I've lived here in Timmins, On for a little over 3 years and I have to say that I'm very surprised how few investors there are in town. Here's a quick overview of what I've been able to do with just me, my dad and my brother. Keep in mind that we had almost no money starting off and I had 2 jobs.
1)Duplex purchased for 65,000 in August 2012, refinanced for $140,000 in Dec.2014, spent $10,000 in materials, rental income: $1050 + $565
2)SFH purchased for $36,000, spent two weeks doing repairs, rents for $925, now worth 55-60k
3) Fourplex, bought for $100,000 in Dec.2013, refinanced in Jan.2015 for $189,000, spent under 12k so far
4) SFH: bought for 31,000, appraised for 79,000 4-5 months after work was completed. Rents for 975
5)SFH: bought for 55k, spent 13k, appraised for 140k, personally live in this house
We have 3 more projects on the go right now but I would seriously look into this market if you are looking to invest in Ontario.
High Rents & Low Property Costs = Happy Investors w/ Great Returns!
Great stuff Nathan! Keep up the good work!
Ps. Shania Twain woop woop!!
Which towns in Ontario are you guys investing in?
Hamilton and Aurora
Wish I could pick up properties at the prices you have been finding lol...
- that is fantastic and congratulations.
I invest in Niagara region, but sometimes travel to Timmins for work!
I have to ask, since you buy low, spend some money and appraise high ... are you guys purposely using the BFRR strategy, or did this just kind of come about? I am very interested to learn more!
Way to go @Nathan Boulet! I am in Sudbury. I have yet to purchase my first property but will keep an eye out and try to find something good! I think prices here are generally a bit higher, but likely some deals could be found! Are you or any of your family realtors?
@Thomas Lorini : There's plenty of deals in town here :)
@Justin Herrington : I never heard that term BFRR before so I'm assuming that means Buy, Fix, Rent, Refinance. If that's the case, that's exactly what we do and intend on planning to do. If there's anything in perticular you'd like to know more about don't be shy to ask me any questions or drop me a line when your in town!
@Dea Chu : I actually used to live in Sudbury. Yes, the properties are a bit higher in Sudbury. Keep in mind that I buy very distressed properties as well. I am a real estate agent myself. Keep looking there's always a deal to be found :)
Hey @Nathan Boulet. Do you hire contractors do to the reno's or do you and your dad and brother take care of the lion's share of the work? And are you able to find these distressed properties in nicer neighbourhoods? Having lived in Sudbury, are there any areas you'd definitely steer clear of?
@Dea Chu : We've done almost all of the repairs ourselves. There's definately distressed property in all sorts of neighborhoods however we didn't invest in any A neighberhoods as it would have been much less profitable for us on the rental side of things. As for Sudbury, I didn't invest there and haven't lived there for a few years so I don't feel as though I could give you some good advice about that market
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