All Forum Posts by: Luc Boiron

@Clayton Gray there is no doubt that Toronto is in the "Boom" phase. The main question is when will the slump phase happen, how severe will it be, and how long will it last.

What are the strategies the book recommends for the Boom phase?

It seems very difficult to BRRRR off the MLS.

I believe there are still opportunities to be had, but most of them will be off-market deals.

Welcome to BP!

@Mitchell P. It might not be a problem if you gift him half, but Land Transfer Tax would be in play if he pays, assuming this is in Ontario. You'll also have the cost of registering the transfer and the new or modified mortgage by a lawyer.

@Jason Viveiros Welcome to Bigger Pockets! I'm currently flipping properties and trying to build up enough capital to keep flipping and buy more rentals.

@Michael Paquete I definitely think this is possible, a key part is making sure you are able to increase the value by enough to get more than your reno funds out.

@Nick Thompson Which credit union is this? Do you deal directly with this credit union, or is it through a mortgage broker?

Outside of Toronto I think you can get 1%, but mostly on duplexes or other multi-unit buildings. You also need to ask yourself whether a little bit more rent makes up for managing extra tenants.

@Rekha Nathoo Welcome!

Don't let the RTA and LTB talk scare you away, there's a few bad apples mixed in with many good tenants. Best of luck with your RE ventures!

Government incentives can make solar worthwhile. It is more difficult to make money when you are just providing solar into the rental, and the tenant therefore has subsidized utilities.

Here in Ontario, the provincial government implemented Feed in Tariff (FIT) and MicroFit sytems. This is where you produce solar power on your roof, and sell it into the grid. The hydro company pays you. You then buy whatever you need from the grid. 

The advantage is that they want to go green, so they are paying more for the power than you are buying it back from the grid.

My family has a solar system on an industrial property. 500 kw of panels, 250 kw inverter, and we are getting $0.72 per kwh on a 20 year contract. It will pay for the cost of the solar system in less than 5 years, for sure.

They also have this program for houses, called Microfit. However, all of the rates have dropped substantially since the program was implemented. The system we have would get paid $0.275/kwh, and a small MicroFit system would get up to $0.38/kwh. I'm not sure that it makes as much sense now, but it did at one point in Ontario.

Welcome @Giuseppe Pavone, great to have another investor from the GTA here!

Wow @Tyler Bruce that looks great, congrats on the success of your first flip!