To Start Rental Property in Ontario

[Edlen O.]

I have been interested in investing but hard to start especially with less money to start with and now with my partner who is based in Canada. We are willing to push our plan in rental property in Ontario.

It would be a great opportunity with the from the group refer a real estate agent, mortgage agent, a lawyer and accountant for start a team and to push on my first venture in real estate.

As per my research Toronto is the most populated area in Ontario with 2.7 million followed by Ottawa, Mississauga, Brampton. Meanwhile highest student population is in University of Toronto in which me and my partner will focus rental properties nearby schools. 

It would be a great opportunity to hear from the group your suggestions and tips to start this venture

Thanks

[Joel Arndt]

What's your definition of "less money to start with?" Some of us have no money, some of us have 20K, some of us have 100k ready to invest. Toronto is the biggest population base in Ontario, but also the most expensive. If you have 250k, cash, ready to invest, then you might be ready to find rentals in Toronto. But if you have "less money to start," start evaluating other markets around the Greater Toronto Area (GTA).

Start with how much cash and credit you have access to. If you can get a $1 million loan and put $250k down, then look around the GTA. But if you can only get a $500,000 loan and put $120k down, then look in markets like Hamilton, Oshawa, London, Kitchener, Barrie.

Although, if I had access to $1 million, I would got to the smaller markets anyway and buy more properties. They will cashflow better than the GTA and your Cash-on-Cash return will be greater. $1 million doesn't go very far in Toronto, but it will do a lot for you in surrounding markets.