Investing outside of your area (Live in KW - Considering Windsor)

11 Replies

I live in Kitchener-Waterloo area.  I have a duplex that I rent out 1 unit and live in the other.  I'm interested in other real estate investments, but the KW/Cambridge area seems too expensive to make it worthwhile.  There's a lot of good looking deals in Windsor - and I've been in touch with some mortgage brokers/realtors in Windsor.  I'm wondering if anyone has had experience investing outside of the area they live - how it's gone, if they'd suggest it - any information or opinions would be greatly appreciated.

Thanks!

Hi @Jordan Gillespie , many people have a similar problem with price points being out of reach for a good investment. You can, and should, start targeting which areas you want to invest in that would make sense for you. You'll want to evaluate the market and the demographics that make it up. Then you likely will want to start building your team in that market. A good place to start are with property management companies, realtors and/or turnkey providers. That should get you going in the right direction. 

@Jordan Gillespie I have a property in London, which is about an hour drive from me. If you want great cash flow and don’t mind traveling a bit it’s worth it. At the same time Windsor is approximately 3-4 Hour Drive. I’d suggest a property management company. You sacrifice a bit of cash flow but in my opinion it’s definitely worth it for a property that far!

In my opinion, Windsor is the place to be right now; low housing prices, high rents, demand far exceeding supply, and multiple catalysts including 2 major bridge projects (thousands of well-paying jobs for 7-10 year duration of the project), revitalization of downtown core, revitalization of Detroit, and investors from all over Canada flocking here to eat up already limited supply. 

I can’t think of a (somewhat) major city in Canada with the fundamentals that Windsor has. 

I have many clients who are out of town investors and are able to make it work. If you focus on getting great tenants and have a solid property management team then it can be a great set up. The cash flow in Windsor can be healthy enough to support property management and still be positive.

I invest in Windsor and live out of country.  It’s definitly possible with the right support.  As others above shared there are plenty of positive reasons to invest in Windsor.  Message me if you want more details.