soe

    Welcome to Bigger Pockets. Make sure to listen to the podcasts. They are very informative, and contain ample information. https://www.biggerpockets.com/blogs/

    0Reply
  • Mike Oliveira
    Rental Property Investor · hamilton, Ontario · Member since 2015 · 66 posts · 15 votes
    9y

    welcome to bp - look into the london and windsor markets - you can get a duplex in windsor for 100k 

    0Reply
  • Aditya Soma
    Real Estate Agent · Windsor, Ontario · Member since 2016 · 95 posts · 65 votes
    9y

    Hello @Abby Soe

    Welcome to Bp community . I'm from Windsor, recently started to look for a small multi families about to close a deal(<180K) will post the full details after I close the detail.

    I  do agree with @Mike Oliveira  currently Windsor is one of the best option, because still there's chance for + cash flow, very low vacancy rate and good appreciation too(just in last 2 years went up 33%).

    My wife and I actively involved in RE in Windsor area, feel free to ask any questions

    Good luck

    0Reply
  • Abby Soe
    OP
    Mississauga, Ontario · Member since 2016 · 4 posts · 0 votes
    9y

    Thanks @Thomas Lorini! I am definitely interested in Hamilton - from reading other posts, it seems like it might be the right fit. Can we connect? Yeah, the current exchange rate breaks my heart so the states are out of the question for now lol.

    0Reply
  • Abby Soe
    OP
    Mississauga, Ontario · Member since 2016 · 4 posts · 0 votes
    9y

    @Roshni Patel 

    Thanks for the tip! Can you give me more information about the Mississauga meetups? That's right in my area and I'd like to attend if I can.

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  • Roshni Patel
    Wholesaler · Toronto, Ontario · Member since 2016 · 35 posts · 11 votes
    9y

    @Abby Soe

    Sure, I am going to message my friend and ask him. Will PM you details.

    0Reply
  • Abby Soe
    OP
    Mississauga, Ontario · Member since 2016 · 4 posts · 0 votes
    9y

    @Mike Oliveira  Thanks!

    @Aditya Soma I've read a couple of forums about Windsor being a good area but I must admit I don't know much about it myself. When you get the deal I'd love to know the details and learn more about it.

    @Mark Nolan Thank you! I've been listening religiously for a few weeks now.

    0Reply
  • Ryan Kirk
    Investor · Hamilton, ON · Member since 2016 · 59 posts · 31 votes
    9y
    Check out the classes offered by Rock Star Real estate in Oakville.
    0Reply
  • Luc Boiron
    Specialist · Toronto, Ontario · Member since 2016 · 564 posts · 425 votes
    9y

    Welcome @Abby Soe!

    Outside Toronto can be a great place to find properties that cash flow. Gatineau is a little far for you - if you're going that far, then you could invest with a partner in the States or somewhere that might cash flow better, like the east coast. I'm partial to places you can drive to in a reasonable amount of time if the need arises though.

    Let's connect!

    0Reply
  • Roy Cleeves
    Residential Real Estate Broker · Kitchener, Ontario · Member since 2014 · 687 posts · 370 votes
    9y

    Hello Abby and welcome to BP.

    I am an investor in Kitchener Waterloo, Cambridge and Guelph.

    I can fill you in more on these markets if you like.

    0Reply
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