Starting out in Canadian realestate investing
Bit of a story... my boy is in Laurention university in Sudbury Ontario, residence was expensive so we rented him a room for 600 a month so I had a look at mls in Sudbury and found houses are reasonably priced up there and had some $$$ sitting around. So found a great agent and stumbled on a bank sale and pulled the trigger!
Bought the house cash and currently doing renovations to get it up to a level that I can BRRR it. My Son has moved in and brought his roommate as a tenant as well so saving 600/mnth + 500 for 1 student (still have 1 more room I can rent once things are a little more organized.)
So now I’m short on cash and pulling some equity to complete Reno’s so I can brrr and get in to the next one....
Must say it’s been scary/exciting but we’re pumped and ready to go but stuck because the mortgage refinance/equity is a slow process! Ugh!
Been doin lots of research and videos etc and that’s why I’m here now!
So Sudbury a bit far as I’m in Mississauga Ont. but as long as the money is there and prices are a lot cheaper it doesn’t matter and my boy can manage things up there.
Anyway just lookin to connect with some people, seems everyone wants to sell there mastermind courses which is great but there expensive! So I will just keep plugging away and it will all come together!
Oh! I am also renovating a cottage in Bobcaygeon which I will be doing Air BNB with a partner. LOL Doing my own Reno’s up there so it is taking longer than I want but should be ready by spring, safe to say I’m a busy guy these days!
Sorry for the long post!
Hi Patrick,
Awesome to hear you pulled the trigger and taking action. I’ve lived in Sudbury for almost 10 years, currently renovating a live-in duplex. Let me know if you have any questions about Sudbury etc.
Best of luck with the property!
@David Hey that’s awesome! For the moment my boy Jack is interested in finding meetups for realestate investors etc or just coffee meetups or whatever so if there’s anything like that. He’s very much apart of our adventure here! And very personable young man! LOL
We’re all just gobbling up info. Always looking for our next deal up there as well so any leads would be great!
@Patrick Bennett We are new to REI and researching the Hamilton Area (Mc Master and Niagara College). Would like to know if you filled in the remaining room, whats the ARV, hows the price during this time? Thank you