SW Ontario newbie, hoping to take our REI to the next level
I just wanted to introduce myself. I am really excited to have found this community and am already loving how active, informative and friendly it is.
My husband and I are in SW Ontario (Sarnia area). Currently we own two rental properties. Both are two bedroom, one bathroom homes that have been rented by the same families since the day we closed, seven and five years ago.
We recently had a major fire in one of our units, and are currently working with insurance to get it rebuilt. The exterior is fine but the entire interior needs to be rebuilt. We are taking the opportunity to update the floor plan to something more functional.
Despite it being unforeseen and a bit of a headache, it will be positive in the long run.
I'd like to take our REI to the next level. I am not really sure what that looks like for us, but I am excited to learn more about financing new properties and how to maximize ROI.
We are both employed full-time and would just like to do this on the side. I'd love it if we could profit a little eventually (to finance a couple annual vacations or renovations).
My ultimate goal is to have a vacation property or two that we can rent out and visit a few times per year. My plan is to have a location and financing in order so that we can jump on an opportunity in the event of a stronger Canadian dollar.
If I left anything out, please don't hesitate to ask. I would love to chat about ops in the SW Ontario market and vacation locales (right now we like Belize, Florida and Roatan/Utila. Also considering Dominican Republic).
We are currently looking for our next local investment, which is what led me to this community.
Would love any advice, recommendations, etc.
Thanks!