Investor · Waterford, Ontario · Member since 2016 · 35 posts · 12 votes
Hello,
My Name is Nick, I am 25 years old. My wife and I live in Southern Ontario (Waterford) and we bought our first house in 2013. Then bought our first rental (duplex) in Brantford in 2015. We are now expecting a little boy to our family in August 2016 and we are currently in the process of buying rental #2!
My dad got me to read rich dad poor dad, which lead to one thing after another. I have wanted to invest in real estate when since I was in college for civil engineering but took some time to persuade my wife to be on board with it all. Now she is completely on board with it which makes life easier now! We plan to buy enough houses so she can be a stay at home mom, then enough to match my income then we can do this "full time" on our time!
I have been reading on the BRRR strategy which has lead me to this website!
Investor · Cambridge, Ontario · Member since 2016 · 25 posts · 5 votes
10y
HI Nick, congrats on the baby! I also invest in southern ontario but in cambridge. How do you find renting out a a duplex? what will be your 2nd property?
Investor · Waterford, Ontario · Member since 2016 · 35 posts · 12 votes
10y
Originally posted by @Account Closed:
HI Nick, congrats on the baby! I also invest in southern ontario but in cambridge. How do you find renting out a a duplex? what will be your 2nd property?
So far so good. I would prefer another duplex/multi unit to get the higher cash flow however, there is a very low number forsale that meet what we look for in a duplex. We are looking at some SFH to do the BRRR strategy to keep options open.
I am just down the road in St Thomas with my first rental in London and a little girl about ready to pop out :)
Those dumps can be your ticket to BRRRR. Beat up the seller on price and fix it up economically. Refi and repeat.
Congrats on the little girl!
Unfortunatly even the dumps are asking a pretty penny.. would need to knock them down a significant amount in order to brrr. Working on a sfh now to try the brrr strategy however, I am still unsure if it would appraise where id like it to...
Investor · Waterford, Ontario · Member since 2016 · 35 posts · 12 votes
10y
Any advice on how soon I can refinance? I plan to buy a sfh for 150k or less. and have arv of 210k (conservative). renos will be 25k. we have about 15k saved to use. so on paper it works/makes sense. However, im unsure about how soon we can refinance and if we can actually refinance...