All Forum Posts by: Chinyere O.

I am a carpenter working full time in Toronto I have set my goals high to become a successful real estate investor and am willing to put in all the work it takes to get there.

I have spent the last few years learning and planning it out and I would like to take action this year and buy my first property. My plan is to buy a duplex or triplex that I can cashflow through rentals and add value then ultimately refinance and buy more (brrrr method).

As of right now I am working through the process of deciding on which market I want to invest in. I've gone to a few meetups and it has swayed my decision around a bit. My price range is 300k so my hometown Toronto is out of the question. What I am looking at is.

1) Small town Ontario. Hamilton, Brantford, Sudbury, Welland or similar towns. I like the idea of investing in these parts best because while it is a commute I will still be able to visit the property when necessary. My biggest concern is how many people have told me the struggles investing in Ontario because of tenant-friendly laws. I've been warned that tenants can go months without paying rent and a situation like that would make it hard for me to keep up with payments.

2) New Brunswick. After going to afew REI meetups with a group I am in I have noticed a common trend that many investors love New Brunswick. Mostly because landlords have more power and freedom to raise rents and get rid of bad tenants much unlike Ontario. Some of these investors have bought these properties without even visiting them and claim it is going very well for them. I have been strongly encouraged to invest in here. The idea sounds great and I am considering it. I have never been and I don't know much else about NB but I am currently doing my research. Any investors in that market please reach out!

3) Alberta. Once again I have only heard good things about this market yet I don't know much about it myself. I will be doing my research but any advice will be greatly appreciated!

I am still new and learning and there is more research to be done on my part but any insight will be greatly impactful!

Welland is a good choice. Lots of development in the area as the city is growing

Do you have property in Welland?

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Toronto, Ontario

For investors in Canada, I am wondering, how is everyone handling the mortgage interest rates? I have been offered a variable rate (3.65%) but with the expected increase in rates coming up, I am wondering if I should lock into a 3 year fixed at 4.59%.

I'd be interested in thoughts on how high the BoC rates could go. There's been lots of talk they will go up to 3% or even higher by the end of 2022. What would variable rates look like then?

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Quote from @Chris Baxter:

@Chinyere O. Welcome to BP. You'll find the most value by participating in the forums, which are free. There are lots of low-cost property analyzers out there; I personally use Landlord's Cash Flow Analyzer, which is Excel based and costs $99 (I am not an affiliate, I just like the tool). They have a Canadian version. When coupled with a mortgage calculator, I have everything I need for analysis.

It's always a good time to invest in real estate, but not all markets or strategies always make sense. Pick a market that supports your strategy and goals, and then build a team in that chosen market. If you share a little more about your goals and your 'why', you'll find lots of helpful folks here to provide advice.

Thanks for the welcome and the tip. I was able to down load the analyzer app yesterday.

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Hello,

I am new to property investing and need some guidance. I attended a Keyspire 3 day conference for just under $400 CDN which was okay as it introduced me to some strategies used for property investing. I could afford the $13,000 to join their most prominent membership package but frankly, I was uncomfortable with they way they operate. Not because they were selling packages but because they weren't up front with what they were ultimately selling.

I have a few questions I hope I can have answered in this forum. I am considering signing up with the BiggerPockets and was wondering if their tools can be used for Canadian investing? Do they have any short comings?

Is this a good time to invest in real estate? I'm starting to hear more and more that we are at the top of the market, about to crash. Also the market is crazy. Their was a couple of Hamilton properties I asked my real estate agent to look into that were posted at about $550K. One ended up selling for over $700K and the other for over $1million. Also there doesn't seem to be much inventory in this region.

I was also looking into Windsor. What are the best areas for a strong cashflow? I am willing to look outside of Ontario if necessary.

Also, I need to build a team so if anyone has any suggestions or referrals, I would be really interested. My current real estate agent appears to be too busy.
I look forward to learning more from others in this forum.

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All Forum Posts by: Chinyere O.

Chinyere O. has started 2 posts and replied 4 times.

Post: Trying to decide on a market

Post: Canadian Mortgage Rates

Post: New To Property Investing

Post: New To Property Investing