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All Forum Posts by: Ade Babasola

Ade Babasola has started 2 posts and replied 20 times.

Post: Canadian Investors in Ontario /GTA region

Ade Babasola
Pro Member
Posted
  • Rental Property Investor
  • London, ON
  • Posts 20
  • Votes 7

Hi Nisha, I am an investor in Ontario. House price is certainly high in Toronto. Comparable to big cities in the States: New York City, LA etc. You don’t have to buy where you live. Invest where the numbers work. You can look outside the GTA. Choose a growing market and sub market and use the BiggerPockets calculator to analyze deals to identify the investment properties that meet your criteria. 

Post: Cheap single family houses

Ade Babasola
Pro Member
Posted
  • Rental Property Investor
  • London, ON
  • Posts 20
  • Votes 7

Just wondering how people are finding very cheap houses to buy. Are these houses old houses. I see 1889, 1912, 1934 houses being sold for $40,000 to $50,000 price range. Are these the kind of houses investors are buying cheap?

Post: Strategic Advice for Next Rental Property

Ade Babasola
Pro Member
Posted
  • Rental Property Investor
  • London, ON
  • Posts 20
  • Votes 7

I@Ian L., from my experience, only the A lenders offer HELOC. A lenders are the big banks. Manulife also offer HELOC but I have never used them so can't tell you what their process is.

Post: Strategic Advice for Next Rental Property

Ade Babasola
Pro Member
Posted
  • Rental Property Investor
  • London, ON
  • Posts 20
  • Votes 7

@Jacob Perez, can you support clients in Southwestern Ontario (Guelph, Kitchener, Waterloo, Cambridge, London, Chatham, Windsor)? Is your focus single family or multifamily?

Post: Strategic Advice for Next Rental Property

Ade Babasola
Pro Member
Posted
  • Rental Property Investor
  • London, ON
  • Posts 20
  • Votes 7

Hi Ian, either is fine. I however prefer HELOC (home equity line of credit) since you can use it continuously to buy more properties. As you pay down the mortgage on the property and as property appreciates in value, more funds become available to you in the HELOC . Interest rate in traditional mortgage may however be lower than interest on HELOC but you write off the interest paid as an expense. If you so choose to pay off the line of credit, there is no restrictions on how much you can put in as lump sum or how fast you can pay it down. So for me, it is HELOC.

Post: SEC Regulation - 20% rule?

Ade Babasola
Pro Member
Posted
  • Rental Property Investor
  • London, ON
  • Posts 20
  • Votes 7

Hi all, great question and answers. A follow up question:’ is a GP required to be an accredited investor too? Does a GP get vetted by SEC? 

Post: First syndication as an LP

Ade Babasola
Pro Member
Posted
  • Rental Property Investor
  • London, ON
  • Posts 20
  • Votes 7

Evans, congrats! Looking at a few as well. What is the CoC returns and IRR for this deal and how is the syndication structured? What is the compensation structure of the General Partner?

Post: Landlords from Ontario I need help on pricing

Ade Babasola
Pro Member
Posted
  • Rental Property Investor
  • London, ON
  • Posts 20
  • Votes 7

Hi Cole,

It ready depends on your long term goal and the strategy you adopt. I found out that you can achieve the 2% rule in Canada on very old houses but maintenance expenses will be high and older houses do not appreciate in value as much. If you buy newer houses, the cash flow will be low but the property will appreciate in value significantly. So if cash flow is your primary objective, look for older/ rundown houses, renovate and rent out. Personally speaking, I buy (and keep long term) new single family for appreciation and savings. I have a great job that I intend to keep for the foreseeable future. I am however considering buying multifamily properties for cash flow. 

Post: duplex conversion to fourplex in Hamilton

Ade Babasola
Pro Member
Posted
  • Rental Property Investor
  • London, ON
  • Posts 20
  • Votes 7

I lived in Hamilton for about 10 months now in London Ontario. Just curious what the rental market is like in Hamilton?

Are there opportunities for investment properties with value add opportunities?

Post: Investing in Ottawa, Canada rentals... as a non-resident.

Ade Babasola
Pro Member
Posted
  • Rental Property Investor
  • London, ON
  • Posts 20
  • Votes 7

Hi Erik,

Why not partner with a group syndicating multifamily apartment purchases. You come in as a limited partner or as a key partner through joint venture agreement. Your partner(s) are your foot on ground doing the ground work and you support the team remotely (analyze deals, review documents etc). When you return in five years, there will be a system and structure in place you can build upon.