Owning property in Windsor, Living in Toronto

[Keith Smith]

Hi,

I'm living in Toronto and considering my first purchase and am looking to hold properties longer term.

I'm attracted to Windsor due to the finances.  I wondering about people's opinions and experience owning a property at a 4hr distance like that. 

Does this imply the need for a property manager? If so, what kind of cost does that incur? If not, how do you typically work around tenant issues, keep an eye on the property etc. 

I was also considering Oshawa due to it's proximity and affordability but haven't yet researched the market.  If not Windsor, what other Cities would you recommend (or not as the case may be).

All insights appreciated.

[Brian Dean]

Hi Keith, I own a couple small multi-family units in Windsor along with two others, and we live in Western Canada.  We have hired a property manager that takes care of all the day-to-day stuff, as well as tenants moving in/out.  The price varies depending on which property manager and what type of unit you have.  We go with Marda Management, and I believe their prices range from $150/month for a duplex to $250/month for a fourplex.  Personally I like having a property manager rather than self-managing as it not only saves a lot of time, but also helps you keep in the headspace of being an investment rather than it becoming more of a side job.  For a couple/few hundred bucks a month, I think it's worth it.