All Forum Posts by: Florence Lee

@Luc Boiron @Annabelle Lee @Larry Smet The Toronto folks have taken over! ;) My ticket arrived yesterday and I'm going by myself, so would love to meet up/sit with you guys if you're going! PM me your contact info if you're interested in meeting up!

Hi @Larry Smet, I would love that and agree we can hit a bar if it turns out to be pitchy!! Will pick my ticket up this week and we can make arrangements with @Luc Boiron via PM if he's game!

Toronto Groupon for $39: https://www.groupon.com/deals/gl-real-estate-wealth-expo-with-special-performance-by-pitbull

@Luc Boiron I was thinking about going to the Toronto one too, and there's a Groupon for $39. From what I've googled, @Sam Erickson is right and the headliners are good and the rest is fluff. Good deal even just to see the headliners as I'd be satisfied with even a few motivational takeaways.

Let me know if you plan on going!

Use the next semester to take some business courses such as Finance and Marketing see how you feel about switching your major to Business. I'm completing my executive MBA right now and see value in the logic, math and project management skills my engineering classmates bring to the table.

A Business/Commerce degree is very valuable as it helps you speak the language of business, helps you crunch numbers and evaluate the value of investments, learn how to develop a marketing strategy, organizational behavior to understand what makes people tick plus manage teams/relationships such as contractor and other investors, and so on.

It's worth completing a degree as it's the minimum bar for most jobs, and banks have strict lending guidelines and it is difficult to borrow without a job at least until you've established yourself. I was at a meetup tonight and many investors have their own businesses mentioned it's very challenging to expand their portfolio without a steady paycheque. One even shared it was a mistake to quit her job before getting a mortgage.

I believe there are meetups in Hamilton too which will be a great resource for learning and gauge your interest.

Good luck and let us know how it goes!

Hi Michelle, I'm sorry to hear about your troubles, and it's disheartening when it's family. Here is a potential referral - I heard Steven speak at a local Annex Toronto RE meetup, and he is dedicated to defending landlords against situations like this. I can't post contact info but Google should turn up some results:

Steven Smith - Handsmith Advocate and Paralegal

I have also seen recommendations for Rachelle of Landlord Rescue:

http://landlordrescue.ca/

Good luck!!!

It definitely requires sacrifice to have a roomie but I wouldn't be in a position to consider a duplex or triplex now if I didn't start with a 1-bedroom then 2-bedroom condo to build equity and enjoy the appreciation.

It takes a very good realtor and a sharp eye to find a cash flowing condo, but it's doable if you're patient. 

The other thing to keep in mind is you have to start somewhere so a condo isn't as terrible as people make it out to be. You can also easily make $200/month renting out the parking spot.

If you're looking at houses, try searching the forums as there are number of threads on locations outside the GTA.

Good luck and keep us updated on your progress!

Welcome Michael! I'm new to BP too and have been "condo hacking" renting out one of the rooms in my two-bedroom condo in the King West area. It's worked out well and my tip would be to hire a cleaner to avoid the whole "who will clean what" battle!

Condo prices have risen dramatically so not sure if the numbers still work, but it is a great way to live downtown while dramatically reducing your cost of living to save up for your next place ;)

Thanks everyone for the great advice so far! There's no way to predict which way the market will go, so I am being very cautious and will not buy if the property doesn't cash flow. I agree with @Matt Geerts that I wouldn't be overly concerned about prices if the property carries itself and then some. I like the JV idea as I don't have contractor contacts in Toronto.

@Steve Haight I moved to Toronto for work, and there is a large population of "Vancouver orphans" here as Toronto is Canada's financial center with many head office jobs. I miss the ocean and mountains dearly, but there is an amazing energy and so many more events and fun neighbourhoods here - not to mention the beautiful Victorian houses and crazy-tall condo buildings :) I considered purchasing property in the US as the entry points are so much more accessible, but have no idea to start and read general advice to start in my backyard. Interesting to hear you work with Canadians though!

Hello BP Community! I'm Florence, and moved from the most expensive market in Canada (Vancouver) to the second priciest one here in Toronto three years ago :)

I purchased and sold condos and learned a lot from family who did the same, and am comfortable with tenant selection and management although we rent to yuppie A+ tenants or students which makes it much easier.

I am contemplating stepping out of my comfort zone as I consider next steps. I have a 2-bedroom condo in downtown Toronto and was inadvertently house hacking before I learned about the term by renting out a room, and fortunately seen significant appreciation after minor upgrades and general lift from the market.

I'm debating between refinancing my property to purchase a second condo either to move into or rent out (20% down up to $500k), or selling my current home and attempting to find a townhouse or house with an income component such as a basement to continue building equity. I love the idea of multifamily housing, but with work demands, lack of handiness, and units going for well over $1M, I would look to partner with investors and and learn along the way.

It feels a bit risky as I am a single income earner in a hot market that may be cooling off after the government's latest mortgage changes, so I will continue to read here and look forward to learning from all of you fabulous and friendly folks!