New member from Northern Ontario

[Cassie B.]

Hi folks!

I have been lurking around BP for the last 6 months and figured it was about time to post something. I'm a newbie investor from Northern Ontario and first learned about BP about 6 months ago and devoured everything I could get my hands on! My spouse and I are interested buying and holding single families and small multi-families to supplement our full time incomes and build our way to financial independence. 

I'm originally from Thunder Bay and am now residing in North Bay. So I am particularly interested in learning about investing outside of the Greater Toronto Area. 

I am also very exicited as we just bought our first property (first time homeowners!!) as a house hack and will be closing in December. We are house hacking a duplex and have learned a ton so far. I figured after 6 months it was time to take some action and move forward with our plan and we are certainly jumping in with both feet! I want to write up something on our house hack as things are a bit is different in Canada than then States (i.e. downpayments - minimum of 5% down 1-2 units, >10% down for 3-4 units). 

Looking forward to connecting and joining such a great community!

[Thomas S.]

@Matt Geerts

I very strongly support Matts recommendation. Any landlord in Ontario that does not know the RTA like the back of their hand is walking into a mine field.

I also strongly recommend you attend several LTB hearings in your area to get a feel for how the board relates to landlords. They are usually held once a month in your area. Keep in mind aside from non payment of rent the majority of board applications by landlords will be rejected. You will notice that 99% of the tenants at hearings will be low income predominantly on welfare or ODSP. Avoid renting to these tenants at all cost. Pick your fights carefully or you waste your $170 every time..

For non payment always rely on a L9, do not waste your time filing a N4 it is simply a get out of jail free card for a tenant.