Let's talk about investing in Ontario
Who on this site is involved in Ontario and whereabouts? GTA, Northern Ontario, Southwestern Ontario, Hamilton, Barrie, Niagara?
Who is local to Ontario and whereabouts?
Who invests in the beautiful province of Ontario from a distance?
@Jeff Beler@Tahric FinnGuys, stop looking for properties. You have to focus on finding motivated sellers who need to sell and then offer a solution to their problem. That's how you create good deals.
To do this you need to generate your own leads. The trick is to position yourself as either the 1st person they call, or the last person they call.
1st position: In this case you want people calling you who have a pressing time constraint that prevents them from getting their property market ready, listing it, negotiating and waiting to close. They need to sell NOW and they're willing to take a below-market price to get their cash fast.
Last position: In this case you want people calling who have tried everything to sell their property and have nearly lost hope that it's ever going to happen. They probably owe as much as the house is worth and can't lower their price to get it sold because they'll have to pay their agent out of their pocket, and they can't afford that. They're willing to let you just take over their payments.
Now go figure out how to get in contact with those people and you will find that there is an abundance of deals everywhere.
Hey guys,
I'm in Guelph and currently have 3 SFRs. 1 in Guelph, 2 in Hamilton I also recently got my real estate license to get more insight into the industry. Has there been any Ontario based meet-ups? It would be awesome to discuss successes and lessons learned.
Cheers,
Kory
Hi Kory; great idea about getting a meetup,started. Let's see if we can get one together....
We're in St. Thomas and have a duplex here and a cabin contract in NC. Presently looking for some buy and hold or vacation rental in the US. But we are waiting for the dollar to rebound before using Canadian money for purchase. I am currently searching for deals with owner financing. We will throw more money at the debt of whatever we buy after the dollar reaches $0.90 again.
@Nick Ovington Our meetups are once a month at the Newmarket Holiday Inn. You can check them out here.
http://gmrealty.ca/meetup we have a lot fun at them and invite guest speakers each month to talk about a variety of different topics.
@Nick Ovington Our meetups are once a month at the Newmarket Holiday Inn. You can check them out here.
http://gmrealty.ca/meetup we have a lot fun at them and invite guest speakers each month to talk about a variety of different topics.
Thanks so much Gary! I'd like to meetup and find a mentor to get started so I can get my training wheels off. I need assurance crunching numbers, and just to make sure my spreadsheets I've made work,well to prove that a good investment is just that. Also,Do,you,have any quick,tips, on analyzing a property to ensure its a good investment...cap rate, coc, roi, net income....etc....thanks
Great to see so many ppl from the Ontario area on BP.
I am a realtor and property manager in Barrie. My company manages around 180 doors right now which are a mix of SFR, multi and commercial. If anyone has any interest learning more about the Barrie market let me know, would love to discuss further. Keep the posts going, it's great to learn more about other Ontario markets.
Hi jeff I am...I know Barrie is good for rentals due to the hospital and campus....any ideas for areas...
I would recommend becoming an area expert in one location first. If you want to buy duplexes in Barrie know that market like the back of your hand. Know the values, the rents, the upside the downside, the hot pockets and so on. btw, I love the Barrie market, I own a few buildings there among other areas as well.
Top three questions to ask when buying an investment property.
1. How are you going to buy it?
2. How are you going to add value to it?
3. How are you going to sell it?
If you can answer all three, then you are heading in the right direction.
thanks jeff and Gary,
I am thinking of buy and hold...don't want to think of selling, but exit strategies are a must....I should come by a meeting sometime to check things out.
Thanks,
I would recommend becoming an area expert in one location first. If you want to buy duplexes in Barrie know that market like the back of your hand. Know the values, the rents, the upside the downside, the hot pockets and so on. btw, I love the Barrie market, I own a few buildings there among other areas as well.
Top three questions to ask when buying an investment property.
1. How are you going to buy it?
2. How are you going to add value to it?
3. How are you going to sell it?
If you can answer all three, then you are heading in the right direction.
Hi Gary. I've heard Hamilton, kW and Barrie are some good places to look. I am thinking single family homes are a good start and then move up to duplexes and tris....it's coming up with the 20% that is the kicker to get started when things are 350-400k!
Great to see so many ppl from the Ontario area on BP.
I am a realtor and property manager in Barrie. My company manages around 180 doors right now which are a mix of SFR, multi and commercial. If anyone has any interest learning more about the Barrie market let me know, would love to discuss further. Keep the posts going, it's great to learn more about other Ontario market?
Hi Jeff
Do you get many multis for sale in your area? We are presently looking in the states but are still looking for something that cash flows nicely. I am analyzing some 4 plexes here to see if they compare to the US. I don't know much about your market.
I would recommend becoming an area expert in one location first. If you want to buy duplexes in Barrie know that market like the back of your hand. Know the values, the rents, the upside the downside, the hot pockets and so on. btw, I love the Barrie market, I own a few buildings there among other areas as well.
Top three questions to ask when buying an investment property.
1. How are you going to buy it?
2. How are you going to add value to it?
3. How are you going to sell it?
If you can answer all three, then you are heading in the right direction.
Hi Gary. I've heard Hamilton, kW and Barrie are some good places to look. I am thinking single family homes are a good start and then move up to duplexes and tris....it's coming up with the 20% that is the kicker to get started when things are 350-400k!
Hi Nick
Have you looked a little further out from those target areas? One thing I learned on a webinar was to expand the area to include smaller cities around my target area. They might have good yields with a lower cost. That could help with the 20% down. I would also look at the duplex or triplex instead of a SFR. The risk is spread out over more units and the ROR is maximized. One roof, building etc. As well, you do 1 transaction for multiple "doors". Just some thoughts.
Great to see so many ppl from the Ontario area on BP.
I am a realtor and property manager in Barrie. My company manages around 180 doors right now which are a mix of SFR, multi and commercial. If anyone has any interest learning more about the Barrie market let me know, would love to discuss further. Keep the posts going, it's great to learn more about other Ontario market?
Hi Jeff
Do you get many multis for sale in your area? We are presently looking in the states but are still looking for something that cash flows nicely. I am analyzing some 4 plexes here to see if they compare to the US. I don't know much about your market.
Hi John,
They do come on the market from time to time, when they do, they sell quickly.
Send me a message with contact info and I would be happy to send you some current opportunities.
I can tell you in Barrie we don't have many 4 unit buildings. Majority of our smaller multi unit buildings are 6 unit and 3 units.
Being a property manager, I do come across opportunities from time to time so let me know what your after and I can keep you in mind.
Those are all good markets. I own in Barrie and in Hamilton. You may want to get your feet wet with one or two of your properties then look to Joint Ventures partnerships. I have bought almost 30 different investment properties this way.
@John Turner Jeff is right, there are not a lot of Multis that hit the market and stay on the market. You will need to act quickly when you find one. Even here in Newmarket I listed a 17 unit building and things are moving fast.
I would recommend becoming an area expert in one location first. If you want to buy duplexes in Barrie know that market like the back of your hand. Know the values, the rents, the upside the downside, the hot pockets and so on. btw, I love the Barrie market, I own a few buildings there among other areas as well.
Top three questions to ask when buying an investment property.
1. How are you going to buy it?
2. How are you going to add value to it?
3. How are you going to sell it?
If you can answer all three, then you are heading in the right direction.
Hi Gary. I've heard Hamilton, kW and Barrie are some good places to look. I am thinking single family homes are a good start and then move up to duplexes and tris....it's coming up with the 20% that is the kicker to get started when things are 350-400k!
Hi Nick
Have you looked a little further out from those target areas? One thing I learned on a webinar was to expand the area to include smaller cities around my target area. They might have good yields with a lower cost. That could help with the 20% down. I would also look at the duplex or triplex instead of a SFR. The risk is spread out over more units and the ROR is maximized. One roof, building etc. As well, you do 1 transaction for multiple "doors". Just some thoughts.
Thanks Gary;
So Barrie , kW, Hamilton, do you know of any good pockets? Also, smaller areas around these...any good areas for all of,the important numbers? I am trying to get a good area to,focus on, as I am learning all about the markets around at the moment. Duplexes and triplexes to,start...good idea...i understand what you are talking about whe you say one roof to worrying bout, etc...thanks for all the advice so far. Also, it's hard to,find properties that fit the 1-2% rule when things are 350-400k rents can usually be 2200/mos. not even close to 1% of asking...so,curious on where to look to get the numbers more in line..
Nick
@Justin H. I'm in Kitchener-Waterloo and have been investing here for 15 years and did a deal in Sarnia few years back. Also tried my hand at long distance assignments in Toronto and Vancouver but it didn't work out.
I decided to get back to my roots so I'm mainly focused on providing long-term owner financing now.
Hi Doug,
I am actively looking for a student rental property in waterloo. I have 2 appointments booked for this sunday. Anything in particular you will suggest to look for? I lived in Brampton for last 5 years and do not have much idea about how this investment will be in waterloo but will like to explore. The return on investment seems to be good. Now that pricing in GTA is unbelievable it is a good idea to look outside. Also, do you have any recommendation on handyman who is local to waterloo?
Thanks,
Harnit
@Harnit Koch I wouldn't recommended buying a student rental house in Waterloo. There is massive overbuilding of highrise apartments all around the universities and the city is working hand and glove with 2 or 3 big time investors to push everybody else out of the market. People who have rented to students for decades are ALL getting out of the business.
If you go ahead anyway you can expect annual (at least) 'inspections' requiring $25,000+ of renovations to bring it 'up to code'. A friend of mine has had to pay nearly $30,000 over the last 2 years just in inspection fees, plus another $50,000 for renovations. They made her put fire rated drywall in the basement ceiling, which they passed, and then the next year tried to force her to replace it! She fought that one and they eventually backed off after another $5k in fees.
Personally I would recommend doing normal rentals or rent to own in Kitchener and Cambridge. Those cities are much easier to work with. For Waterloo, stick with installment sales to families, don't waste your time with rentals.
@Harnit Koch I wouldn't recommended buying a student rental house in Waterloo. There is massive overbuilding of highrise apartments all around the universities and the city is working hand and glove with 2 or 3 big time investors to push everybody else out of the market. People who have rented to students for decades are ALL getting out of the business.
If you go ahead anyway you can expect annual (at least) 'inspections' requiring $25,000+ of renovations to bring it 'up to code'. A friend of mine has had to pay nearly $30,000 over the last 2 years just in inspection fees, plus another $50,000 for renovations. They made her put fire rated drywall in the basement ceiling, which they passed, and then the next year tried to force her to replace it! She fought that one and they eventually backed off after another $5k in fees.
Personally I would recommend doing normal rentals or rent to own in Kitchener and Cambridge. Those cities are much easier to work with. For Waterloo, stick with installment sales to families, don't waste your time with rentals.
Thank you Doug. Appreciate your advice.
When doing the research on Waterloo area I felt the same. There are too many condos coming up around university. I was even approached by a few real estate agents to look at the condos. There are a bunch of them that will be completed in 2018. That is the reason I tried to get some more information on this over the forums. I really appreciate your advice & help.
Is there anyone here investing around McMaster University? What is the scope of student rental there? Do we need license there too?
Harnit
This was a very interesting read! I have two rentals in Toronto (North York), but I'm currently looking to get into more active real estate investing in order to grow my capital.
However, I want to keep investing in long term holds where it makes sense. Hopefully as I buildup my capital a little more, I can either find some great deals, or expand to different markets where rentals can cash flow better than Toronto.
The ratio of rent to prices in Toronto barely make any sense.