All Forum Posts by: Micah Ng

I don't believe there are tenants in the property at the moment; rent estimates were based on CMHC rent averages.

 The property appears to be turnkey, I don't see anything that needs rehabbing in the photos on the listing.

 So in terms of repairs, I shouldn't be too limited then? As long as I don't make "improvements" or change the house externally?

The duplex is in Old Sandwich Town, it's historic in the sense that it's a really old community with heritage. What do I need to watch out for in neighborhoods like these?

@Taylor Chiu

My biggest concern is that this property is in a historic town, what does this mean for my potential investment property?

Taxes are exact, taken from govt website. Insurance was an overestimate somewhat based on the Ontario average and will probably be lower.

Hey all,

I'm analysing deals on the MLS and would like to see if I'm doing anything wrong. This is a 2*2 bed duplex in Windsor, Ontario selling for $140K. Listings I see online put 2 bedroom units at between $1000-1200, CMHC indicates the average in 2018 was $900. I'll use $900 to be conservative.

A big thing to note is that this property is in the Historic Sandwich Town in Windsor. What does this mean for my property? Does this mean limited options during renovations? Will it affect my cashflow?

My Analysis:

$900*12 months*2 units = $21600 in gross rent

Less $1800 for one-month vacancy each

Less 24% in expenses (5% maintenance, 10% CapEx, 9% property management)

$15048 before taxes, insurance, mortgage

Less $988 exactly in taxes

Less approx. $1500 in insurance

$12560 in Net Income before the mortgage

Less approx. $7200 based on 4% interest, 20% down

Leaving $445 in positive cash flow. 

I appreciate any input you might have on my analysis. 

I'm looking forward to a Windsor meetup! I'm a new and aspiring investor considering purchasing a property in Windsor. I'm going to take any excuse I can to visit and explore the city. 

I'm expecting a WinCity Real Estate Investor meetup on the last Saturday of May, but I'd be happy to stop by Windsor if you host a meetup on any other weekend.

 Hey Frank,

I'm studying Finance at UofT at the moment. I'm definitely planning on meeting people in the field as well as joining meetups near me. I've also been listening to the BP podcast when I can. 

As for my goals, I probably should've worded it better. My current plan is to invest in Windsor Ontario, and to own 5 multifamily properties before 2027.

The two things holding me back would be the fact that I'm a first-year college student who's new to Canada, so I can't qualify for a mortgage. The second thing would be that I only found about REI a month ago and so I'm not knowledgeable enough yet. I plan on getting a summer job and learning more about REI. My goal is to own 5 units within 5 years of graduating college.