Where are my Mississauga Investors??

Question

Hey BP, Happy Thursday!

Are there any REI in the Mississauga/Brampton area? Smaller city within Toronto, but some of the nicest residential areas! Any advice on hot spots, areas to stay away from?

I'm mostly interested in finding a few rental units. Duplex, triplex and so forth. I live close to a few schools (College/ Uni), so student housing is a great option I feel.

The way I see it, I can guarantee students sticking around for at lease 3-4 years (based on their program length). Getting parents to co-sign is another safety net I would like to try.

I'm extremely new to this but the possibilities and profits are endless!

...and if anyone is on the hunt for someone to mentor...I'm right here

Hope to hear from you soon

T.Matthews

Samuel Sedore · Answer

Never bank on students! Missisauga and Brampton are great for appreciation as claude mentioned they are on a tear, IE over 10% year on year appreciation.

Although I grew up near those areas and changed my market as I found cash flow basically impossible, the appreciation is fantastic though if you can stomach the carrying costs

Michael Lee · Answer

Hello and welcome to BP!  I really don't know anything about Canada but I have seen some people from Toronto.  College residents are typically pretty good investments.  If things look good on paper they are probably OK.  If you want to Manage them they need to be fairly close or hire an experienced management company if they fit the budget and let them do the maintenance.  That way you can typically sleep better.  Education is important for you to minimize your mistakes.  Find/Get a local and experienced Team to help you with your business and the investment property you own.  The typical main Team members are Attornies, Real Estate Agents, CPA's (or accountant so), Inspectors, and General Contractors. It kind of depends on what you do.  Always do the numbers and try to look at the property or have a clause in the sales contract that would give you the time allowed to inspect the property and possibly back out of the deal without a penalty that does not exceed the earnest money you put down on the property.  If you close on a property get an insurance policy that protects you against a loss.

I am 59 years old and I found BP about 7 months ago and I still do not know what to get in.  Also, I went to college, not that it is mandatory, and I got a business degree that emphasized real estate.  Since I was in Texas and I planned on staying there I found out that I was qualified for a broker license.  I had a broker license for about 30 years.  I did a few deals for other people.  Regardless of what I had I felt more comfortable in the construction business.  I have been in the construction business since I was 17.  My father has been in real estate sales for about 40 years. If you think that I can help you please contact me through BP at any time.  Good luck!

Jill DeWit · Answer

Hello @Tapanga Matthews and welcome to BP. AT BP, you can connect with other investors while getting the information you need on real estate investing. You came to the right place. You are not alone in your real estate ambition.

Tapanga Matthews · Answer

@Claude Boiron Thank you so much for the info. I was thinking that at one point Brampton might be a little too busy for myself. I would consider the outskirts. Closer yo Orangeville and the smaller towns they have developing out there.

I agree, being realistic is important. Time and funds play a big factor. I actually think I would prefer outside of Brampton now that I think about it. I chose to stay close to home for the sake of convenience. Put I have to think 'smart' not 'easy'.

Like I said I'm completely new to this RE industry, so I'm learning everyday.

Thank you so much for the input. I'll keep you posted on my progress or if I have any questions.

T.Matthews

Claude Boiron · Answer

@Tapanga Matthews, yes, I think a 4-student property would be a great start.

Brampton has been extremely hot of late in terms of appreciation of the Real Estate, and the demand by buyers.

It is hard to coach you in writing, but basically you need to look at your resources (financial, time, and talents), and have qualified Real Estate professionals guide you in where you can best utilize them.

For example, if you have a healthy down payment available for a property 30-45 minutes from where you live, in a market a little less hot than Toronto or Brampton, and you have the time and ability to manage the property and your tenants, then I would say go ahead.

But if you have a small down payment, no extra time, and few Real Estate-related talents, then I would say that you need to re-evaluate your investing options and get professional guidance on which Real Estate options you should consider.

Happy to chat on the phone if you'd ever like to do so.

Tapanga Matthews · Answer

Hey @Claude Boiron...You actually make an extremely good point..as I myself have gone through a couple different schooling choices and changes. I will keep that in mind. A year isnt too bad to start with though.

If I could find a property that can room at least 4 students at a time maybe. If not then a smaller family?

when you say Brampton on a "tear"...can you elab? you think its best to search outside of those areas

I'll continue my studies in the meantime though.

thanks again for the pointers.

Claude Boiron · Answer

Welcome to investing in Real Estate, @Tapanga Matthews! As you probably know, the GTA in general has been on fire for years.

Brampton has been on a particular tear of late.

I would caution you against thinking that most students will stay for more than one year. Most don't, as they finances, friends, and interests change.

Happy to answer any questions you come up with on your journey!

Where are my Mississauga Investors??

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