All Forum Posts by: Mike Jebo

This guy has been all over the news and expresses no shame. As he mentions, he's simply following the process and procedures. I think as cases like these get more light now things will soon start to change for the better. They must! Something that doesn't make sense, needs to be corrected. IT'S COMMON SENSE.

This may sound like a stupid question, but I'm a firm believer there are no such thing as stupid questions. Okay! I lied, there are stupid questions, but I believe many have thought about this already and it's crossed people's mind before and is probably also one of the reasons some people haven't started pursuing anything yet. TEAM. I often hear investors mentioning it, but don't see any topics on how to structure one and the details of differences of having a strong team versus an average or crappy one. How do you put one together? Is it a good idea to JV with someone who's handy themselves? Etc. Thank you kindly. Cheers! MJ.

Welcome, fellow Torontonian. Great to see more people joining from the GTA. Spend some time on the forums and catch up with certain topics that interest you. Loads of great information. Cheers! Mike.

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.

Originally posted by @Matt Geerts:

 I appreciate the love of debate. I was concerned my last post was a bit strong.

 Not at all!

Thank you Debbie. I appreciate the support. Good on you for being so involved and a part of so many different meets. I've never been to a REI group meet up, but will definitely start to be more involved with the ones in my area. Cheers! Mike.

Sarah Larbi thank you Sarah I appreciate that. I'll look her up definitely. Have you read her book?

Jailen Holt - thank you for the welcome Jailen. There are cash flowing properties in Ontario. Just with slower appreciation rates then properties in GTA. I'm also not interested in buying properties outside of my country, ATM at least. Cheers! Mike.

Gary McGowan - Gary, I didn't realize or take into account that as you pick up several properties the 5% down rule no longer applies. It simply won't be possible at that little down if you own other properties. Basically, if you're gonna invest in the Toronto market, you need to already have and be comfortable enough to play with several hundreds of thousands. Matt Geerts - Matt, I don't mean to sound like I know it all aha I certainly don't and I only own one property which is just a buy and hold pre-construction townhome. I'm only 24 years old and have yet experienced a recession first hand so when I make points just take it with a pinch of salt and please don't take any offence to it. We're all friends here and have joined for the same if not similar reasons. To expand our knowledge and network. As you can tell I do like to challenge certain opinions at times and express my own as well and debate so please don't take it the wrong way.

Quang Nguyen thank you kindly. Will check out the podcast. Tyler Walker that's very interesting. I think the long distance won't work. Thank you for your input though. I know I will find someone in the Toronto area and that would be most ideal for all parties. Cheers! Mike.