All Forum Posts by: Roy Cleeves

Well Done

Have you rented it out now?

@Jackelyn Usi

It is probably best if you use the bank where you do your personal banking.  And it is good to set up a separate account for all of your income and expenses for that property yet not necessary if the property is in your name and you do the accounting of your income and expenses.

For software for property management, if you only have one property or two then you might want to use https://www.simplifyem.com/  and if you get a number of properties or start to manage them for others then you might want to use https://www.buildium.com/

If you are just needing bookkeeping software then you might want to consider using QuickBooks - it will also connect to your bank accounts to help make sure you don't miss some expenses.

Best Wishes!

@Vignesh Veeran

I have 2 properties in Florida that I purchased in 2009 and 2010 when the market was low there.  I paid cash using a line of credit from my Ontario property rather than get a USA mortgage.  Those properties have worked out well in cash flow for me.  They have appreciated in value, yet not even close to what my Ontario properties have done over the same time period.  You may find it easier to get cash flow in another province such as New Brunswick or Nova Scotia.  I am investing in Nova Scotia now and I see many cash-flowing opportunities.  Please feel free to connect with me with a Colleague Request.

@Luke Ladzik

First, you will want to get an idea of what you can finance first so that you know what price you can search for.

Then get some help from Realtors in those areas that you like and determine if you can get a cash flowing property and or sufficient appreciation over time to continue growing your portfolio.

You may want to consider other provinces like New Brunswick/Alberta/Nova Scotia where prices are lower.

I am investing in Nova Scotia now.  

Best Wishes.

 Thank you @Account Closed 

I am happy to help you with choosing a location.  I have properties locally in KW and properties farther away in Nova Scotia and in Florida. 

I do not visit the local ones any more than the ones farther away.  I use property managers for all units. 
cash flow is critical for your first property and you also want appreciation to help you regain funds for your next purchase.  Look for a balance. 

Feel free to connect with me directly anytime and best wishes.  

Having the 2nd home on the property should increase the demand and the value.   Is there any possibility of severing the land in the future into two?

I think this is a great solution to help your son.  Beat wishes. 

You really only need one appraisal after the work is done.  Doing an appraisal before is a waste of money unless you need it to get a home equity line of credit to use for the renovations. 

Good luck.  It is a hood plan. 

I have 23 units in Onatrio and am happy to connect with you.  Cheers