All Forum Posts by: Brent Harasym

 Few reasons.

1. We live on the opposite side of Canada for work right now relative to where this house/city is. We were both born/raised in the area and my family still lives there so long term we will eventually move back ourselves. 

2. I will never live/share a living space with anyone except my wife, not even family members/inlaws.

Hello everyone, first post on BiggerPockets and I have been reading up on REI for quite some time now and getting close to jumping in. I'd like some input on wrapping my head around a potential first house and if this sort of deal/rent makes sense. A lot of these numbers of what I have pulled from the real estate listing, and inquiring on property management/landlord insurance rates.

I am not looking to make a fortune overnight and realize this would be a slow return on investment/passive income. My wife and I would remain renting in our current apartment and we could easily afford to cover the mortgage indefinitely if/when it would be vacant. 

Personal background: Married with no kids, 100% debt free, live a rather tame lifestyle and don't spend large amounts of money, two newer vehicles (2020 & 2024) so no vehicle purchases expected for the next 10 years. 

Net Income: 100k~ depending on overtime worked

Here is a breakdown of the potential property we would be looking at buying as a long term investment. 

3 Bedroom, 1 Bath, 1000sqft, attach single car garage, fully fenced property, needs no work and would be in a state of immediate ready to rent.

Purchase Price: $289,900

20% Down payment: $57,980

Mortgage Rate: 4.5% 

Amortization: 25 Years

Property Tax: $3185 annually

Bi-weekly Mortgage Payment: $592

Rental Details:

Monthly Rent: $2600

Mortgage: -$1184/month

Property Manager: -$260/month

Landlord Insurance: -$105/month

Property Tax: -$265/month

15% Put Away: -$390

Leftover: $396

Does something like this make sense to jump on? The current rental market in the city in Northern Ontario, Canada is pretty hot and houses for rent are taken pretty quickly. There are currently only two other houses for rent on the market for the entire city and they are listed at $2850. Similar sqft and no garage, yard, and 1 less bedroom. 

Hello everything, this is my first post here. Here is the situation.

I am new to this and have done my homework for weeks now on all the do's, don'ts and all the necessary precautions. This will be my first rental property, however it is in a small town(my hometown) 4 hours away from the current city I live in.

The house is currently owned by my friend that I have gone through school/highschool with. It has been very well maintained and the pride of ownership shows. He is also throwing in all his furniture. All bedrooms, living room, basement, kitchen and patio set included.

The asking price of this property including all the belongings is $68,000, property taxes are $2100 a year. I know have been talking with the current owner of this house and he has had people asking to rent his house and willing to pay $1200 a month rent

Another thing to note this is a very good neighborhood. 3 cops live on the street, and a public school is literally a 30 second walk.

My mother also the next door neighbor and would be able to keep tabs on the property for me while I am not in town.

Thoughts on this as a first rental property given the circumstances?