All Forum Posts by: Keith Smith

Hi Guys,

I'm one of three partners in a 1 bedroom + den condo located in downtown Oshawa. The other partners want out so my choice is either buy them out (and rent it) or we put it on the market.

The condo was purchased for 150K, likely has 300K market value after needed renos.  It could be rented out at 1500/month (unsure condo fees at the moment).  There's about 30K of renos needed either way, and the market value has appreciated significantly from when we bought it so a good profit exists at the moment.

I'm trying to weigh the pros/cons in terms of cost savings (taxes, etc.) and market risks long term presuming I buy them out and manage a property myself. This situation caught me by surprise and up until now, it was hands-off for me so I'm feeling overwhelmed.  

Questions....

Can anyone comment on their experience with the Oshawa market, rental rates, vacancy rates, etc. in the downtown area?  

How should I go about evaluating this investment?

Please help focus me on the questions I should be asking. :)

Interested for sure!

Hey Dominic, what kind of cap rates are you seeing in the plexes?  I'm also interested in the Windsor market.

Thank you for the link @Theresa Harris.  I'm based in Toronto and am very interested in remotely investing in a multi-family property, though haven't purchased anything yet.  

Does anyone know if the new First-Time Home Buyer Incentive program requires owner-occupy? Can it be for investments?

Thanks

All, thank you so much for those very helpful and informative responses.  It's amazing the wealth of info that is available in these forums.   ...and I'm sure I'll have many more questions to come ;)

Thanks again.

Hi,

I'm living in Toronto and considering my first purchase and am looking to hold properties longer term.

I'm attracted to Windsor due to the finances.  I wondering about people's opinions and experience owning a property at a 4hr distance like that. 

Does this imply the need for a property manager? If so, what kind of cost does that incur? If not, how do you typically work around tenant issues, keep an eye on the property etc. 

I was also considering Oshawa due to it's proximity and affordability but haven't yet researched the market.  If not Windsor, what other Cities would you recommend (or not as the case may be).

All insights appreciated.