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Updated about 4 years ago on . Most recent reply
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I've got the bug! What to do?!
I guess this is my introduction
In February 2020 my pregnant wife, our two daughters, and I were evicted from a basement apartment in Toronto. We all moved into my mother-in-law's two-bedroom apartment where we stayed for four solid months. I somehow happened upon some money that I thought was good enough to be a downpayment in the Toronto market, but when we broaden our search to Canada wide, we quickly realized that we could've bought a house cash, so that's what we did. In June 2020 we purchased a house in a Province we had never been to, in a town we had never heard of before. A great small town in Manitoba named Binscarth.
Paid $27,200 cash from a foreclosure, and I have not regretted it since.
Since purchasing that house, I've made an offer on an office space which was accepted but I later backed out, I currently have a house under contract to close in April for $4090 (they're basically selling the land and thinks the house needs to be demolished), and a third property that I got for $10 (plus the back taxes $1150) which is a commercial space that I plan to use as a spray booth (I am a painter), a carpentry shop, a gym and well... I just plan to host a number of businesses in the main area, and I am currently finding out from an engineer if I could put a full two-bedroom apartment in the attic (space is there, just need the engineering stamps.)
So yes, I have the bug, and I'm just going after the low hanging fruits for now, but in the future, I want to flip one house (even it's with a partner where I do the rehab on the side for the experience) then when I get my credit where it needs to be I'll like to get into a small multifamily.
Oh, I got referred to the podcast, where I found out about this community through a client that I was painting for. She just randomly thought that a podcast on real estate was a good add-value to their painter? I have been listening religiously since then!