Newbie from Toronto, Canada

[Simon Fedorovsky]

Hello everyone,

Im fairly new to this website. Been listening to the podcasts for quite some time. My background is accounting and I recently graduated with a BCom in Accounting. My interests began recently when my girlfriend moved 3 hours away for Law School at Queens University.

When we began looking for a place for her to rent, my entrepreneurial personally shifted from neutral into first gear and i began calculating and thinking. and thinking.... and thinking about the rental market over there..... While she was studying from September to April, i was working full time doing accounting for a mid-size company back home (been working here for a few years). The time alone allowed me to think and crunch as many numbers as i possibly could.

I am 22 years old, looking for pointers, guidance, and open to any information in the field of real estate investing. I have a great credit score, no loans outstanding for school (paid for most of my undergrad myself) and I recently acquired an itch for multi-family investments.

Its nice to meet you all!

Simon

[Bishoy Girgis]

Hey @Simon Fedorovsky, welcome to the forum man

Fellow canadian here from oakville.....

Im a last year pharmacy student and been an investor for a while but im pretty young too and its nice to see some other young people on here.

We do most our investing in Florida so I cant be of too much help for you here but I will soon be needing an accountant so maybe ill hit you up for some advice regarding that aspect.

The rental market in gta and surrounding places i find quite weak (for the most part) because if you apply the 1 percent or 2 percent rule they dont really work for our markets.... typical cost of a house near 700/800K and your rents probably 1.8-2.4K a month with evennnnnnn 5 percent down your looking at about 40K and the cash on cash ROI is relatively low. Another important aspect is that taxes are not as favourable here as they are in the states (property tax as an example) so those are a couple reasons Im not a huge fan of rentals in these markets. On the flip side, I think fixer uppers (if you can get one) are fantastic ideas considering how high prices are right now.

Anyways good luck especially with getting your CPA and investing.

If you need anything let me know.