All Forum Posts by: Roy Cleeves

Yes, Calling a Realtor is a great way to get sales information on properties in your area.  Be sure to tell them that you are not buying right now yet doing research for future purchases.  The best Realtors will be happy to help.  If it is in Kitchener, Waterloo, Cambridge or Guelph, Ontario - then I can help.  Cheers

I bought each of my Florida properties by using a hime equity line of credit on my personal home here in Canada.  Then as I made money I paid off the line of credit.

Good luck. 

I have decided not to take it on my single family homes because there is a good chance that somewhere down the road I will sell them to afford a much bigger project and at that time I will want to maximize the dollars in.  Where, if I take that deduction now, yes I pay less taxes, yet it won't provide a big amount at any one time and may just get lost in my day to day funding of projects.   It is a personal decision and your accountant might be a good sounding board as well.  

I just rented my family home by cutting off the basement for future Airbnb.  I rented the upstairs which is main floor of living room, dining room and kitchen.  Then upstairs included with 1 full bathroom and 3 large bedrooms.  I put laundry into the bathroom with a stacked washer & dryer.  Rented this part for $2000 per month - this is in Kitchener, Ontario, Canada.

Now I have left over - from the backyard a backdoor that enters into what was a family room and now will be a bedroom. Then proceed to a 2 piece bath on the main and then down the stairs to a recroom and another bedroom and a 3 piece bathroom.  I will also be adding a kitchenette down there with Fridge and Microwave and small table.  And another stacked laundry machine.  This part will be for Airbnb or for my clients when in between homes.

So my former family home will be a nice money maker while I have moved to a brand new built family home.

You may find something older yet may not need a lot of work.  Best to look outside of the Golden Horseshoe.  

I would recommend that you consider purchasing a multiplex.  If you can use that downpayment and finance a triplex then you will have two other income units to help pay your mortgage and an ideal rental property after you move out in a few years to your own single family home if you so desire.  Good luck

Yes that is after both mortgages. 

Hi Jay

You should still be looking for deals and analyzing them.  And if you find one that works then put it under contract with a long closing and/or long conditional period. 

That way you will be ready to close on your next deal the moment your cash is freed up. 

Good luck

Hi Rossana - where is your property located?  What city and province?

We use Buildium and find it very good.