Hello all, I've probably read 1000 pages and listened to 150 podcasts on here.
I usually just read but I feel it's time for me to reach out, I currently run an Amazon business full time and while it is successful it still feels like a glorified high paying job. I am hoping to eventually turn this active income into more passive income or at least diversify a bit.
I'm currently in Barrie and looking at areas north and far east of me, being new I still have lots of questions but two have been bugging me the most and I would appreciate any input greatly.
For multi family in Canada is their a house age range you would not touch or has a lot of headaches? I notice some listings that seem like perfect deals and are over the 1% rule even on the MLS but are a bit older properties 1900-1930.
Structurally which multi family would stand up the test of time the best with the least issues, brick, wood, concrete etc. ?
I'm also interested in any local RE meetups, thanks in advance.
I don’t have a ton of experience with older homes as an investor but as someone who used to live in a century home I can tell you two things:
1) They don’t build em like they used to!
2) They still require a ton of maintenance!
Construction is solid but you may find asbestos, knob & tube, plaster and lathe, etc...
I am working on three properties right now that are in the 1940-60’s era and they pose their own challenges: electrical heat, cinder block foundations, etc. Not small renovations.
If you want super low maintenance I personally feel newer is often safer... or be prepared to do some work!
Wow a lot of projects on the go, I'm not afraid of hard work as it usually offers much better returns, only exception being Amazon as I probably would've made more just investing in the stock in 2013 compared to selling on the platform!
The property I have my eye on is 1910 , something about 100+ years just scares me..
Thanks for the info Sara
Hello Kyle, I'm currently renovating a house built in 1892 with a concrete foundation and it a brick house and it is structurally solid. Other then that almost everything is being redone and it is a lot of work.
I have pondered such efforts too and the work, and added headaches, takes these 'passive' investments to really active in reality. If you plan to scale, i think lower maintenance and lower headache (ergo, newer) is the way to go (for me).
A friend has a 1910 home in Oshawa and has had numerous issues. He is a tradesman so enjoys the work, but much of the house needs constant tinkering or complete replacement - costly in both time, money, and stress. Fine if that's what you are looking for, though!