Newbie From Ontario, Canada!

[Rekha Nathoo]

Hi everyone!
My name is Rekha, 22 years of age and I am a beginner in looking to invest in the real estate business. I have yet to purchase my first investment and I'm aiming to have that done within this year. I would appreciate all advice in getting started and tips to stay from financially draining my bank account, as I lack experience in this area. 

I currently live just off the outskirts of Toronto, Ontario for 6 years now, but would like to mainly invest in Toronto as it is a growing city. I am mostly attracted to the buy and hold type of investments. I heard about BiggerPockets through the Real Estate in Your Twenties blog. 

Looking forward to making new connections!

[Thomas S.]

Be carful the American market and Canada have major differences. In particular the landlord tenant regulations in Ontario are extremely pro tenant. Go on the government RTA web site and study the regulations before even considering investing. Connect with a local landlord that is well versed in the business and in particular is familiar with dealing with the LTB. I advise you make it part of your educational process to attend several LTB hearings to get a clear understanding of the process.

Be mindful of the fact that as important as screening is to landlords in general it is even more so for Ontario landlords. The boards opinion is that if a landlord gets a bad tenant it is the fault of the landlord for not properly screening. It is never the tenants fault.

You will quickly learn that Ontario tenants are well versed in their rights and you will often hear the phrase "I know my rights". Stay well clear of these applicants.