Newbie from Toronto, Ontario suburbs (Durham Region)

[Sara Bradford]

Hi BP Crew!

My name is Sara and I am new to the REI scene. I have a history of Quality Oversight and Project Management, but this is an entirely new venture for me. My goal is to buy, update/build, rent and hold. My husband and I are pushing hard to learn all we can and to grow our family assets, while still having time to enjoy our three kids and show them the world.

The market here is very inflated and opportunities for solid cashflow suffer as a result.  A dilapidated teardown can be $700K in the city, so I tend to look more to the suburbs for investment opportunities.

That said, I recently acquired three properties in Toronto and I am trying to decide how best to utilize them.

Property #1 - I am currently costing out whether or not I should flip into a single family rental (it's currently very poorly split into three non-legal units) or if I should spend the extra $$ to make it into a legal duplex. 

Properties #2 and #3 - Two bungalows on adjacent lots that are quite large.  We purchased these under two different corps to prevent an automatic title merger, but now we hope to merge them after all.  Whoops.  They are quite old and in a serious state of disrepair.  I am considering razing them and seeking zoning approval to sever and build several freehold town homes. I am hoping the city will be amenable to the zoning change and/or lot severance as there is a lot of higher density housing going up in the area. I am still working out if I need to work with a planner or if I can make this case with the City successfully on my own. 

Additionally, my REI mentor is seeking a partner to go in on a rental property with him (as he is unable to get any further mortgages (despite loads of capital) because of the stricter mortgage rules now in place in Ontario. I am still trying to do the math and determine if it makes sense.

I am really looking forward to connecting with people who've been through similar situations and can shed some light on what I should be taking into consideration as I forge ahead.  I am not a patient person, so sitting back and learning and not "doing" in the way I am accustomed to is a challenge! LOL

Thanks!