Small town northern Ontario investor

[Greg Robinson]

Hello all,

After listening to BP podcast on YouTube I decided to come over and check out the site.  And I'm glad I did.  One thing about living and investing in a small town is there are not many if any like minded people to converse or discuss investing with.

Current strategy involves purchasing distressed property, renovating and renting for cash flow.  We do not calculate appreciation into our calc when buying as we have no expectations of appreciation. 

Would like to hear from any small town investors on how they are making out. 

Greg and Tracy. 

[Nick Thompson]

@Greg Robinson  I invest in what is considered a small town.  In my opinion it is both a blessing and a curse.  The curse is that there are generally only a few properties for sale at any given time.  The blessing is that the competition tends to be scarce.  If you can put together a good rental you can also attract the best tenants in town which basically drives out all of the lesser landlords since they get the tenants that are not good enough for you.  With time you may find that burnt out landlords become your main source of deals.  

One other bit of information I wish I had seen earlier.  In a small market there are obviously less good tenants.  Most good tenants eventually go on to purchase their own home.  This can be a great income stream.  As you build up rentals look to do rent to own with your good tenants.  As your portfolio decreases in size due to this keep buying worn down properties from worn out landlords and fix them up.  This way you have a constant supply of newly renovated properties (with some forced appreciated built into them) that you can use to attract the best new tenants coming into the market.  This cycle can repeat itself over and over.

Being in a small community can feel isolating but just know that there are many other like minded individuals out there doing the same thing you are.  BP is a great place to find and connect with these individuals.