New Investor from London Ontario

New Investor from London Ontario

Member since 2019 · 19 posts · 15 votes

Good Morning Bigger Pockets!

I am a new investor with some accidental experience.

I am 32 years old from London, Ontario and just recently moved here from Mississauga.

I got into investing in real estate about 5 years ago, when I lived in Mississauga, Ontario.  At the time I was living in a 3 bedroom apartment rental building and renting out rooms to, two of my friends to subsidize my living costs.  I eventually realized that I was able to use my RRSP account that I had been building through work to buy a similar sized condominium and I could rent out the remaining 2 bedrooms and live with minimal expenses.

This is what got me started as being a landlord, I began to realize the power of building equity in a home and learned a lot of the basics of tax write offs.  After about 3 years of living there I had met my wife and it was time to move on from the party house that this condominum had become.  My friends and I all went our seperate ways, then we decided to rent it for just enough to cover the costs of the mortgage and expenses after pulling out some equity to buy our principal residence with.

The Toronto area was very pricey to live in, my wife and I looked for work outside of the city eventually sold our principal residence and moved to London, Ontario.  When we arrived we realized that we could actually buy a home in this city, rent it out and make more than our expenses, and have some extra money to make our pockets a little bigger.  

After about 3 months of research and working on a plan we are currently about to close on a deal to buy a duplex in London Ontario.  I never realized the real potential of investing in real estate untill I left the Toronto area.  Im thankful to have found bigger pockets and the youtube channels of some local investors that have helped me figure out what is going on in this city.  

Thanks to people like Matt McKeever and Mike Rosehart and the Bigger Pockets Community for sharing so much valuable information, I hope to one day be able to pay it forward.

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Contractor · Toronto, Ontario · Member since 2013 · 65 posts · 5 votes
7y

Amazing!  Great story and Good stuff @Jordan Clermont

The General Contracting company I work for is out in London. I'm back and forth from Toronto to London. Feel free to reach out.

Best of luck!

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  • Contractor · Toronto, Ontario · Member since 2013 · 65 posts · 5 votes
    7y

    Amazing!  Great story and Good stuff @Jordan Clermont

    The General Contracting company I work for is out in London. I'm back and forth from Toronto to London. Feel free to reach out.

    Best of luck!

  • Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    7y

    Congratulations on your success so far! Real estate is a snowball. In a way I wish I'd taken advantage of the rent-a-room opportunity before I got completely sick of having roommates. Great way to bring your own cost of living down to little or nothing.

  • Rental Property Investor · London, ON · Member since 2019 · 43 posts · 13 votes
    7y

    Great story @Jordan Clermont. My story is very similar; I bought my first house in Cambridge, Ontario and immediately rented our two rooms to friends that covered my mortgage. I then met my wife and we sold the home and moved to Port Stanley (35 mins from London). We quickly realized the upside in real estate from the sale in Cambridge and bought our first rental property (duplex) and now currently seeking more properties. Much like you this website has been extremely rewarding with hits resources that it has to offer. Enjoy!

  • Residential Real Estate Broker · Kitchener, Ontario · Member since 2014 · 687 posts · 370 votes
    7y

    Thanks for sharing your story.  I am working on writing a book about being an accidental investor.

    I have invested by accident as opportunities jumped out to me.  And then I realized that if I focused on investing that the wealth I made by accident could be created by purpose.  Carry on with your focus!

  • Member since 2019 · 1 post · 1 vote
    7y

    Great story! The markets are so hot around the GTA that it’s very difficult to break even or generate positive monthly cash flow.

    I’m starting my real estate journey and will be getting our first deal soon also!

  • Investor · Toronto, ON · Member since 2016 · 10 posts · 13 votes
    7y

    I second that @Jordan Clermont,  with a light itch to own just one investment property, I found out about Biggerpockets few years ago and my life has never been the same since :)!  Today I was catching up on 3 podcats.

    Best part?  I feel like I just got started (I hope the same for you :)

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