All Forum Posts by: Corey Leon

Hello BP Family :)

I'm Corey McMahon, an active real estate investor, and I could use your expertise on a situation I'm facing.

Currently, my mom and I are 50/50 owners of a condo in downtown Toronto, Canada. Additionally, I assist my mom in managing another rental property. However, I'm at a crossroads and need some help!

I've been considering my next move carefully, and I'm leaning toward entering the short-term rental (STR) market. It seems like a better fit for my goals.

Here's the challenge: Our tenant of 3 years recently left the Toronto condo. While I initially thought about moving back, the mortgage and maintenance fees are steep at $3,650. Even with my mom's willingness to split the costs, it's still significant.

Considering this, I'm contemplating selling the condo. I believe the proceeds and potential profit could be better utilized in an investment with positive cash flow, especially while I'm focused on building my personal wealth.

I've taken steps to enhance the property's income potential by applying for an Airbnb permit. However, if the permit doesn't come through, the maximum we could get for a one-bedroom rental in Toronto is around $2,400, even with a long-term tenant.

Your thoughts or experiences would greatly assist me in making an informed decision. Thank you in advance for your input.

Best regards,
Corey McMahon

Hi,

I'm really motivated to begin the search for my second rental property.

Looking to network with anyone that currently owns at least 1-10 or 10+ properties.

I live in Fonthill, Ontario.

I would be willing to drive within the Niagara region to meet up and network.

Curious about your processes and expertise.

Looking forward,

Corey

@Darius Ogloza Haha, I like your outlook. You’re not wrong. Thank you for the insights.

@Melanie Dupuis Thank you! I shall.

@Melanie Dupuis Thank you so much. Other than Google and BP, are there any good resources/articles you’d recommend to find more information on OPM & Creative Financing?

Hi,

This is my first official post on BiggerPockets. A bit of background is I'm currently finishing my schooling in OREA to become a salesperson.

In the meantime, I'd like to start the search for my first rental property. I live in Welland, Ontario. I'm open to searching all within Ontario as long as the numbers add up, good area, etc.

My Goals:

I'd like a property for cash flow, not to flip (for now).

My Questions:

With 10k in capital, is there much I can do? I've just looked into foreclosures today, so that may be an option. I am also searching for condos or small apartments as most of the homes are too costly (as I don't have enough capital).

I may be able to bring in a partner to increase cap. to 20k, but that's not guaranteed. For now I have the 10k guaranteed.

Where do I begin in terms of options?

If anyone has a step-by-step plan they utilise while hunting for a cash flowing rental unit with a limited amount of capital, I would greatly appreciate any insight available.

*Other note:

I'm working full-time as well (this may have relevance to lenders).

I've watched videos online informing me the best way to run numbers and what not, but now as I begin to search for a property I feel more pressure and less certain of the outcome.

Anyways...

Thank you & I'm very excited to begin the search. 

Corey