Starting my first BRRR! Step 1: LOCATION?

[Mike Jebo]

I'm looking to start my first buy and hold rental property this year and using the BRRR system to allow me to grow. Below I've listed the markets that are on my radar right now in order from most to least favourite. 1. Barrie 2. Hamilton 3. Innisfil INNISFIL: Innisfil being the least desirable on my list because I feel like it's not easy to find tenants and especially great ones. Also, no university or colleges that I'm aware of so that's always a con as worse case scenario if there's a school you can take on students and rarely deal with vacancies. From my past experience just from renting out investment properties for couple of my clients that own in Innisfil I'm finding that homes take a little longer to rent and the quality of tenants is not great. 3 offers in the first two weeks all of which we refused to entertain. One had horrible credit score and owned a business which only operated 6 months out of the year. Second one went bankrupt 3 years ago. Third one had 3 pets which my client didn't want to consider. With that being said what are the pros? You can still buy properties at great prices and experience great appreciation as it's starting to pick up quickly in Innisfil, but I don't want to be investing on speculation alone incase the market tanks for a few years so that making Innisfil my least desirable investment location. BARRIE & HAMILTON: The numbers work in these places and they're both appreciating at decent rates as well. Both are home to great schools which gives you student tenants if you'd like to go that route. Both are becoming very accessible in terms of transportation and sought after as people not able to afford the prices in the core cities. Barrie is also close to Friday Harbour which I can only see as a pro right now. CONCLUSION: What's areas do you guys recommend? Where are you guys investing? Are you guys buying old homes or new homes? I'm kind of always leaning toward new homes that are less than 5 or even less than 10 years old. They're more expensive because they're newer so it's harder to make the numbers work, but still possible. Should I consider these homes that are 50, 60, 100 years old? I've only been around for a couple decades and have always lived in homes less than 10 years old so it's all I've known and comfortable with. It's sorta instilled in me that old homes are no good and going to be dealing with too much headaches. Do they appreciate at the same rate? Should I get over my new home syndrome and consider older homes? Should I stick to less than 10 years old. Let's hear your thoughts. Cheers! Mike.