All Forum Posts by: David Cam

Thanks @Ron Flatt much appreciated.

My other question would be when it's time to refinance for the second rental property, are there multiple avenues to go about this or is there generally a "best" option for this? 

Thanks @Roy Cleeves that makes sense, much appreciated!

Thanks everyone for the ton of great advice. I can really see now how holding and refinancing would be a more lucrative and effective strategy. Question for @Roy Cleeves and anyone else who wants to chime in....how long do you typically hold the property on average before you can go in again for refinancing? 

Thanks for the help and advice guys, the BRRRR book looks like it would be a great read and help towards my future journey!

Thanks Chris, I appreciate the sound advice. I can see how that would be a very good strategy. I have a question for you, when you say "buy properties that you can add value to" are you referring to purchasing a MF unit that needs minor work and then renting, or major renovations to a home? Is your strategy to find MF units and upon takeover hire a crew to renovate before renting?

David

Hello, I'm a newbie here and just bought my first rental investment property in Ontario. I'm trying to figure out what the more lucrative strategy is to grow my real estate wealth for the future. I'm considering 2 options:

1. Keeping the rental property that I currently purchased, holding it until I've built enough equity & appreciation that I can sell and double my initial investment. Cash out with double my initial investment and then use that cash to buy a property that's worth twice the initial property. The idea would be to build up to a nicer home and then eventually into an apartment complex.

OR

2. Hold on to to the initial investment property and build my portfolio of rental properties that I would be able to qualify for as I build equity in each property. So essentially a portfolio of condo's and mid size rental homes. 

I'm wondering the pro's and cons of each strategy. I would assume that once you sell you have to pay capital gains so that would be a downside, unless there is a strategy to getting around this?

I appreciate any advice that I can get from any of the more seasoned investors on here.

David