Real estate newbie from Toronto, Ontario

10 Replies

Hi there :) . My name's Chaitan and I'm a Toronto native. I work as a SAP programmer but honestly I am sick of working for someone else and making someone else rich. I have been listening to the bigger pockets podcast for a while but other than that I'm a newbie to bigger pockets and real estate in general. I'm still in the learning stages right now, trying to soak up as much information as I can but my short term end goal is to make atleast 96 figures of passive income from real estate. I am hoping to buy a rental property or two by the end of 2020. 

I have around 15 grand saved up right now and will hopefully save another 20 or 25 grand by the time I'm ready to buy my first property. 

Thank you for taking the time to read through my intro and i look forward to building a relationship and interacting with y'all. 

Updated 3 months ago

Edit: Meant 6 figures, not 96.

Welcome Chaitan and Tanveer! Glad to see you guys on here and your desire to get into the real estate investing space! I got in almost 5 years ago now and I can say it is amazing! The trouble I had was finding a real estate agent that understood me and my wants and needs and seeing things from the eyes of an investor. So I am a licensed agent now and have been for a year helping 18 clients already. If you guys need help or want to chat please message me and I would love to connect! Also I plan on starting up some meet up groups in the new year. 

@Hai Loc

Thats a great suggestion, what do u feel would be the fastest way to build the capital in real estate.  My goal is to hopefully make those 6 figures of passive/semi passive income in 5 years. 

My first plan was to buy a house with a FHA loan and use the rest of the capital to buy a mobile home or two.

Hi @Chaitan Lakkireddy welcome to BP! Toronto is one of the markets I operate in and it's a great place to invest, assuming you're thinking about investing close to home. It's a very competitive market but with high prices comes high profits.

To build capital faster you can get into wholesaling. With average prices in the GTA over $850k now, it's not unusual to make $50-$100k+ on a single wholesale deal.

I do wholesaling, wholetailing, lease option wholesaling, sandwich lease options, installment sales, sub2, and owner financing.

Just shout if I you have any questions or need to be pointed in the right direction. Good luck!

Originally posted by @Chaitan Lakkireddy :

@Hai Loc

Thats a great suggestion, what do u feel would be the fastest way to build the capital in real estate.  My goal is to hopefully make those 6 figures of passive/semi passive income in 5 years. 

My first plan was to buy a house with a FHA loan and use the rest of the capital to buy a mobile home or two.

You know that FHA loans are in the US and only for US residence. The equivalent in Ontario is 5% down but you still need to be qualified for the mortgage payments + CMHC insurance

Originally posted by @Doug Pretorius :

Hi @Chaitan Lakkireddy welcome to BP! Toronto is one of the markets I operate in and it's a great place to invest, assuming you're thinking about investing close to home. It's a very competitive market but with high prices comes high profits.

To build capital faster you can get into wholesaling. With average prices in the GTA over $850k now, it's not unusual to make $50-$100k+ on a single wholesale deal.

I do wholesaling, wholetailing, lease option wholesaling, sandwich lease options, installment sales, sub2, and owner financing.

Just shout if I you have any questions or need to be pointed in the right direction. Good luck!

 Hi Doug, 

How do you find deals for you to wholesale with such a high margin and what is the class type do you mainly target?

Do you have any tips?

Originally posted by @Leandro Zhao :

 Hi Doug, 

How do you find deals for you to wholesale with such a high margin and what is the class type do you mainly target?

Do you have any tips?

Hi Leandro, I focus on single family homes. The best wholesale deals are found off-market using geographic farming. Occasionally I find a good deal on the MLS too, but I mostly use the MLS for sourcing sub2 and lease options.

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